tax sale properties

[burning 4 revenge]

anyone know anything about them?

[magichands]

I think they're haunted.

[burning 4 revenge]

i want to get rich quick

[a4a]

i want to get rich quick

 

 

It usually take a week to get rich.......can you hold out that long?

 

These tax sale props. can be a great deal ....... but you may not get the land as the owner has so long to actually pay the tax.

 

This get rich quick schemes they sell on TV are crap IMHO.

 

If you go down to your local tax office they will explain how it works in your area. That is the best bet indeed.... it helps to make nice nice with any workers there...... I mean kiss their butts! Shmooze.

 

My best friends EVER all work in the county building here . :D

 

I don't buy tax sale property but I do rezone to pay less taxes. Helps when they know you and like you and the paperwork slides right through.

[burning 4 revenge]

thanks a4a

 

that may be the most helpful postfor me personally i have ever read on ls

 

i just saw one of those infomercials and i knew it wasnt as easy as they make it look. i think i'll get a book from the library first about the subject and then, like you say, go and ask the local government about how it works around here.

[blind_otter]

I dunno man. When I look up info about it, all the pages are "get rich quick" schemes.

[burning 4 revenge]

I dunno man. When I look up info about it, all the pages are "get rich quick" schemes.

but it has to based on something real

 

i'm just thinking its alot more difficult than they make it sound...with potential for financial ruin

[amaysngrace]

Personally I wouldn't touch them. If people can't pay their taxes, you know they most likely can't afford upkeep.

 

Are you a good builder, plumber and electrician, b4r??

[blind_otter]

but it has to based on something real

 

i'm just thinking its alot more difficult than they make it sound...with potential for financial ruin

 

According to the million political ads I saw on TV this past election season, Ed Jennings hasn't paid property taxes since before 2001.

 

Anyways, get rich quick schemes don't HAVE to be based on anything real. My exH was always into those things and look at him now. In federal prison.

[a4a]

but it has to based on something real

 

i'm just thinking its alot more difficult than they make it sound...with potential for financial ruin

 

you get the list of properties from your county office. Ask them questions they will tell you exactly how it works.

 

See if it did work every county worker in that office would have their hand in the pot o' gold.

 

It can work but you have to find the exact right property.

 

They are sold for taxes they may have liens as well.... you gotta research your butt off to make sure you are not getting duped.

 

Why not just flip a house for bucks...... start small and go from there. Buy a dive in the best hood. Fix it up while you live there. Make a couple thousand and do it again..... but only if you know what you are doing. Don't take on anything you cannot afford or cannot afford to fix up.

[jerbear]

anyone know anything about them?

 

The Donald looked at govt auctions and sales for fun. That was his hobby.

 

The county office and even banks have lists of properties that are in different stages of foreclosure or sheriff sales. Many lenders do not lead for HUD or FHA govt foreclosed properties. Prepare to have about 20-50% down if you want to get the property and join the little league. The major leagues pay in cash and risk other people's money.

 

They are good investments if you have the sweat equity to put into them. painting, plumbing, landscaping, etc... even creative financing might help.

 

What I would suggest is getting your realtor license to get some ideas and "advance" notice of distressed sales versus pre-foreclosure sales.

 

If you are very good with math and have personal skills I suggest an CFA or ChFC.

[melodymatters]

Burning, I notice you are in Fl. I'm a licensed Realtor in this state. The market is very flat and there are a lot of foreclosures, so if you can afford to buy now, rent them out and sell them at the next peak, you will be ok.

 

It's cyclical like the stock market.

 

OR, If I understand what you want to do correctly, here's the bottom line. You go to the county clerks office and see who is nearing forclosure: " lis pendens". You then approach these people and basically say " look , your going to lose your house, any equity you have in it, AND ruin your credit, I am here to " help". I will buy your house by paying off your mortage, plus say 5k to start over.

 

The deal is, say it's a 150k house, and their remaining mortgage is only 75k, for 80 grand, you have a house you can turn around and sell for around the original 150k.

 

The TRICK is, you need either cash, or a preapproved mortgage ready to go, because these people do not have a lot of time.

 

I am not a mortgage broker, but those are the basics. If you have more specific questions, feel free to PM me.

 

Melody

[Mz. Pixie]

In certain states they publish rolls of unpaid property taxes in the official paper of the county.

 

Then you can go down to the tax office and purchase the property for the taxes. If you purchase it so many years in a row- in my area three years- then you own the property.

 

I know a man who has made millions this way.

 

I believe that in our area, the owner has the right to buy the taxes back and you get your funds back. I do not have any idea what happens if there is a mortgage on the property etc.

 

The chances that you do take are the fact the property may be run down etc but that's not always the case. Some people just do not pay them until the property is going to be sold, then they will pay all the years at the same time.

[kjl933]

For most jurisdictions very few tax sale homes go to foreclosure.

 

Essentially the government wants their money. You come in and pay the back taxes with certified funds and then you are able to put a lien on the home.

 

Once the lien is applied, the owner has so many days to pay you back the tax money plus interest. THIS IS WHERE MOST PEOPLE WILL MAKE MONEY.

 

Usually they pay at the last minute to save the ouse from foreclosure. If they do not pay by the stipulated time, you begin foreclosure proceedings which can take up to several months. You may have to pay to forcefully evict them and their posessions.

 

They can also file to keep the house until the time the sheriff actually locks the property for eviction. You still make a good interest amount.

 

But if they get evicted, and this is all at your expense, you can get a home for the price of the back tax, and legal expenses. But many folks that go this route have a tendency to absolutely trash a place on the way out---expect to spend $30 to $50K to get it inhabitable again (can be done with a HE Loan since you have a lot of equity in the property).

[burning 4 revenge]

Now that I'm getting a better understanding of what this is it all sounds too evil. I'd have to hope to profit from someone else's eviction and potential homelessness. Not a very happy thought now that we're coming up on the holidays. I'm not that sort of person. I guess I'll always be poor.

 

There are no easy answers are there?

[westernxer]

This all sounds so complicated for my simple mind.

 

I'd be a horrible con man.

[Mary3]

I think these get rich ideas are targeted to the poor and to further remove any money that you have in your wallet.

[kjl933]

No actually, if you have a bunch of money already, it is a way to earn like 19% interest on a short term loan. Many in this area will come with a couple hundred thousand and snatch up properties. So now, there is let's say $100K out there and you get no properties in the end but your investment is repaid at 19% interest for three months.

 

Using simple intererst that is $1583 per month. So at the end of the three months, you get your 100K back to do it all again, and then for your efforts, you net a cool $4750. Now if you happen on one property, your return goes through the roof.