The first step in building a profitable portfolio of tax liens is to determine where you are going to invest. In order to do that you need to define your goals for investing. Once your goals are clear, that will help you decide whether to invest in tax lien certificates, tax deeds or redeemable tax deeds. Watch the video below to help you determine where is the best place for you to invest.
Just in case you missed it, here is a link to the previous video: Introduction
By DENISE September 4, 2008 - 9:12 pm
I thank you for sending me the 7th step video.I look forward to learning
more from your seminars.
By jmusa September 4, 2008 - 9:24 am
Denise,
Most state do not give warrantee deeds for tax sale properties. This varies from state to state and from county to county. You would have to check with the county Treasurer or Tax Collector to find out.
When you purchase a tax deed you are already paying the back taxes in the purchase price. You do have to pay any current taxes, and yes usually you have to pay for clearing the title to the property.
Figuring out how much the property is worth is part of your due diigence, and I go over how to do this in depth in my 8-week training course. You can find out more about it at http://www.TaxLienLady.com/ProfitablePortfolio.html.
Happy and Prosperous Investing,
Joanne
By DENISE July 18, 2008 - 10:19 pm
DEAR TAX LADY.
REGARDING WARRANTY DEEDS! HOW WOULD YOU OPTAIN A LISTING FOR THE PROPERTIES?
aLSO ON PURCHASING A TAX DEED IN NORTHERN CALIFORNIA. YOU HAVE TO PAY BACK TAXES,AND ALSO TITLE ON PROPERTY. AFTER SUCESSFULY PURCHASING PROPERTY? THAN TAXS ON VALUE OF PROPERTY? HOW DO YOU FIGURE OUT HOW MUCH PROPERTY IS WORTH? PLEASE RESPOND.
DENISELEWIS@HOTMAIL.COM
By Kahlil July 15, 2008 - 2:28 pm
Thanks Joanne a ton for clearing up a few things for me so what you basically saying is that what i want to look for so I don’t have to clear an title is called a warranty deed? first time I heard that phrase I must remember this and also Joanne,I’m aware that to find a good property at an auction/sale for under an 1000 is slim to rare in any state especially in my state ny you should already know the cost of living out here is!But I also know it is possible to do this, so my route must be this way,I will have to purchase an warranty deed on a property over the counter for under 1000!As long as this home isn’t in a war zone to buy an fixer upper for pennies on the dollar and then resell to an rehabber doesn’t take a genius to figure out this is the way to go because we’re talking about an 1000-2000 percent return when you can buy an home for 700 then resell it for 20,000 you know?so Joanne this is the course I’m personally trying to take if you can please leave me with any more input you have already been so far very useful,Like do you think I should still try to start out in N.y?
By jmusa July 15, 2008 - 12:02 pm
Hi Kahlil,
I suggest that you save more money before purchasing a tax deed. Remember that the tax deed sale is an auction and that the price is bid up starting from the back taxes. The back taxes alone on a property with a house on it are likely to be more than $1000. Then you have pay around $750 to quiet the title and you have pay the taxes! You may be able to find vacant land for under $1000 at a tax deed sale, but you have to do your due diligence carefully to make sure that it’s buildable. If you purchase a left-over deed from the county than you don’t have to worry about clearing the title. And I know that there is at least one county in NY that provides a warranty deed – that means that they provide a clear title to the property along with the deed. Most of the counties in NY sell deeds, so you won’t have to go out of your state. Because you only have $1000 to invest, I would look upstate where property values, and taxes, are less.
Happy and Prosperous Investing,
Joanne
By Kahlil July 15, 2008 - 12:58 am
Dear tax lien lady,
I’m from brooklyn ny and i already did some research on tax sale certificates and deeds i’m more attracted to deeds because if it’s not an redeemable deed then you own the property from the time you purchase the deed I heard it’s good to get an attourney and have an quiet title before you proceed and sell the property,but my question is I have only 1000 to spend what state close to me should I proceed to get an property or lot for under 1000 I am aware that there are only about 13 states that offers the deed PA is the closest I think then there is VA then NC,what do you think I should do though I’m also interested in otc over the counter
By jmusa April 8, 2008 - 11:12 am
Hi Arlene,
I’m not sure that I understand your question, but I’ll try to answer it for you anyway, and hopefully I’ll be able to clear this up for you.
First of all there is no lien until the tax lien certificate is sold at the tax sale, and even then there is sometimes a grace period (usually a matter of only a few days) that the owner can pay the taxes without added penalty. The owner of the property can pay the taxes at any time before the tax sale, but an investor cannot puchase the lien until the sale. After the tax sale, the lien can be redeemed at any time the property owner, or by a prior lien holder.
Joanne
By Arlene Smith April 8, 2008 - 10:26 am
When is the earliest time that a tax lien can be paid? Is it only after the county provides a tax sale list or can it be paid immediately after the property owner becomes delinquent in that tax quarter?
Thanks,
Arlene Smith