Nice Multi-Unit for Back Taxes - Posted by Darrell

Posted by Jack on January 22, 2001 at 15:49:08:

Assuming you already possess a tax CERTIFICATE on the property, if you haven’t already, you need to check out the tax DEED sales procedures in your state. Most sell at auction, but yours may be one you can apply over the counter. Either way, there may be a considerable redemption period. If it is an auction and the property is as you describe it, it will probably be bid up much higher than the 33% LTV. If not, we can assist you with creating a note and selling it for purchase.

Nice Multi-Unit for Back Taxes - Posted by Darrell

Posted by Darrell on January 21, 2001 at 23:30:18:

Hi,

I have the opportunity to acquire a multi-unit building for just the back taxes and because the redemption period has already expired, I’d be able to get the deed in about 6 weeks. My question is since the title isn’t cleared until after the actual sale would I have a difficult time getting an investor to finance the deal?

The LTV would probably be about 33% (if that much) and it doesn’t even need much rehab and of course, after the sale, this loan would be in the first position. The building is even already fully occupied…another plus.

If this is something that’s workable, what should be my first step in getting an investor? Could I try creating a note and selling it?

Any idea? I’m really “feeling” this deal so I’m trying to figure out ways to make it happen.

Thanks.