All Forum Posts by: Hobart King

Yes! Steve you are correct! Apologies

Jordan,

I am a newbie like yourself, but I can help you with your questions.

1). The mortgage would be extinguished with the sale of the tax deed and then the quiet title action

2). Not sure

3). You can usually use the Parcel Number to look up the amount of taxes they pay every year through the county treasurer or assessors website.

4). There's a lot of good material out there. Books - Zero Risk Real Estate by Chip Cummings is great. He has great free videos as well for how to do due diligence on these properties here: www.zeroriskrealestate.com/bonus/

Good luck!!

Thanks for the reply! That was incredibly helpful. Bummer about only 5% on the overbid now. Another quick quick question if you don't mind. I am a first time buyer and only have $10k to buy liens with. I am looking at the counties that are in close proximity to Ohio which is where I live and I can only attend one auction. Do you think I would be better served going to a bigger auction (i.e. Delaware) or going off the beaten trail to somewhere like Franklin or Jay County? 

Hi Guys,

I'm planning on going to at least one Indiana Tax Sale coming up in the next few weeks. You can check out all the dates and times here (http://www.sri-taxsale.com). I have a few questions for those that have been around the block in Indiana:

1). How far above the minimum bid does the overbid usually go?

2). Is there a flat fee you must pay to the county to purchase for each tax lien purchase?

3). Can someone spot check my assumptions below? Assume you are bidding on a property with 10k of back taxes/assessments. You end up winning the tax lien with 20k. Assume that the property owner pays it off a year later right before your right to foreclose.

Total Return= 10K *15% Penalty + 10K * 10% interest= $2,500 less any fees to the county or auction company. 

4). After you purchase a tax lien in Indiana does the holder of the tax lien need to take any action before the 1 year redemption period? 

Thanks in advance,

Hobart King

@Ned Cary - That's an awesome rule. 

@Jerry K. Thanks for the info. I decided to use that money to be a bigger pockets pro member instead. I bought a book zero risk real estate by Chip Cummings and that is enough to get started. I figure once you've read a few books on the subject and online material (@Jerry K. - your blog is great by the way), there is no substitute for actually doing it. 

Bummer:

Please Note: All eligible liens will be auctioned as a single block. The county does not sell individual

tax lien certificates. As in all Ohio counties selling tax certificates, the bulk sale or auction of tax

certificates in Hamilton County is not designed for individual investors.

All Liens are sold off as a single block (for millions to big institutional investors). You might want to check out some of the counties in Kenctucky. I am almost certain you can buy individual tax liens there.

Daniel,

I am in a similar position to you - just starting out and trying to learn the basics. I have read a lot of material and typically to get information on the tax lien sales or tax deed sales google search for the tax assessor or treasurer's website of the county you are interested in. 

Hamilton County is here:

http://www.hamilton-co.org/treasurer/TaxLien2.html

Looks like the tax lien sale is in October! You should call the number on the website and ask some questions about how the bidding works, etc. Let me know what you find out!

-Hobie

Larry,

Thanks for the reply. You can actually download the first 8 chapters from Amazon of Michael Williams book (He runs rogueinvestor.com) and it's great! Lots of detailed examples and what to expect at an auction. I am probably going to do it and I will let everyone know how it goes!

-Hobie

Hi Everyone,

I am new to bigger pockets and real estate investing in general. I listed to a podcast by Ross Budrakey about Tax Liens and I want to start buying tax liens right away. I was considering buying a 2 year subscription to rougeinvestor.com ($147). Can anyone vouch for this site? Is it worth it?

Thanks,

Hobie King