Walking for Dollars

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  • I’m in Colorado babysitting my son and his wife’s dog while they are on their honeymoon in Europe. Every morning and every evening I take the dog for a walk and vary my route. In the last couple of days I have found 3 vacant, run down houses – perfect wholesaling opportunities.

    So, I get exercise. The dog gets exercise. And it’s a great way to find deals with zero marketing expenses.

    You could drive to an area you want to target then park the car then start walking.

    Try it!

    Great idea Jackie. I walk my dog and have found a vacant house but the lady who owns it is in denial about it being foreclosed on. It is already listed on the county website to be sold. Don’t know why she is so adamant. Oh well, it is her house so it is not costing me any money. You would think she would want to save her credit.

    Some people are just complete flakes. They live in a world of denial. In the last 2 months I had people actually come to my website to sell their house that they were losing for taxes in a matter of weeks and because they could not get full price they did nothing. They lost their houses for back taxes as opposed to taking some profit makes no sense but that’s the reality

    Hey Don

    I feel your pain. Some people don’t know that they will actually lose their house if they don’t pay property taxes. Even if you have a free and clear house (no mortgage), you are never going to be free and clear because the government always wants to get paid their “fair share”. Once that family gets an eviction notice the reality will sink in real fast. But it will be too late to do anything about it unless you are in a right of redemption state.

    There have been several times that I’ve talked to sellers who knew the foreclosure sale was 1-2 weeks away but they would not accept my low cash offer or a subject-to offer. They said “I know God would never let this happen to me”. But it does happen to them.

    Maybe an article on your website about what happens if you don’t pay your property taxes will open their eyes. You could print that out and hand to them so they can ponder what’s about to happen to them.

    That would never happen in Panama. First we don’t have property taxes for 20 years after the house is built. And even when there are property taxes to pay they are so cheap that anyone can afford them. Unfortunately that’s not the case in the United States where property taxes are insanely high. It takes a lot of money to run bloated governments and their pension plans.

    Speaking of property taxes… this just in about Panama property taxes:

    The National Assembly approved Monday in the third and final debate a controversial bill that reforms the Tax Code on Property Tax (IBI), considered by the Government as the “most important” reduction of this tax in 40 years.

    The reform establishes that properties that register as main dwelling will benefit from a reduction of more than 60% of the tax and owners of a primary residence with a registered value of $120,000 or less, will be exempted from paying real estate taxes FOREVER! What a game changer for property owners in Panama!

    The MEF said that this project “constitutes the most important comprehensive reform of the IBI in the last 40 years and establishes a greater fiscal balance, which benefits the majority of the owners.”

    Any amount from $120,000 up to $700,000 will be taxed at only 0,5%. Leaving a home owner to only pay the bare minimum per year in real estate taxes once the tax exoneration period is over. (note the tax exoneration is NO property taxes the first 20 years)

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