Tax Overages
Anyone know if this tax Overages program with Rick Dawson and Bob Diamond is for real or legit? Thinking about adding this to my portfolio just want to make sure i'm not being scammed with this.
Thanks
Andre
Most Popular Reply
like most things when dealing with government when they have money in their possession they don't want to give it up, they want to keep it, even though it isn't theirs. I
example is California tax sale overages, note I don't know the current law, they had a chance for the ex-owner to claim overages for one year. Of course those that even knew there was a tax sale didn't know about any possible overage, they just thought the property was gone and that was that, and the counties were not going to hunt them down and tell them, so after one year they got to keep the money. And that was fair because they wanted the money to help some poor politician out that had to drive a two year old car and needed a raise to cover a new one, or some other worthy public need.
I did this for several years as a side activity and one day a county supervisor said to me, do you know how much your costing the county each year? Of course I knew a ton about him and said not as much as that feather bedding wife of yours. I knew her office second in command and if his wife even showed up at all in her department to head it, it probably didn't add up to 18 days a year.
Any way most states passed laws to limit finders fees to help keep the money in their coffers. The official bs was we are saving consumers from being abused by finders. The real fact is they get to keep the money because the real owner is very unlikely to ever find out about it without a finder showing up. .But I bypassed those laws by actually buying the rights to the money. The actual owner could get his money now, It is theirs and they have a right to sell their rights to it. And I upset some treasurers that viewed these kinds of moneys as government slush funds.
One person I knew in Washington state just used to send a postcard saying you have X dollars due you. I will tell you where it is for 5% of the amount you have coming, save this card because I won't ask again and many sources of funds due people have time limits to collect or you lose the money. The state had a 5% finders limit at the time and
Hi Christi, I have been interested in the tax overage
and have been doing some research or you still doing this business and has it work for you I’d be interested in partnering up with you
For the more recent visitors here, I looked into this business model a few years back. I was very skeptical and didn't pursue it although having bought the model / course and documentation.
Now, as it happens I have a renewed interest.
I recently purchased the training with Bob Diamond and can honestly say it can work and the tax sales in certain states are held monthly, so there won't really be a saturation in this biz. i pushin it to the limit with this one especially during this Coronavirus scare
I recently attended the free training and would like to hear if anyone is working this business today.
Perhaps you are willing to share how well the business model aligns with the sales seminar.
Thanks.
Which free training? There are more than one
Andre Johnson, I read your post about the Bob Diamond course, wanted to know if you ever followed through on starting it.
So what did you find out? I see this was years ago, did it work for you? I've just discovered it
Hello, did this end up working out for you? I've got the training course but I'm still within the refund stage and I'm just trying to decide if I want to go through with it. I haven't downloaded any of the material, and so far, the training is not complete (for obvious reasons, lol) but I don't know if it's worth keeping and paying the 2K to keep the course. I would be interested what your success has been?
Hello, is this still working out for you?
Hello! Would you say that you're still successful at this today?
Hello, are you still having success at this today?
I'm more concerned with understanding what documents to use to lock up the contract.
Hello, are you still having success with this today?
I've purchased several hundred tax sale properties and have written about them here on Bigger Pockets. I don't think you need a course, imho. Its easy and self explanatory to do. But more importantly, most of the properties sold at Tax Sale, do not have any overages. At Upset Tax Sales all the liens, mortgages, judgements etc, transfer to the high bidder at the sale. So for there to be any overage, there has to be essentially no mortgage, or any other lien on the property before the Upset Tax Sale. Most of the properties sold do have liens, or some other negative feature like wetlands, flood zone, failed perk test, toxic waste or landlocked situation. At one sale that I went to there were something like 300 properties on the sale list the day of the auction. Exactly 4 had overages. A couple of the overages were minor, and If I were the high bidder, I would have negotiated away the overage in exchange for a Quit Claim Deed to clear the title. I've actually bought property where there was nursing home leins, welfare department liens, inheritance tax liens and Federal Tax Liens, which were either not of record (not recorded) or were recorded someplace different like the Federal Courthouse. One of the properties had a Federal Tax Lien of $2,000,000 and another $4,000,000. In all of those there were no overages, which was the least of my concerns.
Check out my other BP Posts on Tax Sales.
David Krulac
Bigger Pockets Podcast #82 Guest