All Forum Posts by: Bruce Lynn

I've used Tax Title Services in Texas, but not sure I had to.  I was first told I could not get title insurance for resale, so used TTS.  It was not cheap and they require you to use a specific title company that was difficult at best to deal with and also more expensive than any I had ever used before.   

Now my regular title companies say they can issue title after 2 years and that I don't need the expensive service of TTS.

One question I have not asked yet, is if TTS can issue title insurance before the redemption period is completed or if they too require us to wait through the redemption period.  If they can speed up the process than well worth the money they charge.

I'm sorry you're having trouble....it does sound like there's a mismatch there.   Of course you want them busy working on the property and not busy updating you on activities...but a quick call, email, fax, text, video chat can work.  They need to do what works best for you.    To me you want to work with someone you feel comfortable with and who you think is doing a great job....and it sounds like you have some doubts about that.  Pictures are pretty easy to accomplish.  Most of the photographers are pretty good that we use and 90% of the time can do everything by themselves....and within 24-48hrs.....so if they can't get that done....it is frustrating.   May be time for a change.   Best wishes.  Sounds like you have a great property.  Unfortunately it does often seem there is turnover with new owner.

@Account Closed  Equity....you can also add your holding costs and  realtor/closing costs/legal costs.   Land/Lots are not always easy to sell....at minimum I expect to hold land for at least 2-3 years.  Typically you'll have no repair costs, but you also have no income.  You do have expenses....taxes and insurance, marketing costs for your realtor.

If your keys don't work, the locks are broken.  Go fix them.   Call the cops at different times of day/different days of the week if the first cop doesn't work.  Breaking and entering is a crime.   Someone like that might have warrants...get the cops to run them and take them away.  Clean up the trash.   You may want to secure the house, by turning off water, so your pipes don't freeze, gas because you are checking the lines, and electric at the box to save on utility bills.   Just saying.   Make it difficult.   Now if you have a legitimate tenant some of this could get you in trouble, but a sketchy one is not likely to take you to court and get any sympathy from a judge.

The title company on your team can run the numbers for you.

The realtor on your team can do it for you too. :-)

Print your flyer....take it to all the investment clubs....put it on Craigslist and all the other fsbo sites....and if you really want to open the market....get a realtor to put it on the MLS for you. Then instead of half a dozen or dozen buyers you have to weed through and determine if they really have money or not...will really close or not....you open the market to hundreds or a thousand potential motived buyers

They are often sold separately from the land.   You can can buy the land or the home...not always at the same sale.  You just have to check and see.  If you buy the home, then you may need to figure out what to do with it, if it is not on a rented lot....you may have to move it.   If you buy the land, then you may have a mobile on it that is not yours.   So then you have to figure out what you do with that.   So you need to know what you are buying and what the consequences are.

@Account Closed   Sorry now I see you are in Bellingham.  At first BP just showed me your Question Title....now I see all the detail of your post.

So you have a start....complicated....it can be...but time is probably the tough part.  So now you can take the 70 parcels. ....one step is to see if there is equity in any of them, and maybe enough equity to make it worth your while.....this means there could be $10,000 in taxes due...but it's only worth $9000.  So you skip that one and move to the next.  The next one has $10000 in taxes due, but is worth $11000.  So there's equity, but maybe not enough to make it worth your time....then you move on to the next and the next.....about 20 in...you find one that might have equity, but is unbuildable or in the flood zone or in the hood, or it is landlocked, so you keep moving down the list.

If it was easy everyone would do it.

Very tough from what I've found....so hopefully someone here will flush out some good resources.   Where are you?   What I've found is much of the learning is very state and maybe even local specific.  There may be some big general concepts, but the national guys that roll through are probably more trouble than help and excellent at taking your money, so be careful there.

There is the Tax Lien Lady I think in Ohio...guess she is still around.  She has good info.  There is a lady in Florida that teaches classes and seems good.

I'd start by going to your local auctions.  Get the list ahead of time.  Study it, Research it, attend and observe.  See what people pay.  Watch the others.  Who are the players.  Network with them.  Talk to them.  Talk often with them.  Ask questions.  Talk to the attorneys there.   Talk to the tax authorities.  Network, Network, Network.   There's always someone around that will share the secrets with you and there is also someone who won't talk and tell you their info is a "trade secret".

I would attend every one of your local REIA events and ask everyone there who the tax lien/deed expert is....then network with them. Ask them to teach a class. Ask them to teach you....

What state are you in?

I see this auction.  Looks like tax lien from private seller.

Do I understand correctly they've bought an $85 tax lien with interest bid to 8% and now selling it for $1200 so that's where this investor makes their profit?

https://secure.**************/mvc/auction/810929

So buying it is a gamble that the owner never pays it off and you could foreclosure on the house.

However if owner pays it off then you would loose everything over the $85 you pay?

Is this typical of AZ auctions?