tax deeds in florida 080310
DESCRIPTION
Buying and Selling Tax Deeds in FL. Cheap investment properties. Easy cash flow properties.TRANSCRIPT
A C K E R I N V E S T M E N T S L L C
TAX DEEDS IN FLORIDA
BASICS
• Tax Deed Sales in Florida have no period ofredemption once full payment is made.
• Only Government Liens Survive
• Purchaser of the tax deed must pay fully within 24hours.
• Back taxes for the current year are not included inthe Tax deed sale and must be paid in addition toyour bid.
HOW DO YOU BUY THESE PROPERTIES
• Each county advertises them online and/or innewspapers
• They are then sold via auction• The majority are sold at the local county courthouse
• Some auctions are online and require $200/propertydeposits to be placed with the county before bidding
• Payment in full is due the next day
RISKS
• As with all real estate, improper research of theproperty to be purchased will result in poorinvestments.
• To mitigate risk• Research all liens for current and previous owner
• Look for governmental liens.
• IRS Tax Liens
• City Sewer, Water or Code violations
• Determine if current owner bought the property with a GeneralWarranty deed.
• Research the current comps
• View the property inside and out if possible.
TITLE CONVEYANCE
• Title of property is clouded and uninsurable by aTitle Company until it is unclouded• Takes 45 to 60 days to uncloud
• Cost approximately $1500
• Property can be sold by Quit Claim before that point
Clouded Title –Because the property was sold by the government and not by the previous owner, theproperty is considered clouded and must be “unclouded” in court.
SALES APPROACH
• Quit Claim the property if it has minimal profit• Minimal profit is between 10 to 20%
• If the property is to be rehabbed then initiate the“unclouding” of the title• Profit on these properties should be over 40%
EXAMPLES (PROPERTIES SOLD)
Cert #Tax SaleDate
MinimumBid Final Bid County Sold Date Sold Difference
144417-07 28-Jan-10 $33,686.90 $129,050.00Hillsborough $257,203.00 1-Apr-10 $128,153.00
144828-07 21-Jan-10 $16,968.15 $61,000.00Hillsborough $130,000.00 15-Jun-10 $69,000.00
145860-07 25-Feb-10 $13,274.70 $39,800.00Hillsborough $47,500.00 10-Jun-10 $7,700.00
143003-07 21-Jan-10 $7,510.01 $25,000.00Hillsborough $40,000.00 28-Apr-10 $15,000.00
7690 27-Jan-10 $11,760.39 $60,000.00Pinellas $129,900.00 30-Apr-10 $69,900.00
12791 24-Feb-10 $11,315.07 $35,560.00 Pinellas $65,000.00 8-Jul-10 $29,440..00
PROPERTIES(HELD FOR INVESTMENT)
CertificateNumber Sale Date Base Bid High Bid
2009 TaxableValue Rental Value Comments
151498-07 6-May-10 $40,423.86 $131,000.00 $296,015.00$9,600.00/
month16 unitsbuilt in 1987
132099-07 24-Jun-10 $89,848.74 $117,300.00 $180,675.00 Condo
131132-07 24-Jun-10 $16,857.65 $41,500.00 $58,276.00 Condo
150462-07 13-May-10 $13,874.31 $41,000.00 $95,570.00previous value260000
145628-07 11-Mar-10 $10,243.88 $36,100.00 $72,483.00 Condo
143133-07 4-Mar-10 $10,154.50 $30,110.00 $84,430.00 Condo
Note: The taxable value is important because after 3 months youshould be able to get a loan for 70% of the appraised value. InFlorida that value is often quite similar to the taxable value.
IN CONCLUSION
• There are several ways to make money on Taxdeeds.• Buy and sell higher end properties for high return
• Buy and rent moderately priced properties
• Quit Claim properties for moderate return.
• You don’t need to be in FL to buy.• You can invest virtually by registering with each county and
depositing 200/property
• You may then use a FL real estate agent or FL Attorney tosell the property.
THE END
If you have any further questions or would prefer toinvest directly with Acker Investments LLC.
Please contact
Shawn Acker
Managing Member
813-421-0734