If the property owner doesn’t pay their taxes, you can step in, pay it for them, and then collect interest on it. But it can be risky if you don’t know what you’re doing. You could end up with a property that’s in worse shape than expected or get stuck in a long legal process
That’s what I’ve heard too. Tax liens can have high returns, but you really need to understand the market and the properties you're dealing with. It’s not the kind of thing you jump into without a solid plan
Exactly. And tax lien investing is just one way to grow your portfolio, but it’s not for everyone. If you’re thinking about getting into it or even just balancing it with your other investments, it might be smart to talk to someone who knows the ropes. I’ve been working with Joseph Nick Cahill, a Certified Financial Planner, and he’s helped me figure out what strategies make sense for me.
He’s a general financial planner, but he has a lot of experience in niche investments like tax liens. He won’t just push you toward it unless it fits your overall strategy. I know when I was looking into different investment options, he helped me figure out where tax liens could fit in without taking on too much risk. Plus, he offers free consultations, so you can get a feel for whether his approach works for you before committing.
That sounds like a good idea. Tax liens can be profitable, but if you don’t have the right guidance, it’s easy to make a mistake. Having someone like Joseph who knows both the pros and cons can save you from a lot of headaches
@@jimmymcgill6778 That's irrelevant. The point is, all of the current personalities have very base level knowledge and they just recite the baby steps. There's no critical thinking or deeper understanding of how finance and real estate works. In fact, I think it could be argued that people who achieved financial success by following the baby steps are probably the worst people to get advice from as the baby steps are truthfully designed for people who are bad with money and don't have a deeper understanding of finance. I would say George is the only person who is making an active effort to get more academic and practical knowledge to give more nuanced advice. Jade is the worst for actual knowledge. Literally the only thing she knows how to say is "follow the baby steps" but with sass. I've heard it argued that she's really going to be the new face of the show because she's the only one with as much attitude as Dave, but attitude with no knowledge is the worst, because it really is arrogance without substance. I think that show is going to take a major hit when Dave leaves as he's not just taking his broadcasting ability, he's taking all of his knowledge with him.
@@TheFantasticmrfox91 I once heard George telling a 86 yr old who had a stroke few yrs before to go get a job to solve her financial issue. The guy might have a good personality, but he doesn't actually devote into this job as much as Dave, it's just a 9-5 desk job for him. Dave has enough life experience and knowledge that the show is famous for
I've been thinking this too. I am a long time Dave Ramsey fan and I worry about the day he calls it quits. He deserves to don't get me wrong. But it will die when he does.
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such execution are usually carried out by investment experts or advisors with experience since the 08' crash
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $700k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
Dave is mostly right about this. The place where he is wrong is the mortgage. Almost no properties with a tax lien have a mortgage. It varies state by state, but here in Washington State a tax lien foreclosure wipes out the mortgage. The mortgage isn't transferred to the new owner, it just disappears and is a loss for the bank. But, that never happens because obviously the bank would never let it happen. That's why most banks and mortgage lenders escrow the taxes, so that they can make sure they are paid. In a case where it is not escrowed, the bank will step and and pay it long before it get's to lien foreclosure. So Dave is right about most of this, but he seemed to paint it as most have a mortgage to deal with, and that's just not the case.
@jgs1703 Yes...which means that there won't be a tax lien when the bank has paid the mortgage. The is only a tax lien when the taxes don't get paid. So how are you expecting there to be a tax lien when the taxes have been paid?
I don't necessarily believe that is true. The first lienholder will generally have rights to indicate their position if foreclosed on by the tax lienholder if they choose to do so and/or have priority lienholder rights to redeem the property as well during redemption. If there is value to the property and/or significant balance the primarily lienholder is not going to let the property go and will redeem.
I bought into the tax lien program and got started Monday morning to find out when the county auctions will take place. What I found out is the company came around after all the counties had complted their annual tax lien sale. I would have to wait another year before I could try to invest. I called them out on their nonsense and got my money back and moved on. Stick with what you know that’s where you’ll make your money.
