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I have one tax lien certificate in Florida worth $225. I have held it for two years and can now apply to convert it to a tax deed. The application fee to do this is $2,200!! So I have a few questions if anyone can help me with this.
Firstly, here is what I know about the property:
There are six years of unpaid taxes on this house, I hold the only certificate. The remainder are open/unpaid. Total value of around $2,000
The most recent photo of the house was added to the county website just a week ago. It shows a house with an outside light on and a ladder against the side.
Details on the county website of work done or approved include a roof in September of this year.
The address of the owner as shown on the tax certificate is not the same as the address of the property.
The value of the house for tax purposes is around $26,000
Zillow’s estimated value of the property is around $50,000 which seems ambitious to me.If I apply to convert to a tax deed and the owner pays up all his outstanding taxes, will my fee be covered as well?
If I succeed in converting what happens next?
Since this is the only investment I have remaining in the US I am prepared to walk away from it.Thank you for putting this list together property_scout This is really, really helpful. You are a star!
Once again thanks John
steevg wrote:Elle,Thanks for the valuable information – I've just been trying to figure this out also, and your post has provided a few more answers.
Are you a newcomer to property investing ?I ask as I'm considering purchasing in the US, but there are many area's I can see might trip up the unsuspecting overseas investor – liens, management, legals, taxes, bank accounts etc etc.
Any chance I might be able to PM you at some stage?
Regards
steevg I think you need to ask speedygonzales – it was he who replied to my question and yes it was very useful information. I think by the sounds of it I am in a very similar place to you and want to make sure I don't trip up somewhere and land myself in some horrible mess.
Thanks Speedy, that is exactly the kind of info I need
cheers, Lynne
Thanks John, that is helpful. So just to get my head straight the steps I should take go something like this:-
First decide which state I want to invest in before setting up the accounting requirements as these will be dependant on state law?
If I get an LLC this is a one time only procedure or is one needed for every investment? If I do engage an organisation such as American Real Estate Investments I should expect them to be able to advise as part of their service?
For the Aussies out there who have invested: if we are paying tax in the states then we are being taxed on foreign investments back here as well where does that leave us? Perhaps this is getting off topic and I should start a new thread with that question.
Lynne
Hi, I am just starting out in getting a feel for the US market and understanding some of the terminology in listings. Can someone please tell me what is a Fannie Mae HomePath property? I gather Fannie Mae was one of the big financial institutions that collapsed – is this correct?
Can someone also tell me what the tax implications are for foreigners earning rental income from the US. Does tax have to be paid in the US and how do you go about getting set up for that?
I apologise if these questions seem naive, I am literally just stepping into this arena and have a lot to learn
Lynne
