This is my first post on the site and have been eating up as much bigger pockets advice as I can! Just a brief background, I work full time in the Dayton, OH area and my wife and I are expecting our first child in the next month--we don't have a lot in savings and my wife has a ton of student loan debt we're trying to pay off.
We make decent money and I want to know how to best allocate the few resources we have. In my market, my vision is to buy & hold with maybe a few flips along the way and be financially independent by age 50 (i'm 28 now).
I don't want to get into a ton of debt (if at all) and my real estate law professor said tax liens are a unique vehicle for that strategy, but I don't know how they work or if they're riskier than I think they are.
Anyone have any insight on how they work in Ohio, or success/horror stories in tax lien certificates in any other states? Any help or advice for starting out is appreciated!!
@Adam George Welcome to Biggerpockets. Ohio is a Tax Deed state insread of Tax Liens. There is no redemption period for the owner once the sale occurs so you only have to wait for the auction sale to be verified and recorded. I'm not an Ohio investor but there are BP members who discuss Tax Deeds in Ohio on the forums. One is from Dayton that I've seen.
I suggest reading the Ohio statutes for Tax Deed sales. Google "Ohio Tax Deed Statutes".
Talk with your Professor and take a Dayton attorney who specializes in Tax deeds to breakfast. Have a list of questions ready, after you've read the statutes, and let them know you are a new investor.
Do a search here on BP in the upper right corner where it says "Search the site". Search on "Ohio Tax Deed". The results will be from the Forums, Blogs and other sections of BP.
Read through the forum titled "HUD, VA, and Tax Sales".
Send a Colleague request to those in the forums who invest in Tax Deeds in Ohio. Then look for real estate meetup/networking groups in your area and talk with other investors. You'll need to make connections for funds, contractors, other investors, etc.
Welcome to BP. It's a great site for investors. You have several local investing options including tax liens/deeds in the local area.
I'm also a fan of minimal debt, but that does not limit you to Tax liens only.
I personally like mortgage free rental properties, and short term notes, along with flips.
There's a group of local investors that gets together once on month in Beavercreek, you're welcome to join us. Feel free to give me a call if you want to chat.
@Darrin Carey I'm also interested in mortgage-free rentals and flips. I'd like to learn more about this group--when do you next meet?
The next time will be July 13 in Beavercreek. Here's a link to the new event post.
Give me a ring in the meantime if you want to chat.