If there’s a mortgage the bank will pay the taxes. A tax lien foreclosure gives you the property free of the mortgage. But banks won’t let it happen. Notice how your escrow pays the taxes in your mortgage.
I was working on a ladies house and she had a mortgage on that house through Wells Fargo and I showed up one morning and there was a padlock on the door. someone had literally bought the house through a tax lien auction because Wells Fargo had not been paying the property taxes on the home. She literally had to get attorneys and go through the court process to get her home back and then she had to sue Wells Fargo to get them to pay for all the attorney fees. Moral of the story make sure your mortgage company is actually paying your property taxes.
I think investors should always put their cash to work, especially In 2025, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks next year. Hope to make millions this 2025.
It's crucial to have a well-thought-out strategy and not make impulsive moves based on short-term market fluctuations. You should consider a market expert to guide you.
It's true that many people minimize the importance of advisers until their own feelings burn them out. A few summers ago, following a protracted divorce, I needed a significant boost to keep my business afloat. I looked for licensed advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $275k to $850k despite inflation.
I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Sophia Maurine Lanting” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
You spoil us Dave! I've digested a plethora of personal finance oriented channels here on TH-cam over the years and the only two that I can still stomach are you and Erin. You give the very best and spot on advice and ask thought provoking and unbiased questions that help listeners like myself become better. More importantly, thank you for recommending Abby Joseph Cohen Services my investment portfolio with her has been quite sustaining
Thanks to Dave. Following his recommendation, I started researching into Abby Joseph Cohen Services. Thankfully it was a little over a year ago now, I started an lnvestment with Abby's Services and that allowed me to be on much MUCH more stable ground in the face of global financial upheaval. For what it's worth, it made a difference for me and my little family.
@@DelphineBarkleyWell her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, she was able to scale this quickly to $150,000.
I thought about doing this many years ago but it seemed complicated. Now I know why. Again very good advice. Unfortunately most are financially illiterate and would rather listen to social media B.S.
I wouldn’t recommend. We bought 2 vacant lots in GA at a tax lien sale in 2012. For very cheap. It’s different in every state, but we’ve had to hire an Attorney to “foreclose” on the original owners (after 1 year had passed). We’re now working with an Attorney again to get a transferable deed. We’re under contract to sell both lots to a builder. Well make a little money, but not much. It’s been more of a headache than anything else.
I wonder how many dollars per hour you will NET. Including all time even thinking or talking about the situation. Any time after 10pm or once you're in bed, counts as time and a half.
My dad wants to buy the vacant lot behind his house. Owners abandoned it. House was condemned, the city demolished and leveled the lot. And it will be coming up for sale at the tax lien sale soon. Hope he doesn’t have any issues like this
You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life
I'm holding a cash position right now, i'm ready to take advantage of the market and invest around 500k in the crash. Whats the best stocks to dive into?
Acquiring prospective assets with proper mkt direction will provide more returns than doing it all by yourself. Thankfully, I can attest to the success of this approach aided by professional guidance seeing my portfolio of $1.3m grow by 25% this year alone... maybe you should do the same.
Sure,*Victoria Louisa Saylor* is the licensed advisor I use. Just search the name. You’ll find necessary details to work with to set up an appointment.
*Victoria Louisa Saylor* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
In Colorado when the property is redeemed, you do get the 10% premium, so there is s small profit involved. Locally, the two properties that weren't redeemed were a gasoline station with contaminated soil and a house where meth had been cooked. You get a headache at a bargain price.
@@DrSchor I think you missing the context of our discussion, which is get rich quick courses taught by people who aren't rich and are trying to sell you educational courses that only enrich themselves at your expense. No one said education is bad, were saying the people selling them are bad and their courses are BS
@@unkownuser5809 Please answer: without the course, how would you know what to do. if you received your good education about tax liens elsewhere you still have to pay tuition anyway.
