Posted by AWWMi. on July 19, 2001 at 22:03:23:
I’ll try for the deeds. 
Back Door approach - Posted by AWWMi
Posted by AWWMi on July 19, 2001 at 24:20:37:
I found a real estate dealer that has long since gotten rid of his properties. Although about 6 still exist under his name. They’re mostly ‘dirty turds’ but have some potential at least in a couple of them. When I spoke to the owner he said he wasn’t interested in them to the extent he quit paying taxes a few years back. Hoping the city would take them eventually through liens. Most delinquent taxes are approximately 30% of the FMV on each of the properties. What would be the quickest and most painless way to take possession of the better of the properties? I’m thinking ‘subject to’ since there is no mortgages on the property. Or should I buy the tax liens? City won’t discount tax liens will they? I’ll try to find out tommorow.
Thanks for advice.
adrian
Re: Back Door approach - Posted by David
Posted by David on July 19, 2001 at 19:34:45:
If there is no mortgage on the property, what exactly is the subject of your “subject to”???
Re: Back Door approach - Posted by Tom – IN
Posted by Tom – IN on July 19, 2001 at 01:06:50:
Will the owner deed you the propertries? Perhaps for $100 each? Then you can start making installments on back taxes and start doing a little spitshine on one or two to get them rented to provide money to rehab the rest.
Re: Back Door approach - Posted by Paul_MA
Posted by Paul_MA on July 19, 2001 at 06:19:01:
I agree with Tom. Get the deeds on all the properties. At least the seller won’t have the tax foreclosure in his name, which sometimes can produce other problems for him down the road.
The county is usually negotiable about an installment repayment plan.
Here is a chance to sell with owner financing, the buyers paying the tax bills through you, and creating a nice residual income as the taxes are paid off.