Best Tax Lien & Tax Deed Education Program
I've been looking at various videos and books on investing in tax liens and deeds and would like to hear from others who invest in the same. Did you take a course or seminars? Do you have a mentor/trainer? Do you feel they are a good investment?
Any feedback would be greatly appreciated. Thank you.
My good friend Sean Walker (SKW Tax Liens) purchased thousands of tax liens and deeds throughout the last six years. There are potential windfalls with tax liens, but there are also many challenges that can negate your gains and perfecting liens is a full time business.
I've found a better source of passive income in purchasing performing mortgage notes and deeds. This works better for me than tax liens and deeds.
If you send me a PM, I could line up a call with you and my friend so you could walk through the best way to be involved in either business.
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I have bought tax liens for over 10 years in SC.
I wouldn't advise you sign up for a class.
I would recommend you buy some books off amazon, read all the free info on the web and here on bigger pockets.
A mentor in your area that you could buy lunch for could give you a crash course over lunch.
Go to an auction and observe the first year and get a feel for the auction and you should have no problem finding someone there that would be willing to help you out.
There are several courses out there. There are some I have found to be perfected and over the years the best ones have auction calendars, tax liens, tax deeds, and redeemable deed listings with state information and the ins and outs with resources to boot. Hope you find what you are looking for. I attended a seminar the other day and it was very well done with a good amount of education. I did not feel ripped off.
Apply to HardKnocks, Skol of - just ask tax office and do a little research, in my opinion, they give you 10-20% of what you may need, so you may as well go to the source!
@Darren Eadythanks for the feedback and offer. Yes, I am also looking at notes but they seem a lot more complicated and involved than tax liens.
@John Underwoodthanks for your comments and yes, I will go check out some auctions. So, you have been investing for years. You must find them as a worthwhile investment.
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Bill,
I have 14 (soon to be 17) tax deed houses that are rental properties.
In SC after property is not redeemed in 12 month, the county mails you the deed to the property no foreclosure no muss no fuss.
I hope to be able to retire from my job as an engineer in a couple more years of aquiring properties this way. I just wish I had none about this a long time ago.
John
@John Underwood Wow! That's great how did you do it? How did you learn how to do acquire the properties?
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Bill,
I bought and read books. Did Web searches. Asked questions from people I met at auctions.
John
I've been buying at tax sales for long time and have bought hundreds of properties. I've seen many books and courses and have bought some. None have my highest recommendation!
One of the big problems is that every state has different rules, laws, customs and traditions. Even within a state there are different rules in different counties. This is a big problem and it makes it more difficult to do, and it keeps the completion down.
1. Every place that I've been requires 100% cash immediately or almost immediately. One place stops the auction, and you have to pay right then before they will auction the next property. Another place every property has to be paid within 10 minutes after the sale is over.
2. One place will not accept cash.
3. Another place requires you to register 2 weeks in advance and they check you out and have to approve you to bid.
4. One place only accepts cashiers checks.
5. One place allows the owner to pay even while the auction is going on.
6. Some places you bid down the interest rate you'll accept.
7. Some places you bid down the percent of ownership you'll accept, so you could be a co-owner with the person who didn't pay their taxes.
8. Some places the one person allowed to bid on one property is selected at random.
9. Some states have rights of redemption for the former owner, could be years
10. Some sales wipe out all liens.
11. Some sales wipe out NO liens.
Its almost like you need 50 books, one for each state.
I've said before tax sales are the most treacherous way to buy real estate.
There are no sellers disclosures.
There are no home inspections.
There are no warranty deeds.
And most properties you never get to see the inside.
The hazards are there be careful.
@David Krulac That is the most succinct, honest and telling description of tax sales that I have ever heard! Bravo! You certainly won't hear the ever-growing list of tax lien/deed gurus espouse the true challenges of tax sales in such a way. Thank you.
It sounds like you have to go into each county with an open mind -- an open page, ready to be written upon. As you learn that county, you either stay and continue to work it or experience it and move on. After you develop your list of familiar, lucrative counties, do you just stick with those, or keep moving on, where the search is part of the adventure?
Patience and persistence seem to be key!
Pick a place to start. Maybe close to you. Maybe Tax Lien versus Tax Deed, or vice versa. Those decisions will help reduce the starting place from 50 states to some smaller manageable number. You find the bigger lists in the larger more populated counties, but less competition in the smaller, say rural counties.
I've bought hundreds of properties at tax sales and its not for the faint of heart.