In May 2023, the Supreme Court's Tyler v. Hennepin decision ended the windfall profit opportunity from tax liens. You aren't entitled to the entire equity in the property, only the lien plus some fees/interest. The rest goes back to the homeowner.
Tax sales is how I aquired 2 of my buildings. Just get a good tax lien attorney to handle it for you and you're safe. I own them all outright. No mortgages.
The quality of real estate title which results from a tax deed varies a lot from state to state. In my state, the title is basically unmarketable for ten (10) years following the recording of the deed unless you get a quitclaim deed from the owner who lost the property (good luck with that).
I'm sorry, but a lot of his info is misleading... I've been investing in Liens & Deeds for years and I live in Texas...Tax sales are on the 1st Tuesday of every month... An awesome way to invest in real estate especially at 24 -- start while you're young
I’m in my early 20s, in medicine, and I know very little about finance beyond the basics… one hard rule I have though: don’t take financial advice from tiktokers. These are the same people that didn’t know check fraud is a federal offense and not a get rich quick loophole 😂
Tax liens are places to plant your money to get decent interest rates, not meant to be used to acquire property. You can get a solid 10-18% interest rate on the investment, but there is risk in it. It is not meant to be able to acquire houses.
Dave is NOT right about this exactly. In Texas I bought several through and online PROXY bid process that some counties now do. These properties are often distressed and sometimes go for 20% of the real value but you have to know what you are doing. The redemption period is 6 months unless homesteaded where it is 2 years BUT they pay 25% PLUS any updates you made. It is VERY rare that a redemption is made but that cloud is on the title. I have done well on one county after learning the ropes. These properties are much better value than list properties.
I've bought and sold several tax deeds in which I have made great profits. Dave is right about it being a needle in a haystack, but if you do your research, it can be very lucrative. I don't hold them. I sell them and keep it moving. You must have a strategy.
That information is incorrect in Wv. You become first lien holder and the title is cleaned. Right of redemption notifications are sent to all who have rights to the property to pay the taxes owed.
I'm 32 watching this. No TikToc lol. I have been buying liens occasionally for over 10 years. Vacant land only because nobody lives there to care about it. Their notices go a PO box or some estate trust where the land is often just forgotten in the mist of time. Had several go to bankruptcy over the years and the court(s) required taxes to be paid so I never lost. Then I had a couple that were never re-paid and I was issued titles so I own over 90 Acres of vacant land as a result. You gain interest at the very least. It's a fine investment if your not making premium bids or buying liens on anything with structures or an active inhabitance. Just a time sink. You randomly get checks in the mail and it's on you to track everything. Plus an extra year of government delays after the redemption period in the rare event that you win a title. Yes, I did get the idea as a kid from some infomercial probably. Though I never understood why anyone would buy a lien on an inhabited property without explicit and unique interest. That's idiocy.
He’s wrong about the mortgage . In NJ the mortgage is wiped out. The bank eats it. There is money to be made. Research is needed to make money. Also it is very hard to win a tax lien because you’re going up against multi million dollar companies. Good luck.
@@crystaldeweever4691Yes. Like in NY state. Tax lien sales issue a Quit Claim Deed, which wipes out EVERYTHING, even claimants who might come forward after the sale.
Added to that... the previous owner is not leaving on good terms. At least in the state i was living at. It was very common for the prior owners to sabotage something in the house thats very difficult to find. I never owned one of these. I considered doing it. One of my uncles did flipping. He's told me stories of things he ran into. One house someone drilled several holes into the drainage pipe for the toilet. Then patched the wall holes. One house i evaluated the previous owners completely gutted it. Another house i considered someone lowered all the ceilings so you had to kneel at random heights through most of the house. I mean theres a lot more and people can be really gross. Point is even after all that and if you want to flip it you might be in for a lot of work. And a lot of surprises.
@4:10 At least in my state, foreclosing on a tax lien wipes out all other non-governmental liens (like mortgages). This is the reason why mortgage companies handle paying of the property taxes on properties, they're protecting their investment.
