Involved In Real Estate · Athens, GA · Member since 2014 · 13 posts · 9 votes
As a new investor certain areas of real estate are appealing; however, the aspect of low risk, no money down with unlimited opportunity for profit is the most sort after. We all know no area of real estate is completely free; however, the area I am referencing is Tax sale overages.
My questions pertains to the tax sale overage process:
1.) to my experienced investors can you share your story/ journey in the tax sale overage arena?
2.) once you have identified and located the individual through your respective marketing strategy, you convey to them that they are entitled money, then you draft up the legal documents to highlight your finder's fee, obtain the unearned cash and you take your fee and transaction complete.
A.)Is it really that simple?
B.)If so what is the maximum finder's fee you can receive?
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
7y
@Tyrone Harris@Tammy McBride I think k the fallacy of this system is that this company probably has multiple people working as “researchers” in your area, all going after the same leads. I also suspect the vast majority of this company’s income is in selling folks like you the system and Very little from actually collecting the surpluses for people.
One thing you guys need to realize, at least in my area, there are only one or two firms making any money at this, and it’s only part of what they do.
AND....those few people that are Acrually making any money at this are contacting the people owed a surplus THE DAY OF THE SALE, by email and cell phone. Once you find a “list” of people owed a surplus, YOU ALREADY WAY TOO LATE. I can assure you, the people selling you this program know this.
Victorville, CA · Member since 2019 · 42 posts · 20 votes
7y
@Tamara Graham
Hi Tamara. I'm still waiting for my first 2 deals to close. I had a 3rd one submitted, but they couldn't work that one because the gentleman was already deceased. Its a bit frustrating just waiting, but I'm also working on different streams of income as well.
Virginia Beach, VA · Member since 2018 · 7 posts · 5 votes
7y
Hi Tyrone and others! I just finished a webinar on tax overages on Thursday. This guy's program costs $1497.97. I passed and came to Bigger Pockets for alternative information. Thanks for letting me know about Surplusfundsriches.com. I'll check that out and follow your thread. I'm impressed that you have positive belief in what you're doing without waiting for others. I too am pursuing several types of income streams while working full time as a teacher!
Real Estate Broker · Tampa, FL · Member since 2016 · 84 posts · 24 votes
6y
@Tyrone Harris let me know how your first deal goes with Surplus Funds Riches because I’m curious about the company’s ability to deliver on their promise. That has been my hold up, along with some bad reviews.
@Tyrone Harris@Wayne Brooks I am just now seeing your responses. Thanks so much for the info. I was afraid that it would be difficult to find deals that hadn’t already been worked. One of the reasons I became interested in this is because I have great connections in multiple counties that could assist me with the process. Tyrone please keep us updated!
Hi @Tyrone Harris please keep us posted on the progress and status of your first deal. I am also looking to get started in the tax lien overage business. Any insight would be greatly appreciated.Thank you!
If anyone else knows about ways to make additional streams of income, please let me know!
@Danielle Levins, yes. Last time I checked, they're still processing and investigating. They said it could take up to 30-90 days.
Thanks!
Hi, in my experience it could be as soon as 3 weeks (which is rare) or as long as a year nor even longer depending on the spec situation.. it is real work to make it happen,it's really not for everyone
Victorville, CA · Member since 2019 · 42 posts · 20 votes
6y
As of now, I haven't received any notice yet. It's definitely a bit frustrating just waiting, but I'm continuing to submit my files, just building up a pipeline. Thanks for asking. I'll keep you informed.
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
6y
@Tyrone Harris
This is a lot like Amway. You’ll eventually receive compensation. When you work out the hours worked, you’ll find it’s below minimum wage. It’s just a way that businesses get $15 hour labor to work for $5 hour without having to pay medical, fica, etc.
I agree with you. I did research and most real estate tax attorney is offering this service directly. Also, the finder fee that most so call guru tell you to charge is exorbitant. Just be careful what you buy
@Tyrone Harris@Tammy McBride I think k the fallacy of this system is that this company probably has multiple people working as “researchers” in your area, all going after the same leads. I also suspect the vast majority of this company’s income is in selling folks like you the system and Very little from actually collecting the surpluses for people.
One thing you guys need to realize, at least in my area, there are only one or two firms making any money at this, and it’s only part of what they do.
AND....those few people that are Acrually making any money at this are contacting the people owed a surplus THE DAY OF THE SALE, by email and cell phone. Once you find a “list” of people owed a surplus, YOU ALREADY WAY TOO LATE. I can assure you, the people selling you this program know this.
As of now, I haven't received any notice yet. It's definitely a bit frustrating just waiting, but I'm continuing to submit my files, just building up a pipeline. Thanks for asking. I'll keep you informed.
Hello Tyrone Harris my name is Keashea Letter and I have read your posts regarding your Tax Overage Researcher perspective and saw that you had 3 deals in the pipeline 8 months ago. Can you please give an update as to whether they successful. I really hope they were which would probably make you a pro at this now. I would appreciate it if you could give me insight as to how I should proceed as a beginner as well as how helpful was the webinar and membership you initially purchased? Thank you in advance.
Victorville, CA · Member since 2019 · 42 posts · 20 votes
6y
@Keashea. I appreciate that, but you learn from it and move on. I had submitted about 5 deals to the company I'm signed up with, 3 of them got rejected for various reasons and I'm still waiting to hear about the other 2. To be honest, I dont know if it's the company or I didn't put enough deals through the pipeline. Like anything else, it's a numbers game. But like I said, I learned from it and moved on.