All Forum Posts by: Michel Steele

I bought Cody Speaker the ever Investor system and added the 99.00/ month fast trac trial. I cancelled the trial and never heard from them again. Before that they were calling me every week checkingredients on me. Most of these programs are driven by up-selling. The best thing to do is find a menter at a REI meeting.

@Jordan,

I have bought several parcels in Florida in the past few months.

1. Can you purchase tax deeds with hard money?

You could, however when you bid on the Tax Deed auction and win you need to pay for the property by 1pm the next day. Failure to do so can ban you from future auctions. 

2. Are there any seasoning requirements before you resell a tax deed? (ie. do you have to wait any specific amount of time before resale)

There is no redemption period. You will however have to process the Tax Deed through a company like Tax Title Services in order to get title insurance. 

3. Is the most typical way of re-sale done using a quit-claim deed?

Special Warranty Deed would be better once you have TTS run the property which takes 45-60 days. 

4. If I buy a property at auction, do the back taxes automatically get paid for with the money I use to purchase? (ie. after I purchase, will I be responsible for paying any back taxes)

Yes. In a Tax Deed sale all back taxes are paid and liens wiped out including mortgages.  The counties run a ownership and encumbrance report using a title company to notify all interested parties.  I just bought a house on a Tax Deed auction in Eustis Fla for under $3000.00. It was listed as a 2bd 1 bath, but is actually a 1bd,1bath. i couldn't inspect it before auction because it was occupied. Do you due diligence.  

Question for everyone. I bought a land on a Tax Deed. Does not have a quiet title or has it been run though Tax Tile Services or similar. The buyer assumes responsibility. What type of deed should I use in the sale? They have sent me the money through Paypal and need to prepare deed. Property is in Florida.Thanks

@Rachel,

I have invested in Tax Deeds in Florida. Tax Liens are different because you are paying the back taxes owed, then waiting the state required time to apply for a Tax deed sale where the property is actually auctioned off. I purchased three land parcels on a Tax Deed auction. The opening bids averaged @800.00, but quickly rises to 2k. I ended up getting two$2300, and one for $3200. Now here is were the problem arises. If you buy a property through a Tax Lien or Tax Deed sales you will need(or buyer) title insurance in order for the mortgage company to work with them.  Two ways: Quiet Title which takes months and very expensive or use a service like Tax Title Services which takes less time. Now I'm kinda stuck with properties that if i add the $1950 charge to get the Title Insurance I won't be competitive in the market.   

I bought Dustin Hahn'so ABC to Tax Leins and Tax Deeds(27.00). I just bought the Tax Deeds this week during an online auction. If you do research you won'the need to spend that money. You could use it towards a property. I suggest you register on a county website (It'seems free) and joint the auction when it is heald so you can see how it works and what properties are going for. I got land in two different counties 4 hours apart in Florida. 

Hello Bigger Pockets. Isn't this what it's all about, getting bigger pockets? We are new to investing and very excited. We will be flipping buy and hold and investing in tax deeds properties.

 Thanks Sandra. It's great to know that somebody in Fla. Is looking at this type of investment. I will definitely be looking at your YouTube and getting in touch with you.

Thanks Shannon. This was a great explanantion.

Wayne,

Thanks. We are in the same neighborhood(SOFLA). Have you purchased any Tax Deeds?