All Forum Posts by: Joe Mclain

So here is my understanding of how it works.  The winning bidder at the deed sale pays 50k.   Lets say there are 3 years of tax lien certificates for 3k.   The county pays the 3k and there is 47k sitting with the county.   The creditors including the home owner, mortgage company, etc has a right to claim a piece of that 47k tax overage.   I've seen some FL counties have a 90 day threshold for the creditors to file their claims before that overage goes to the county.   

Joe

@Account Closed - so I am curious of your results.   If you get a tax sale list and you narrow down 20 parcels you are interested in.  Do you send them all to the title search before you bid?   Doesn't that get fairly expensive especially for land investing?  

Joe

Where did you find any information on them?  I don't see anything in a google search or on BBB.

I don't think there is anything wrong with **********, you just have to do your due diligence.  For example, you have your bid amount, then they sometimes add all of these fees where even if you bid $1 for the property, you have $600 in fees on top of that.   I can guarantee that they are making their money back in fees.  That being said, there may be deals there.  Do your research.

Joe

@Melvin Bell - When you get the list of tax delinquent property, most of the time, you are given a parcel #.   Take that parcel # and go into the county tax commissionor's site - http://gwinnetttaxcommissioner.publicaccessnow.com...

and perform a search by parcel #.  The site should show you if its just a residential lot or a single family home.   Most of the time you can tell if its a lot or a home by the price of the tax deed.  taxes on homes will typically be more expensive than lots but there are exceptions.  Also if you go into that search and look click on the GIS map, you should be able to play with that and it will show you a satellite image, like google earth.  Best of luck

Joe

@Kiet N.

 Let me take a shot at #1.  If you purchase a tax deed in GA.  And lets say 6 months later, the owner redeems the property.   You would receive back your purchase price plus 20% interest paid by the owner to you.  I don't really understand the taxable remark.   By this are you asking if the 20% interest you receive is taxable income? If you bought this yourself and are not a corporation then I think this 20% would be income that could be taxed.  

Joe

@Trevon Peracca - Start with this link for tax lien research.  There are tax deed states and tax lien states.   Tax lien states are what you are looking for.   Tax deed states is where you are more interested in attaining the property while tax lien states provide a good interest rate return on your money.  - http://taxlienlady.com/StateGuide.pdf

Joe

All, I have not run into this yet and welcome your thoughts.  There is a tax deed for a piece of property used by the power company.  100 ft square, fenced in for this power station.   I have heard of people getting residual income from cell phone sites, bill board sites, but what about sites setup for the power company?    This is in AL so they may redeem it after I kick the bee hive but do you think?

@David Belson the owner can redeem the property until the tax deed sale.  So if the owner doesn't pay taxes and the tax lien holder brings the tax lien to auction then the owner can redeem at that sale.   Hope this helps.

Joe

Not knowing the numbers, you might want to consider wholesaling the property. You have a tax deed, that you probably got a good deal on. If you need the cash then flip it for a small profit and move to the next one without rehabbing it. Throw it on craigslist. Get in contact with your local REIA or investors club and see if someone bites on it. Who says you have to make a touchdown on your first deal. Make the deal and make a little money and move on to the next one. Then you can go to those investors on the 3rd, 4th or 10th flip and say, I want to rehab now. Then you are credible.

Joe