Bob Diamond overages live events and courses
I was wondering if anyone has ever been to a Bob Diamond overage live event or anyone has had any success with his courses? His claim is he has the largest company working with tax sale overages and knows all of he ins and outs of claiming this money from the government. In theory it looks good, but I am looking for someone that has actually made money with it.
I've been looking into this a bit in Colorado. Colorado is not a state that performs tax lien foreclosures at all. They auction off the tax lien (certificate). In these cases, I'm assuming there would never be *any* overages, since the county never sells the property directly, thus they don't "receive" any funds from the process of a property sale.
The investor purchases the tax lien certificate and must wait through a three year redemption period, after which the investor can ask the county for a treasurer's deed. They must pay all the taxes that accrue over this three year period. At the end, the investor can ask the county to issue a Tresasurer's Deed. In most cases, this occurs only on property where there are no current mortgage liens, because in the event of unpaid taxes, the mortgage company will pay the taxes to protect their investment. In CO, most individual counties require taxes be paid by June 30th of each year, and the tax lien sales occur in October - December, depending on the county. So, even in the event of a lien sale, I don't think there will be any overages in Colorado. The investor can get deed to the property directly, without any additional purchase. I'm assuming this to be the case for all Tax Lien states.
I did find some internet discrepancies as so which states are tax lien states and which ones are tax deed states (and some that are both ??)
This site suggests these states are tax lien states...
Alabama, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kentucky, Maryland, Mississippi, Missouri, Montana, Nebraska, New Jersey, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Vermont, West Virginia, and Wyoming. The District of Columbia is also a tax lien jurisdiction.
https://smallbusiness.chron.com/states-allow-sale-tax-lien-certificates-58547.html
This site suggests a different picture (shows all 50 states).
https://www.secretsoftaxlieninvesting.com/state-info
I'm assuming you would have to find property in Tax Deed states for there to be any kind of overage. ??
Quote from @Phong Nguyen:
My recommendation is to do your own research using one of the county you know of before committing to this program. Oh, by the way, if this is easy and so profitable, why wouldn't Bob Diamond create his own company to go after these overages himself and keep all of the profits. Looks like he has local people around the country to get to the owners and have him sign the contract before filing the claim. That's a huge part of the equation already, up to 95% completion of the process, might as well going to the full monty and keep all the money instead of teaching people how to make money (filing a claim is easy as sending in one page form for the county). I'd love to hear from @Nick Fullmer or anyone who bought this program on the info from my research.
That's the same question I had Phong, why wouldn't he use his local people to close the deals himself? In his video, he talks about how easy it is to hire and find people locally on the cheap to get the contract signed. As you said 95% of the process is already done. Sound to me like it's a whole lot easy to make money selling courses.
