1279 Springfield Ave | Part One | Walkthrough with Fuquan

In this episode, Fuquan takes us along as renovation work makes way on this fire-damaged property.

After getting all the permits, we see the renovations completing phase 1, passing inspections, and starting phase 2. So far, the work done on the property includes interior reframing, a completed sidewalk and porch, and new stairs.

Fuquan gives us some insight into tax lien auctions:
If you own a property and you fall behind on property taxes, those taxes become delinquent. Once they’re delinquent, the township starts to charge interest. In the fourth quarter, you can expect to receive notices about the tax sale. The winner of the tax sale at the auction gets to charge you the same interest that the township would’ve been charging. There’s an 80-85% chance that these taxes will become current, especially if the property is occupied.

We also see current news about the current state of real estate. “Where does real estate go from here, and how is the industry adapting to a COVID world?”

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