That isn't how it works. If you buy a tax lien and it expires because the person never pays their property tax, you then own the property free and clear by just paying all the property tax that is owed at expiration. You do not have a mortgage on the property. Tax liens are the only investment where you are guaranteed interest. Most people will pay the property tax and not lose their home. In that case you get paid back what you bought the lien for plus the interest which is different by county and state. But you are guaranteed that money. If they don't pay you can then foreclose and you own the house for the price of the taxes. This video is misleading. There are dangers for sure and it isn't easy money. But you will not have to pay the mortgage
23 year old Tax Lien Investor + multimillion dollar construction company owner here… No… just no. This video ain’t it Ramsey. The mortgage follows the borrower. Not you… when you inherit the property through tax liens OR deeds… That’s totally wrong. Also. I did not find this on TikTok. I was mentored and paid $26K for proper coaching. Also. A lot of this got completely revolutionized because of K-0…VID… Everything with tax liens changed to online and streamlined processes in 2020 for the most part. When Ramsey did tax liens, it was still a pain in the butt, because it was offline. It wasn’t really worth it when Ramsey was younger unless you were an institutional investor. It was too long and too complicated to tie up capital and a whole lot of paper work… Now things are different. I’m 23 and I own a multimillion dollar construction company I built since dropping out of school at 19 yrs old in Texas, and I make a lot of passive yield Online using tax liens to get state mandated 18%-25% returns in Texas and Florida. Times have changed! Still lots of respect for Dave though. He is a billionaire. Smart man.
Also yea you better have some play money for roll up costs + money to pay an attorney for quieting title + filing foreclosure paper work. Aside from that. You can get properties for PENNIES ON THE DOLLAR WITH TAX LIENS AND DEEDS.
Not exactly correct. Some states (e.g., NY) issue a Quit Claim Deed with a tax lien sale. That wipes out ALL claimants, including any that may come forward later, trying to contest the sale.
Dave is incorrect. In many states, a tax deed foreclosure removes other liens, including mortgages, making the tax deed holder the outright owner of the property. However, the rules and protections for lienholders vary by state: Florida, Texas, California, Arizona, Georgia, Michigan, Indiana, and Illinois. These states generally allow tax deed foreclosures to wipe out junior liens, including mortgages. Senior liens (such as IRS liens or state liens) may still have rights or redemption periods, and some states provide mortgage lenders a limited period to redeem the property before their lien is eliminated. Tax lien and tax deed laws vary significantly, so it’s wise to verify with state-specific statutes and consult local legal resources or an attorney for exact details and conditions in each jurisdiction.
Am I the dummy or is Dave Ramsey? I thought tax lien was always first lien. That is why mortgage always makes sure property taxes are paid. Someone please tell me who is the dummy?
@ not sure why so many people like this guy. Why tell people not to use debt when we are in a debt based economy? When interest rates rate was 3% why shouldn’t people get as much fixed debt as possible? People who listen to this guy are dumb. I know people who had a fixed rate mortgage at 3% and paid it off when they had the cash while they could have put the money in a cd at 5%. They could have made a 2% spread but decided to pay it off because of people like Ramsey told them debt is bad.
Ive bought about 10, Ive made good money on all, to insane money. (Paid 400, under contract to a wholesaler for 45000) It is very state specific, and a lot of research. A collectors deed can wipe out a 1st mortgage etc in some states, but the lender must be notified prior to redemption period being over under very certain rules. Post divorce, these deals got me back on my feet. That said, Im very skilled in my state so not your average investor. i could see them ending badly for a lot of people.
This pearl-clutching mother doesn't understand any more now than when she first called. But now she feels she's got the authority of the all-powerful Dave Ramsey behind her. Poor kid will never convince her now.
What you didn't say SCOTUS said people can't make money off of these properties. The state sells the house to recoup the tax, but any thing over the tax goes to the former owner.
