What happens after purchase of tax lien?

Question

Hello all first post and a rookie at everything. I purchased Marketplace pro and the program Jay Drexel promoted through AwesomeREI. After reading here and also going through the program I have found I probably could have just learned and done the work necessary for free. That I guess is neither here nor there but I participated in a couple of auctions lately and received certificates. My question is this: What happens now? Do I need to do anymore work or do I just wait for someone to either pay or not pay?

Edward Barton · Answer

Kristopher - I'm fairly familiar with tax liens and my firm represents a tax lien investment fund and manager. Feel free to PM me and I can send you some basic info for the state you invested in. Bottom line - this is very state specific - from laws mandating you contact the property owner in some states to prohibitions on contact in others. You may have affirmative duties to maintain your priority by buying the subsequent liens, or it may not matter. Happy to at least get you headed in the right direction.

Bruce Lynn · Answer

What state is the lien in?   Every state is different and often there are even differences between taxing authorities.

What did your training say?

Not beating up on you, but I would say at least 1/2 of real estate investing is knowing what your exit strategy is?  It's often easier to buy, than to exit profitably.   To me you should know this on every single deal  BEFORE you buy......how do you make money.

Kristopher Sexton · Answer

I appreciate what you have said here and respect it. I need to be beat up i got sold on a marketing thing that made it sound say and I realize I made a mistake. That being said I am this far into it so I am doing my best to learn and as you said profit. Thank you for your response.

Ned Carey · Answer

@Kristopher Sexton it depends on local and state laws. Generally if it is a tax lien, the county collects the money and then sends it to you. If the owner doesn’t pay within a certain period then it is up to you (through an attorney) to file for foreclosure.if it is a tax deed that will vary tremendously from state to state.

I am not familiar with the program you bought but this is a really basic question and shame on them for not directing you better.

What happens after purchase of tax lien?

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