I bought a tax lien/tax deed course/membership and attended a 3-day workshop. I got lots of good information and although it was expensive I feel I got good value from it, and got to spend 3 days with the co-founder of the company, learning from his experience, which is priceless. The conclusion I came to is that tax lien/tax deed investing is difficult because of the tremendous variability of the rules from county to county and state to state. While some great deals can undoubtedly be had, I can see why many are intimidated by it and shy away, but for me this just means that there is an opportunity there for someone who is dedicated to learn it. From what I've observed so far, there are a few knowledgeable investors doing it and a whole lot of newbies who think they know what they're doing or think they can learn it by trial and error. I'm sure it's the old 80/20 rule: 80% of the good and profitable deals are had by the 20% who are savvy investors. The rest are just wasting their time and money.
I second the comments by
@David Krulac. I can only speak to IL, and while the law is the same throughout the state (although applied differently in different counties) the rules differ quite a bit county-to-county. I suggest working with a local tax buyer and attorney at least the first time around. Once you have experience, then you can go out on your own but you will still need the services of an attorney (at least in IL). Another great source of information is the NTLA (National Tax Lien Association). They have a conference in Florida later this week, which my partner (John Stanko), is speaking at. My firm also provides tax sale/tax deed information and materials on our website at http://flamm.com/illinois-property-tax-lawyers/ (new seminar materials will be uploaded soon). If anyone has any questions about tax sales in IL, just let me know. Thanks and good luck.
I'm ready to start purchasing tax liens. I have a few questions about the type of purchases.
1. I found liens due on 2014 however paid in full on 2015, if I purchase the 2014 lien what are my risks?
2. found liens where 1/2 of the taxes have been paid, 1/2 owed are these purchases considered a good investment.
3. similar to above, I've seen liens that have a small balance owed, i.e. 2013 paid $400 due $65. 2014 paid 400 due $36 would it be wise to buy the left over amount on these? were does that put my position? Let's say I purchase the 2015 owed and those 2 leftover amounts. Is that a good idea? I appreciate your advise!
The owner would have pay any back taxes and any interest on the taxes that you paid would go to you.
After putting together listings and auctions and material for 12 years plus I have decided to put together a comprehensive study course that streamlines the work needed with research and keeps it simple. An investment opportunity available to those who want to learn and participate with all of the states, rules and statutes, redemption periods, interest rates, etc. All you have to do is decide where you want to start. Having everything together at the touch of your fingertips gives you more time to do other things while investing. Tax lien investing can be either aggressive or passive. I can provide you with either.
John Underwood ,
Could you send me a message in NC and I would like to talk with you about SC tax deeds
In Indiana, I am curious how folks see the value of investing in Tax Liens outside an IRA. The interest rate is 10% in the first 6 months and 15% from after six months to 1 year. Don't your profits get largely reduced due to taxation outside a tax shelter/IRA? Thanks
I’m 2in 1 California3 9 can 2anyone4 help 4I have 4a few questions 7about tax liens 2etc or anything thank you and god bless
Quote from @Malcolm Ovenden:
I bought a tax lien/tax deed course/membership and attended a 3-day workshop. I got lots of good information and although it was expensive I feel I got good value from it, and got to spend 3 days with the co-founder of the company, learning from his experience, which is priceless. The conclusion I came to is that tax lien/tax deed investing is difficult because of the tremendous variability of the rules from county to county and state to state. While some great deals can undoubtedly be had, I can see why many are intimidated by it and shy away, but for me this just means that there is an opportunity there for someone who is dedicated to learn it. From what I've observed so far, there are a few knowledgeable investors doing it and a whole lot of newbies who think they know what they're doing or think they can learn it by trial and error. I'm sure it's the old 80/20 rule: 80% of the good and profitable deals are had by the 20% who are savvy investors. The rest are just wasting their time and money.
I'm curious to know what tax lien course you purchased and how you liked it. Husband and I just signed up for a 3 day course in a couple of weeks through TaxLienCode. We're still within our 3 day right to cancel. We paid $997 to attend and then they charge about $40 monthly for access to their software to help with due diligence.
Quote from @Darren Eady:
My good friend Sean Walker (SKW Tax Liens) purchased thousands of tax liens and deeds throughout the last six years. There are potential windfalls with tax liens, but there are also many challenges that can negate your gains and perfecting liens is a full time business.
I've found a better source of passive income in purchasing performing mortgage notes and deeds. This works better for me than tax liens and deeds.
If you send me a PM, I could line up a call with you and my friend so you could walk through the best way to be involved in either business.
Hi Darren,
please explain the mortgage note, what is the difference between this and tax lien. I am taking the 1st day of the 3 days shop on tax lien, is it worth it to pay $395? I will find out today. I'm sure they will recommended the guests to go to the next level like paying extra of thousands to get deeper information toward the tax lien.
I attended the Bob Diamond's shop in the past, I wasted my money on it, it is harder to do to find the owner and get them to agreed to you to go forward to getting their property's sale money.
I hope this tax lien is better.
Did you get more money from rental properties?