Really that's the way it should have been all along. It's not right that you can have your $200,000 equity taken because of a $20,000 tax bill, just because you didn't sell it in time or didn't understand the process.
I have a buddy who makes a living doing this for over 20 years. But like anything else you better know what you’re doing and you better have the ability to absorb some problems along the way.
@@DrSchorproperty taxes predominantly go to pay for public schooling, and with how poor the performance is on most public schools, I think ridding the property tax would doing the country a wonderul service.
There is a guy I work with that has tax Liens on multiple properties even in different states. Hope it pans out for him but I always heard it’s a pain and usually never pays off.
thanks Dave for explaining this. Ive always heard about this but knew nothing of how it works. doesnt sound like something I want to mess with. In the right state with the right knowledge of what you are doing im sure money can be made but sounds too tiring to me..
I almost got into doing Tax Liens. And I actually did not get the info from Tik Tok. I got it from doing research and watching some TH-cam videos.I ended up attending a three day seminar with a lot more information from what Ramsey said. Even though he did not lie, he did not gave you the whole picture. Do you own research people.
😅I just came from a workshop but the 3 day seminar was $974 but am reconsidering in getting my money idk 🤷♂️ if it’s worth it but am very nervous about the whole process
Different states have different laws yes…..I dibble and dabble in tax liens and pretty sure Dave missed the mark on this one. Tax liens kills all mortgages at auction. Some local city liens may remain. I’m my state when you buy the lien, you never get the property. It’s not advised for cash strapped ppl because the interest you earn could take years. You never inherited the mortgage. When the property is sold at auction that’s when you get your interest. I’m myself state of Florida it’s broken up into two. You have tax liens and tax deeds. You buy the lien to earn interest and the auction is where the property is bought. Is it a good investment…..yes, if you can wait years to receive interest. On the flip side in Florida. You’d never get 20% because the corporate banks bid the interest down because they have the capitol to wait years. If tax lien investing was that bad…..i wouldn’t think corporate banks would participate. Just my two cents from experience in Florida.
For a 24 year old male, id suggest just working a part time job in addition to a full time job for 5 years to get a solid foundation down, financially.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Brooke Miller.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Dave is ABSOLUTELY wrong . Tax liens are in states like Florida are in 1st place. Florida Statute 197.552 states, “Except as specifically provided in this chapter, no right, interest, restriction, or other covenant shall survive the issuance of a tax deed, except that a lien of record held by a municipal or county governmental unit, special district, or community development district, when such lien is not satisfied as of the disbursement of proceeds of sale under the provisions of s. 197.582, shall survive the issuance of a tax deed.”
you need to include the "except" part before you conclude Dave is wrong. in law, except is a very tricky and dangerous word. lawyers love that word. makes a living for them.
@@DrSchorNah. Dave is wrong on what here he made as a declaration. The rest is opinion. (Which I agree with). The bulk of his monologue here was the legal implications of winning the tax auction bid. Not a lawyer here, but his entire statement would be stricken because it was purposefully misleading… but heck… I still enjoy the guy.🤷🏻♂️
But not all of these properties have mortgages. I think that’s what is usually targeted. Within my family, we own multiple houses and tracts of land via inheritance. My cousin’s grandmother died. I think a year later her father and aunt who live in another state and told her she could move into the house as live free as long as she took care of utilities, maintenance and so on. However, what my cousin didn’t know was that neither of them had paid the previous year’s property taxes until she got the bill which included two years. My cousin had to scramble to come up with the money for two years of property taxes because someone else had paid them and in my state if you do this for so many years you own the house. Also occasionally these things are done on purpose by the family to get moochers out of a house. When my cousin died his gf refused to move out or pay the mortgage and taxes so his sister and husband were paying it. (We have family land where everyone along the road is related). So to get her out, my family stopped paying so that bank would foreclose and kick her out. Then we found out how much the bank was going to ask at auction. My uncle made sure to put in a bid $1 over that amount and boom the property was back in the family. Bye Bye lazy gf.
