I bought a road; now what?
I am a newbe tax lien investor. While waiting for "Texas Houses for Pennies" to come in, I went to a tax sale. I had found a two properties I was interested in but I read the plot layouts a little wrong. LOL instead of a junked house with an extra lot, I bid on and won a resolution two lots that turn out to be the street. I didn't pay much...but am I stuck with taxes on this forever? 
Randd49,
Glad to meet you.
You could turn this into a 'Toll Road' to get your money back.
This is why before a new person jumps into the game they really need to know the rules. One of the most knowledgable investors I know who does Tax Liens is Ronald * Starr, he cautions the new person about investing without knowledge in his choosing field.
If the plot plans or parcel numbers are wrong and you do not buy what you thought you did, you still own it.
Try the Toll Road trick if that doesn't work then let them go back for the taxes. I really do not know how to make lemonade out of these lemons.
Welcome on board this board, maybe someone has some ideas for you.
John $Cash$ Locke
See if the adjoining property owners are interested in adding on to their land. And sell the lots to them.
I like the toll road idea!!! Since you own the property.. can’t you change the roads?? Obviously they aren’t owned by the city .. so you wouldn’t have to keep them roads… put a fence around it.. grow up those weeds LOL .. and then offer the neighbors to buy it.. like jserris suggested.
Randd, I totally agree with JohnLocke! I actually think that you could possibly do something creative with it. The toll road is a great idea. It must not be a public road then. I'm assuming that it then is not a frequently traveled road either? Any chance you can recreate the road around your land and tear up your road and make liveable lots out of it? Maybe you can tear up the road and create a graveled parking lot out of it and charge a monthly fee for mobile home parking?
Just ideas, maybe they could work, maybe not - not sure what this all looks like.
Hi, although I'm a newbie to this area I've been in real estate investing for 17 years and I too think on the creative side. Try this...Run an ad to sell the road and have the city agree to change the name of the road to the buyers name. I'm sure a lot of peopel would like to have a road named after them.
That was a great idea. I own two lots under 100 ft of the city street. Many years ago there was an easement given, but no one can find it. Since it is more than five years of public use, I don't think I can do anything about it. Because there is another 1500 ft. of street that is properly documented, I don't think the city is going to let me change the name. One of the lots is appraised at $10,000, the other at $1,000. If I keep it for over a year, pay the tax, then donate to an approved charity, perhaps I can write off the "appraised value". I don't know yet, if county tax appraiser has the same IRS status as "Certified appraiser." This inexpensive useless property has caused me to punch through outer limits of the circle of my vision. Punching through at one spot, increases the range of vision throughout the entire circumfrence. Thanks for your contribution.
I think that the charity idea may be a way out. You are right to hold it for a year. This way it will be considered Long Term capital gain property and you will get a deduction for the FMV. If you donate it sooner you will be limited to cost.
I would reccommend donating it to the town/county. I would start checking into it now so you may be able to get it finalized after the year is up.
-Adam
I would have built a drag strip. But thats just me. You made money so it worked out. Great deal.