All Forum Posts by: Joe Mclain

@Dwayne Trojan I don't think that you would want to go that route, at least not to start with.  The tax lien/deed process puts the winner of the auction with a superior lien to all others and wipes out the mortgage.   So if you go around that process and try to beat the others to the finish line, you might be purchasing a mess if you don't do the proper research.  Attend a tax deed auction in TX and see how it rolls.   Then address others in this forum with any questions you might have.  

In answer to your other question, you should be able to find out from the county tax assessors office the list of property owners that will be in the auction.  Then you should be able to go back into the county site and research exactly what you are bidding on.

Good luck

Joe

Its not really that easy. Once you get the list from the county, how do you go about convincing people that you are reputable? Yes you can get a business card and an LLC but lets face it. We are in a world of scams and hacking. I think the ultimate thing to do would be to meet people face to face. Setup a meeting and explain the process. Even if you meet with them face to face the caution is to tell them too much information where they can go find the money themselves. Best of luck and hope this helps.

Joe

Tax liens are purchased mainly at auctions but you can buy over the counter/online.   You buy the tax lien certificate and then you have an interest rate attached to that certificate.  The owner has X amount to time to redeem and pay you off.   If you does redeem, you collect your cost plus interest.  If the owner does not redeem after X amount of years then you have the right to foreclose.   All states are not tax lien states, some are tax deed states which works a little different.   That's where you want to own the property so after the redemption period you can foreclose to own the property.   In FL for example you buy a tax lien certificate.  Then after 2 years, you can submit paperwork to bring that property to a Tax Deed sale.  The high bidder pays you off with interest and then wins the deed to the property.   Easy as pie..right?  I don't know how things work in MD.  Hope this helps though

Joe

I've listened to the Free videos and they give you a good overview of tax liens.   I don't know what the next step looks like with them but all States don't follow a cookie cutter approach to how this all works which is what the videos lead you to believe.   I don't see those guys ever talking about investing in AL for example or GA.  Its always the TX and FL examples.    So I am basically saying to listen to the free videos and then supplement your learning on BP.  

Joe 

Do you think this could the discrepancy between pre foreclosure and foreclosures on the market?  

You need to know what kind of deed your are getting.   If they are giving you the warranty deed then you have true title.   A lot of times, they will give you a QC Deed which could have title issues.  So just like buying any property, you would need to perform the due diligence in researching the property for liens, look at the property values around the area, access to the property, etc.

Best of luck

Joe

You are in FL and there are a ton of tax deed sales that are online.   Have you searched on the online auctions to see if there are any good deals on land?  I know a lot of the counties are online in your area.   

Joe

You may want to visit http://www.buyingtaxdeeds.com/.  I have watched several of her videos and they are extremely informative on the FL markets.    

Joe

Why wouldn't you just offer the admin 1000 bucks? You are still saving money on the deal   Sounds like the guy is fishing for more money any way.   You just need a way to clear title chain and you would have it either way.   The difference is time.  If your attorney does the QTA, you are going to wait about 6 months.  If the admin signs over that property, its a quicker sale for you.

Joe

@Wayne Brooks She said she purchased a lien in 2014 but now has the deed.   In some states your lien becomes a deed after x years.   3 years in AL for example.  So she would go in front of judge if the owner comes back and tries to redeem and forces it to court.