Forget the mortgage foreclosure part…but what if i just want the interest??….I want the property owners to catch up…they say you can earn 15% to 25% depending on the county….sounds good if i buy one for 5k and in a year get my money plus interest back….any opinions??
Yes that is how it works. It is great interest on your money. Most people will not let the house go because of property tax. They will come up with the money and you get your interest. It also helps the area you are in because they get there tax money. If the owner never pays then you have yourself a house. Still important to do research to make sure there aren't other liens and Levy on the property. But you have the basic idea.
I hear the commercials on talk radio. Talk radio hosts will sell their soul for a dollar. I think it's unethical to kick someone when they are down. I also think people that short stock are unethical too.
my advice to anyone reading this that is 24 is to not get a credit card, DO NOT ESTABLISH CREDIT, which takes about 3-6mo to get a 700 credit score, just stay at mom house, work at walmart, get overtime if u can, save money for the next 30 years and buy a house, now u will be 54 by the time u accomplish this but that is ok, u will just look like dave ramsay. Next find a girl to move into ur mom house. Now i would not suggest having kids because that is an expense/liability that we cannot afford at moment. wait til you are 54 and Dave Ramsay age. BTW , NEVER go out to eat, NEVER finance a car, wait til you have 10k saved up, have your mom drive u to work or take bus till u can afford to pay a car in full. .......Your welcome
So Dave is ok with making profit off homes that have been stolen by the government and forced people to become homeless. But not ok with receiving cash back on credit cards because the benefits come at the expense of people who are paying interest. Sounds hypocritical to me.
In 2010, 25% of the homes in my subdivision went to foreclosure, I bought a $250K for $50K. they sold like hotcakes, Many houses sold for below $40K. $8K got you in.
@@DrSchor The phrase may also link back to Shrove Tuesday traditions. Shrove Tuesday is the day before the fasting period of Lent starts. People would eat rich and satisfying foods like hotcakes then. It was more than just enjoying good food. It was also about getting ready for fasting. Hotcakes sold quickly at these events. This helped tie them to the idea of selling fast.
I remember seeing an ad on TH-cam several times with a bearded guy (who kinda looked like a loser to be honest) in front of a white board saying “Why aren’t you investing in tax liens? Seriously, why aren’t you investing in one of the greatest yada yada yada yada….” and immediately knew it was a dogsh** scheme to pay for his program. Anyone else immediately think of that ad when they saw this title?
I recently sold some of my long-term position and currently sitting on about 250k, do you think Nvidia is a good buy right now or I have I missed out on a crucial buy period, any good stock recommendation on great performing stocks or Crypto will be appreciated.
As a beginner investor, it’s essential for you to have a mentor to keep you accountable. Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $100k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
He just gave us a quite detailed explanation on the topic. At least here he clearly understands what is going to happen here and why is so risky to play with this kind of fire
The thing is as time goes on the actual value of all this stuff goes down. I am sure before the internet and infomercial you had a good profit. But now so many people are aware the profits are much slimmer. Things start as massively profitable and go to little or no profit as more people become aware and competition is increased.
@@XXnickles Go and search for yourself how it works. You do not pay any mortgage. Dave is talking about buying after foreclosure, on a tax deed property.
The mortgage stays with the property. They don’t tell you that. You may need to be addressed. In some jurisdictions, one lien takes precedence over another. And there are other variables. It’s a muddy mess to get into. If it were easy, every wealthy person would be buying them.
