All Forum Posts by: Joe Mclain

@Denise Evans - lets say that Liliana didn't talk to the neighbors and went to an attorney to clear the title.   Would she be able to add the cost of the attorney to the total for the previous owner to redeem?

Thanks,

Joe

@Vincent Chen - Try starting here - http://taxlienlady.com/StateGuide.pdf

Then after you find out what state or county you are targetting, then hit the county web site for how things work for that specific county.   If you have gaps, ask questions here and you should be set.

Joe

I have also seen in FL where some counties have a 90 day limit on claiming the overages.  So the counties know there is a lot of money out there that they could claim with a time limit and they do.   Best of luck

Joe

@Shelley Baranes - I think you need to do some due diligence on the property.    In fact, I think I would walk into this sale with the intention of learning and not purchasing.   You need to check out the tax assessor's site - http://www.cobbassessor.org/cobbga/search/commonse...

Assuming that you are talking about Cobb county.   I would also search the realtor sites to try and find some comps on the property.   Remember that in GA, its a tax deed state with a 1 year right of redemption so I am guessing that you want the property.   Once you win the bid, you need to understand that you will not have clear title on the property.  That means a Quiet title action, or some other method of clearing title.   Best of luck to you.

Joe

@Ran Fridman - Like @Roy Oliphant stated, all states are different.  After the redemption period has ended for a Tax lien, in some states, you can send that lien to a Tax Deed auction like in FL.   In the sale, you can either bid on the property or after the sale, you as the lien holder in FL get your 18% interest.  For other states, the tax cert might become a tax deed automatically and then the owner of the new tax deed just needs to clear the title to become the property owner.  Check out the Tax lien lady's state guide Click here for more info.

Joe

@Lin Ding - so if the house is behind on its taxes, the county will sell the tax lien certificate on the property.  You buy the certificate and if the owner redeems then you would receive the money for your tax lien cert and interest.  I think its 18% in FL.   Well the owner has 2 years to redeem the property.   So lets say in your case they are delinquent for 2015 and then 2016.   You buy the certificate for both years.   Then after that period of time, you can bring that up to a tax deed auction.   The winner of the tax deed auction wins the house and the county pays the tax lien certificates off with the proceeds.   

If you want the house then you need to be winner of the tax deed auction.   Or you could work with the owner to pay off the taxes and have the sign over the property to you and walk away.  Perhaps a cash for keys.  You come in, offer him a little money to sign over the property to you and you take care of his taxes and own the house.  Make sense?

@Shawn York - So I think if it were me, I would write up a QCD with the other owner in exchange for you paying the taxes.   That way you own the mobile home free and clear.   I might even offer a small cash offering for the other owner to do a "Cash for keys" deal and they vacate the Mobile home.  They obviously don't have the cash to pay the taxes and I'm guessing you give them a little to walk away from this and they are gone.

Joe

@Whitney Sams - Welcome to BP.   I think that you learn to walk when you have completed your due diligence on the properties prior to bidding.   Don't go to the auction and bid on everything that moves.  Walk into the auction with a short list of the properties that you think you can make some money on.   Not every property will make money in the long run.   Check out the tax assessors site for the county and know if the parcel is a street or power line right of way or drainage ditch.   Best of luck.  Many good folks here would help you out with any questions.

Joe

@Matt Snow - So we have a lot similar to this in my subdivision in GA and its one of the last lots to sell.   The other thing that worries me is that with your purchase price, taxes and closing, you are at $3500 ish and that means you are paying market.  Unless you know there is a neighbor that wants to add acreage to his property, I think I would pass.   Best of luck

Joe

Now that you have an idea of how it works, you should check into the specifics of each state.  They are different.   Tax Lien states vs Tax Deed states.  Check out this guide from the Tax lien lady - State Guide.  She gives a lot of information on how each state is different.  You can also youtube some of her info if you are interested.   Best of luck

Joe