[MunglordMember@munglordJoin Date: 2006Post Count: 9]

January 21, 2011 - 12:49 am

Hey guys,

Is there a place you can go to find tax liens online?

I know some of you have bought certificates/deeds online and I was just wondering what the process was once you've decided on a strategy.

Cheers

[MunglordMember@munglordJoin Date: 2006Post Count: 9]

January 15, 2011 - 5:31 am

Terryw wrote:

I think you will have a hard time convincing the owner of the property to allow you to keep the rent!

I think that's the part that that's been most confusing as this really isn't a tradition deal…

From my understanding I would take control of the property in exchange for paying the sellers mortgage from day one…
The idea is that you would find a seller who is having trouble selling the property or paying the mortgage. In exchange the buyer offers the seller a slightly higher price than the asking.

So the buyer benefits: Getting control over the property (and can put a tenant in), with the opportunity to sell to another buyer before the end of the 12 months, and only cost is legal fees (if the tenant's rental covers the mortgage repayments). 

The seller benefits: Mortgage is paid for, house is sold  in 12 months or less and gets good value on the sale.

[MunglordMember@munglordJoin Date: 2006Post Count: 9]

January 15, 2011 - 4:14 am

Thanks Terry,

I had assumed that if I can't find either a buyer or finance before the end of the 12 months I'd forfeit everything I'd paid to the seller already.

I'd mainly try this strategy for two reasons: one because of my financial situation, as it would be extremely hard to get a loan right now as a working musician, and two because it would allow me to put a tenant in the property and get some cash flow out of it while looking for another buyer. 

[MunglordMember@munglordJoin Date: 2006Post Count: 9]

January 14, 2011 - 2:16 pm

Thanks Bell,

I'm getting an attorney to look into this for me as well as far as my legal obligations are concerned, I was wondering though is it still considered a 'wrap' when you're actually taking control of the propery (in my case putting a tenant in) in exchange for paying the mortgage for the seller?

I'm considering around Sydney, the North Coast and Central Coast maybe, as far as Newcastle too.

One thing I had in mind was to offer the seller a price slightly higher than their asking price as long as they have some equity in the property, as this would allow me to grab a possitive cashflow asset for atleast 12 months or until I can find another buyer.

[MunglordMember@munglordJoin Date: 2006Post Count: 9]

January 13, 2011 - 10:47 pm

Update: I've done a little more research and it sounds like a combination of an "option-to-buy" and an "assumption of mortgage" contracts. Anyone with any clue what might be involved in this kind of deal please let me know

[MunglordMember@munglordJoin Date: 2006Post Count: 9]

January 21, 2006 - 3:58 am

I think id have to agree with all who said they’re kids should know “HOW” you get it, not just “how much”.

I think too many kids are taught from an early age that income earned from your job is everything: the more you earn the better your life is. I think most of us realise that’s not the case, however most of my life ive grown up with that assumption in my head and was very lucky that i stumbled across the right form of reading material which made me change my mind [biggrin]

[MunglordMember@munglordJoin Date: 2006Post Count: 9]

January 21, 2006 - 3:50 am

Jokes like these are always my favourite:

Why did the elderly woman fall over in the street?
Cuz somone threw a fridge at her