Please Help!

Call someone who can give you a estimate of fix up cost( contractor or handyman), Jim

Thanks. Would they be able to give me a ball park figure or do I need to show them the property ?

They would have to come and look at it. Also look at comparable sales of similar houses to get a more accurate ARV. Then get it under contract! Good Luck.

You can negotiate the amount of taxes to pay with city/county

Will need to get repair estimate

As Cathy said - get comps

I would want to make sure that there are no other liens on the property - such as a first or second mortgage. A simple title search should reveal this for you.

Buying a home that needs to be gutted can be a little more risky. It can get expensive really fast. Make sure that you bring a skilled and licensed contractor to look the place over. In figuring the property value, find out what is the value of the improved land (dirt plus utilities) and then add in the value of the shell. That should throw you into a realistic ballpark.

This will be my first wholesale deal. Deal period. I did a little over 20 comps. All houses were on the same block, built in the same year, and same square footage using trulia.com for addresses and the city's property assesment .gov for listed home sale's. The majority of the homes are owned by folks who've been there for years. Dating back to the 60's with the most recent in 2013. Two properties were sold for 170k in 2009 and another in 2012.
QUESTION: How recent do the sales need to be ? I'm deducing the ARV is 170K. However, due to an increase in real-estate tax assessments under the Actual Value Initiative, from just this year, I don't know if the ARV would still be 170k. These houses went from a MV of 37k for atleast the past 6 yrs to 126k. I don't know if/how this correlates with ARV. I did a title search at the deed recorders office. No mortgages just that hefty tax lien.
The woman said that she's willing to let the property go for the price of the debt. So that would be a simple task of transferring the title to a new owner, right? QUESTION: If that is the case, do I have any other options besides wholesaling the home with ablsolutely no capital ? Also, when I'm calculating NOI for my end-buyer how does that work if the new buyer doesn't need to pay those taxes immediately ? I think I'm confusing myself.

P.S. You guys score phenomenally high in the kind-o-meter.
P.S.S Seriously, I checked.
Paix,
N. Richardson

How long until the county auctions the property for delinquent taxes?

Apparently she worked something out with the county so that it doesn't go into auction. She explained it to me but it was a long history on the home and my eyes started to glaze over half thru the biography. I have another phone meeting with her on Wednesday to set up a time to go and see the place. So I'll be sure to pay better attention and give you guys an update on everything.

When calculating ARV you really need to be looking at what the properties are selling for in the past 3-6 months. A property that sold back in 2009 probably won't be the same for one that is selling today. If you are having trouble coming up with an accurate sale price I would also ask your real estate agent what they would sell the property for if it were completely rehabbed and you gave them a one month contract to sell it for you. That would solicit a pretty accurate value for you in many cases.