Reply Wed 30 Nov, 2011 07:15 pm
So we have this idea to create some rental properties. Going through the whole plan , things pan out well with a projected 5 year outcome.
Basically... in 5 years, all of our purchased properties will come out of the red if not sooner.

We are looking at foreclosed properties and properties up for sale due to back taxes.

I was wondering if anyone has had experience in purchasing one of those properties? Granted, the steps look very easy and signing up to be able to participate in the auctions is a snap. Done.. ready.

I see a lot of properties with the clause that the minimal bid accepted is X amount of dollars. ( for sake of example lets say 3,000 )

So this 3,000 bid is the minimal the county will take. BUT.... the property has been put into the bidding several years in a row with no sales. Im wondering if properties like that would go for less than the minimal bid... maybe there is a magic percentage of the minimal bid they would accept?
I know the only way to find out is to DO it, but hey.. never hurts to ask right.

What if the land value was appraised several years ago and the land and property has since decayed? I can not find a place or site that tells me how to deal with issues like that.
When you read through the break downs of the properties it tells you exactly what the land value is, property value and even JUNK value.. ( yeah. the junk left is added in . Go figure..)

So, if you have had to have YOUR property appraised, and / or have the appraisal challenged or changed, how easy is that? Who do you contact? Tax assessor? County? city?

Tons of small questions and it seems that I am hitting a wall on how to find answers for the simple stuff like that..
  • Topic Stats
  • Top Replies
  • Link to this Topic
Type: Question • Score: 1 • Views: 887 • Replies: 3
No top replies

 
Rockhead
 
  1  
Reply Wed 30 Nov, 2011 07:32 pm
@shewolfnm,
"and even JUNK value.. ( yeah. the junk left is added in . Go figure..)"

scrap iron is over $150 a ton...

you be careful, girlie. being a slumlord is harder than it looks.
shewolfnm
 
  1  
Reply Thu 1 Dec, 2011 07:17 am
@Rockhead,
ohhhhhh yeah.

i will speak vaguely .. but.... one that we are going for has 3 1960s t-birds.

nuff said Smile
0 Replies
 
Ticomaya
 
  1  
Reply Thu 1 Dec, 2011 07:34 am
@shewolfnm,
shewolfnm wrote:
What if the land value was appraised several years ago and the land and property has since decayed? I can not find a place or site that tells me how to deal with issues like that.
When you read through the break downs of the properties it tells you exactly what the land value is, property value and even JUNK value.. ( yeah. the junk left is added in . Go figure..)

So, if you have had to have YOUR property appraised, and / or have the appraisal challenged or changed, how easy is that? Who do you contact? Tax assessor? County? city?

The value of real property for tax assessment purposes is usually very different than the fair market value of the property. For that reason, be sure you are cognizant of the distinction between "assessed" value and "appraised" value.

If you feel your tax assessment of your real property is too high, there is usually a procedure to appeal the tax assessment, probably through your county tax assessor/appraiser or treasurer, depending on the entity responsible for assessing property for purposes of Ad Valorem taxes.

Each locality is different, of course, but often the tax value is quite a bit less than the market value.

0 Replies
 
 

Related Topics

Lola at the Coffee House - Question by Lola
JIM NABORS WAS GOY? - Question by farmerman
OBVIOUS TROLL - Question by Setanta
Surgery--Again - Discussion by Roberta
LOST & MISPLACED A2K people. - Discussion by msolga
Soon to be world traveler, Dog willing! - Discussion by Stacey the red baron
The Bah! Humbug! Christmas thread. - Discussion by msolga
A good cry on the train - Discussion by Joe Nation
Why all the Decryptonite stuff? - Question by Tes yeux noirs
Oh rest ye, Merry Gentleman - Discussion by jespah
 
  1. Forums
  2. » Tax lien sales..
Copyright © 2024 MadLab, LLC :: Terms of Service :: Privacy Policy :: Page generated in 0.04 seconds on 05/02/2024 at 07:10:19