You missed a good tax foreclosure opportunity. Post 89

EAST WILTON — A house on Temple Street could become town property, following a petition drive by local citizens.

The petition, signed by 43 people, requests that the town put the property under the authority and control of the Wilton Parks Department, said Town Manager Peter Nielsen.

“Residents of the area have asked the town to seize the building for demolition and create a park, of sorts,” Nielsen said. ”

Nielsen said that after receiving the petition, the town immediately began steps to determine the true owner of the property.

” Nielsen said. ” We have since determined the building is owned by David Swett of Farmington.” Nielson said Swett does not want to own the property.

Nielsen described the vacant building as a serious safety concern and said the town plans to go forward with a tax lien to assume possession.

According to town records, there has been no tax payment made on the property since 2001.

See entire article: http://kennebecjournal.mainetoday.com/news/local/5048863.html

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Coach Mitch’s REFLECTIONS

 

Here was a perfect opportunity

Do you have any doubt that you could have gotten this property for a song had you tracked down the owner and offered to pay the taxes? Mr. Swett would probably have considered paying you to take the responsibility of paying the property taxes!

Don’t think that this situation is far fetched

I know of several situations where investors wanted to be out of their investment and literally “paid” someone to take over their position.

Get the property in several ways.

1)  The worried owner turns over the property Subject To the existing financing.

2)  The harried owner simply sells the property at a significant discount.

3)  The desperate owner just gives the property away for a few hundred dollars.

4)  The out-of-his-mind-with-worry owner actually pays someone to take over his headache. He just wants the “pain” to go away.

Working with motivated sellers

Tax Delinquent Property is chuck full of the “Most Motivated of All Motivated Sellers.” I’ve been saying much the same for some time.

What if…

What would happen if you ONLY spoke to highly motivated and desperate sellers? Let’s say an 8, 9, or 10 on the Motivation Scale, 10 being the highest motivation.

I know…

I know that everyone says that you should seek out motivated sellers; but most do not heed the advice. I’m asking the serious question; what do you think would happen if you ONLY spoke to highly motivated and desperate sellers?

The answer…

You would ONLY GET GREAT DEALS. Sorry, there’s no big mystery. These folks are so beat down, that all you need do is show up and not put your foot in your mouth. This is the classic situation where you would be the right person, in the right place, at the right time. Lovely!

The solution…

Coach Mitch’s “Ridiculously Simple System…”

The key that I came to understand many years ago is that WANTING to sell is not enough. One must also be ABLE to sell in an attractive manner. A seller must be able to undercut the market in order to sell quickly. Mostly, this is not the case. Therefore, I asked myself, “Why should I (or you) spend my time speaking to anyone other than a bonafide motivated seller?”

Only speaking to genuinely motivated sellers made sense to me. So I then asked myself, “Of all the systems I know about, which puts me in front of the most motivated sellers?” The only answer was, Tax Delinquent Property.

Creative Real Estate Investing

Let’s say you sought out and had found Mr. Swett and took ownership of the disheveled house, what can you do with it?

1)  You can resell the house to someone who will fix it. Everyone needs a place to live and most want their own castle. The new owner will pay the outstanding taxes.

2)  You can rent it out to someone who will fix it on a Rent-To-Own basis. You would be surprised what someone will do if they think that they will get to own that home, some day.  Example:  I had a tenant put in a blacktop driveway at one of my houses.  Another tenant redid the bathroom, floor and all.

3)  You can demolish the home, cart it away, and replace it with a modular home. This is quick and can be much less expensive than stick built.  The last time I put up a modular home I found a great deal and only paid $11 / sf. Ask any contractor what a stick built home costs to put up.

4)  ETC.

See Coach Mitch’s “Ridiculously Simple System…” ™ for details.

Yes, it is possible,