House Hunt in Lincoln

[Kaladin]

I purchased a couple tax lien certificates recently in Omaha.

I have never heard of this before

Interesting

 

[Jim14510]

No.. Bingo runs the best glory hole spots and they are all in AZ.

Seems unlikely there are only glory holes in Arizona. Would bet California and Florida have tons of glory holes.

 

[TampaBaySkers]

I have never heard of this before

Interesting

Tax liens? They are awesome.

If someone doesn’t pay their property tax then you pay on their behalf. The county needs the money for schools, police etc.

In Douglas county you get a 14% return. The home owner has three years to pay you back with interest. If they don’t pay you, then you can foreclose on them and take their house.

 

[Black Dean]

One of my relatives is looking to purchase their first home in Lincoln this year (they are currently living in their parents house like a 30+ year old bum) but I am unfamiliar with the market since I haven't lived in the area for over a decade. Any tips from folks on the board in the real estate arena? I think they are looking for a home up in or near Fallbrook. Tips for people to use or have them reach out to? Good folks to get financing through? Appreciate in advance the collective genius that I know this will produce.

I read this as Horse Hunt in Lincoln and was disappointed

 

[Jim14510]

I have never heard of this before

Interesting

Essentially you pay the tax and they have so much time to pay it back before you get possession. Varies by state how much time. 3 years in Nebraska I think.

Usually ends up being a loan you get paid interest on. Especially if it has a mortgage. Bank isn't going to let it go for a couple years of tax. They'll foreclose first.

Generally only realistic to get a house if it's a piece of shit.

One of the RE agents can probably explain better.

 

[TampaBaySkers]

Seems unlikely there are only glory holes in Arizona. Would bet California and Florida have tons of glory holes.

Of course, but they don’t meet the high standards that only a bingo-managed glory hole center has

 

[cwessel76]

Good gay club there for you ?

 

[TampaBaySkers]

Essentially you pay the tax and they have so much time to pay it back before you get possession. Varies by state how much time. 3 years in Nebraska I think.

Usually ends up being a loan you get paid interest on. Especially if it has a mortgage. Bank isn't going to let it go for a couple years of tax. They'll foreclose first.

Generally only realistic to get a house if it's a piece of shit.

One of the RE agents can probably explain better.

True. 99% will pay you. It’s the awesome return is what is exciting.

Also - a good strategy to pickup land on the cheap. I think everyone should own a little bit of land before that Pedo, Bill Gates buys it all up.

Don’t make a rookie mistake like I did and bid on land that is land-locked (no road to land)

 

[FLusker]

My brother used some of the recommendations here and closes on his first house this month. Appreciate all the good info.

 

[HCFord1]

I purchased a couple tax lien certificates recently in Omaha. You’d be shocked at the number of people in nice homes that can’t pay their property tax. There will be distressed sales. I think you’ll see short sales rise so I’d go after those if I were you.

Was one of them on Underwood Ave? House next door is vacant and property taxes were unpaid. My other neighbors were gonna pay them but someone beat them to the punch.

 

[HCFord1]

Essentially you pay the tax and they have so much time to pay it back before you get possession. Varies by state how much time. 3 years in Nebraska I think.

Usually ends up being a loan you get paid interest on. Especially if it has a mortgage. Bank isn't going to let it go for a couple years of tax. They'll foreclose first.

Generally only realistic to get a house if it's a piece of shit.

One of the RE agents can probably explain better.

Whoever paid the tax on the house next door to mine is in a great spot. It was purchased with cash and the owner is definitely cash strapped, because they just called my neighbor back and asked if he would buy it for what they paid (wayyyyyy over market, they paid $850k). He declined and said he would pay market for it, which they didn’t accept.

 

[tman87]

I'm not in NE, but I got a house about 7 years ago on back taxes. Yes, it's an older house, in an older neighborhood (most of this town is very old so not a big deal here). Took at least a year, had to have an attorney do the quiet title stuff, but it worked. I looked at the rather large list of properties up for at least 3 years unpaid back taxes, then researched who owned the houses and picked what I thought was the house/owners who would not pay those back taxes (and interest) back to me. I should have done this for a couple more houses that the same people owned - they were very late on all their taxes (at least 3 years) on all 3 houses and they lost them all. I just figured paying more than one house' back taxes owned by the same people may have not looked good, so didn't do it. It cost me about 5 grand total to do this.

Anyway, the house is now worth 2.5 to 3 times what it was 7 years ago, and I am going to be sticking about 20 grand and my sweat equity in to it this summer and then flip it. That extra 20 grand or so of materials on the refurb work I do will add about another 80 grand worth of value, and that will get it to about 300K level, which houses at that price range fly off the shelf.