Jacksonville, FL · Member since 2019 · 14 posts · 5 votes
Hello! My name is Michael, I am 26 years old and right now I train and supervise lifeguards at Beachwalk Lagoon for a living. I don't make a lot from this job but it pays my static bills right now. During the offseason I have a lot of freedom with reading and podcasts during the lulls at my work. I have read Rich dad poor dad, Why the rich get richer, and guide to investing by Kiyosaki. Then I read BRRRR by David Greene and I am almost done with the book on rental property investing by Brandon turner. I also listen to the BP podcast for several hours a day while I clean and maintain the gym and bathrooms.
I just started my first investment! I bought 10 tax lien certificates that mature April 1st this year. So, my next challenge is to figure out how to finance the deed application and pay for all the back taxes on these properties. This is all very exhilarating. Ill give y'all an update when I figure out where to find $24,000 before April 1st 2020! Forth! and fear no darkness!
Did you buy all of them on 1 property? So are you the only person that can apply for tax deed now? Do you know the status of the owner? How long have you had the crrtificates? I do this quite often
@Carolyn Morales I bought 10 tax lien certificates in Hernando county Florida. I dont know exactly what you mean by status of the owner. I will be the only one who can apply for the Deed come April 1st 2020. At this point, I will have had the certificates for less than a day. Thanks for reaching out!
Status of owner. You can find out what is going on with the owners. Are they deceased? You can intercept from owner and bypass auction also if you can actually locate them, but you have to be careful if an owner died and no probate was filed. it can get very tricky and at times It is best to get those as a tax deed. We had one we could potentially intercept but Grandpa Died and 4 siblings were heirs filed no probate then 2 of the 4 siblings died still no probate was filed..We would have had to get 17 nieces and nephews to all be in agreement. It wasn't worth it for a piece of land.
The other thing to be on the lookout for with tax deeds is previous liens as there are occasions where other liabilities will be tied to the property and you'd be responsible to pay those to obtain clear title.
Also, @everyoneonthispost over the past few days Ive gone to banks, looked at peer to peer lending, brainstormed some other things.... I really think the best route for my 24k would be a balance transfer offer on a credit card. Ill pay 5% for that money, And 5% is the guaranteed return on liens in Florida. So, worst case scenario I break even on the 24k but my 7k initial investment gets 5% in which i will pull out ahead.
Of course, these certificates are only worth it if i get a property out of one. Which is why i think there is no reason to nickle and dime the interest as long as im not negative cash flowing. From deed application to auction it is 90 days to 6 months. Which is plenty in the time frame for those balance transfer offers.
Let me know what y'all think! Im pretty excited about this one! FIRST DEAL FIRST CREATIVE SOLUTIONS
@Jacob Powers Yes, 1.8% overall while i earn 1.5% a month. With Tax liens you are guaranteed a 5% return so i was covered with a 3.2% bonus from the start.
@Jessica Khokhlan All seven properties have the Title ready, All that needs to happen is the county needs to schedule an auction date. I expect it in the next 3-6 months. So, ill let you know!