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All Forum Posts by: Sam Booth

Sam Booth has started 44 posts and replied 226 times.

Post: Debt free vs leveraged

Sam BoothPosted
  • Posts 226
  • Votes 62
Quote from @Brad McLevain:

Stick with cash only. I'm 49 and have 24 properties all paid for free and clear. 22 are rentals and 2 are flips. The rentals bring in about $15,000 monthly and the flips average an additional $60,000 to $100,000 a year. I try add 2 rental houses a year and flip around 2 a year sometimes more on each but minimum 2 each year. I work between 20 to 30 hours a week and that's by choice. I sleep at night with no worries about money it is a great feeling. Not ultra rich by any means but come and go as I please and purchase what I want.

Thanks for the advice! Do you buy your properties in one location or spread then throughout the state or different cities?
Quote from @John Morgan:

@Matt Tennie

It depends on your goal. If you’re fine with just one or two paid off properties and that’s all you want then I would say go for it. That may be your comfort level. My goal was to own 10 SFRs outright by the time I retire so I bought them with 15 year loans. I wanted 12k/month passive income to help supplement my retirement when I turn 65. And didn’t want a ton of properties so I’m ok with just 10 since they are really easy to manage on my own. If you want to expand, then I would say leverage without making extra payments until you achieve your goal. Then if you have extra $ to pay them off early one at a time, then go for it. But for me, I won’t ever through more at principle unless I have maybe over 60 or 70k in savings. I would rather have more cash for emergencies or save and deploy it for another property.


 I like your approach. Quick question for you, did you get all your properties in the same area or diversify locations?

Post: California Delinquent Real Estate Property Tax Sales

Sam BoothPosted
  • Posts 226
  • Votes 62

Hey everyone! Hoping you can all share your experiences with tax deed sales and possible eviction or ejection in CA. Thanks so much

Quote from @Victoria Perepel:
Quote from @Jason Rotman:

 We own a home in Weaverville, CA which we bought at a Trinity county tax deed auction and are now exploring options for an ejectment of the tenant and want legal help. Can we do this within the first 12 month redemption period? Anything else major to be aware of?

Does anyone have experience in dealing with tenants right after they buy a home via a county Tax DEED sale? I look forward to hearing your knowledge and experience.

Thanks SO much

Hi Jason,
I’m in a similar situation in Alameda, CA. How did your deed auction eviction resolve?
Appreciate you sharing the learnings!
Vic 
I may be in a similar situation, any advice? How did yours go?

Post: Tax Deed Investing Help

Sam BoothPosted
  • Posts 226
  • Votes 62
Quote from @Shannon Wright:

What would you like to know? I can help on the title and escrow side, the requirements of selling the property after you have purchased it at a tax sale. 

Hey there I am hoping to bid on a first property at a tax deed sale. Can you message me your info if everything works out to purchase?

Trying to get into tax deed sales. Any tips? Besides drive by, title search, recorder office for liens, anything else to watch out for before bidding on?

thanks!


Post: Tax Deed Sale Questions

Sam BoothPosted
  • Posts 226
  • Votes 62
Quote from @Ryan M.:

The only taxes you may have to pay are the current or previous year, if they have not become past due. You don't have to worry about any other tax certificates outstanding, as those have to all be paid to apply for a tax deed:

197.502 (2) A certificateholder, other than the county, who makes application for a tax deed shall pay the tax collector at the time of application all amounts required for redemption or purchase of all other outstanding tax certificates, plus interest, any omitted taxes, plus interest, any delinquent taxes, plus interest, and current taxes, if due, covering the property.

Trying to get into tax deed sales in California. Any tips? Besides drive by, title search, recorder office for liens, anything else to watch out for before bidding on?
Quote from @Jay Gray:

I plan to get my feet wet investing in Tax Deed properties this season.  I've been doing quite a bit of research on county sale sites, the internet, and on Youtube. It seems like most "pros" on Youtube either are not familiar with California, or specifically dealing with other areas (e.g. Florida). As example, one guy incorrectly mentioned there is a redemption period of 3 years for CA tax deeds. Even on this forum someone mentioned that parties can bring forward a complaint for 7 years in CA (again, I believe this to be incorrect).  

Does anyone happen to know what CA code specifically deals with CA Tax Deeds, and related issues like HOA liens, IRS, liens, etc.

Trying to get into tax deed sales. Any tips? Besides drive by, title search, recorder office for liens, anything else to watch out for before bidding on?
Quote from @Kyle J.:

Hey Jay,

Be careful trying to learn about tax deed sales from YouTube as they can be very state-specific.  What gets wiped out in a tax deed auction in one state, may not get wiped out in another.

The California Code that deals with tax deeds falls under the Revenue & Taxation Code (Division 1).

In answer to your other questions, in California, the right to redeem (pay the taxes owed) on a property ceases at the close of business on the last business day PRIOR to the tax sale.  So after the tax sale, there is no more right of redemption.

Also, tax deed sales in California convey title to the purchaser free of all prior encumbrances (i.e. mortgage liens, judgment creditors, HOA liens, etc.) with a few exceptions (most notably IRS liens).

Keep in mind that the former owner or any lien holder has one year from the date of receiving notice of the tax sale, or the date of recording of the tax deed, whichever is later, to challenge the validity of the tax sale.  (A common reason for challenging the sale could be that they weren't properly notified, or notified at all.)  That's not to say they'll be successful if they do challenge it, but it's something to keep in mind if you're going to do any major improvements or try to sell the property within the first year after acquiring it.

Best of luck in your venture!

Trying to get into tax deed sales. Any tips? Besides drive by, title search, recorder office for liens, anything else to watch out for before bidding on?

Post: Buying at a Tax Deed Auction (CA)

Sam BoothPosted
  • Posts 226
  • Votes 62

Any advice on buying at a tax deed auction? So far I am waiting till closer to the auction, if the property is still in the list, do a title search with a O&E report, calling the recorders office to see about potential liens, building department to see if any violations, drive by the property to make sure it's still up. I actually talked to the person living in the property but they weren't interested in selling before the auction but they did let me give them their number.

Anything else? Any help appreciated! Thanks so much!

Post: Anyone investing in Boise?

Sam BoothPosted
  • Posts 226
  • Votes 62
Quote from @Matthew McNeil:
Originally posted by @Mike Willis:

Matthew,

Do you use a property manager or do you self manage?

Thanks,

Michael

 I've used the same property management company for 10+ years.  They've taken excellent care of me.  Lonsgest I've ever had a vacate house is 2-3 weeks.

PM me and I'll provide the contact info if you want.  Cheers!

Can you send me the property management contact as well? We are looking into the area. Thanks!