Big fan of you Dave but I think you provided inaccurate information on this one. I've been investing in tax foreclosure properties for a number of years in NY state and working with other investors who do the same. I cant speak for other states but In New York State, you can acquire a tax deed through a tax sale foreclosure by bidding on a property where taxes are overdue. If you're the highest bidder, you pay the amount of the back taxes plus your winning bid. Afterward, you will receive the deed at the next legislative meeting, typically a few months later. Before the legislative meeting, the previous property owner has the right to redeem the property by paying the amount of the highest bid, plus an additional $1. If they'd up paying you get your money back plus $1. Most cases I've seen the original property owner will pay their taxes before the auction begins and the property will come off the auction. However there are plenty of cases where the person has passed away and they never pay. If they fail to redeem before the legislative meeting the municipality will transfer the deed to the highest bidder. In New York, state property tax liens are considered first liens, meaning they supersede and wipe out all secondary liens on the property, including mortgages, mechanic’s liens, and other claims. In cases where there is a large mortgage on the property you will actually see a representative from the bank at the auction and bid on the property to retain their asset. Ive seen this a number of times. Once you receive the deed, you can typically obtain title insurance very quickly, although some title companies may require a waiting period of up to one year before issuing a policy, to ensure the title is clear of any potential claims.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Brooke Grace Miller.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
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If the property owner doesn’t pay their taxes, you can step in, pay it for them, and then collect interest on it. But it can be risky if you don’t know what you’re doing. You could end up with a property that’s in worse shape than expected or get stuck in a long legal process
That’s what I’ve heard too. Tax liens can have high returns, but you really need to understand the market and the properties you're dealing with. It’s not the kind of thing you jump into without a solid plan
Exactly. And tax lien investing is just one way to grow your portfolio, but it’s not for everyone. If you’re thinking about getting into it or even just balancing it with your other investments, it might be smart to talk to someone who knows the ropes. I’ve been working with Joseph Nick Cahill, a Certified Financial Planner, and he’s helped me figure out what strategies make sense for me.
Joseph Nick Cahill? I don’t think I’ve heard of him. Does he specialize in tax liens, or is he more of a general financial planner?
He’s a general financial planner, but he has a lot of experience in niche investments like tax liens. He won’t just push you toward it unless it fits your overall strategy. I know when I was looking into different investment options, he helped me figure out where tax liens could fit in without taking on too much risk. Plus, he offers free consultations, so you can get a feel for whether his approach works for you before committing.
That sounds like a good idea. Tax liens can be profitable, but if you don’t have the right guidance, it’s easy to make a mistake. Having someone like Joseph who knows both the pros and cons can save you from a lot of headaches
No one from the current crew will be able to give this type of advice when Ramsey leaves. They'll just say no go do the baby steps
Dave still gave the wrong answer.
@@jimmymcgill6778
That's irrelevant.
The point is, all of the current personalities have very base level knowledge and they just recite the baby steps. There's no critical thinking or deeper understanding of how finance and real estate works. In fact, I think it could be argued that people who achieved financial success by following the baby steps are probably the worst people to get advice from as the baby steps are truthfully designed for people who are bad with money and don't have a deeper understanding of finance.
I would say George is the only person who is making an active effort to get more academic and practical knowledge to give more nuanced advice.
Jade is the worst for actual knowledge. Literally the only thing she knows how to say is "follow the baby steps" but with sass. I've heard it argued that she's really going to be the new face of the show because she's the only one with as much attitude as Dave, but attitude with no knowledge is the worst, because it really is arrogance without substance.
I think that show is going to take a major hit when Dave leaves as he's not just taking his broadcasting ability, he's taking all of his knowledge with him.
@@TheFantasticmrfox91 It's not irrelevant.
@@TheFantasticmrfox91 I once heard George telling a 86 yr old who had a stroke few yrs before to go get a job to solve her financial issue. The guy might have a good personality, but he doesn't actually devote into this job as much as Dave, it's just a 9-5 desk job for him. Dave has enough life experience and knowledge that the show is famous for
I've been thinking this too. I am a long time Dave Ramsey fan and I worry about the day he calls it quits. He deserves to don't get me wrong. But it will die when he does.
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such execution are usually carried out by investment experts or advisors with experience since the 08' crash
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $700k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
Dave is mostly right about this. The place where he is wrong is the mortgage. Almost no properties with a tax lien have a mortgage. It varies state by state, but here in Washington State a tax lien foreclosure wipes out the mortgage. The mortgage isn't transferred to the new owner, it just disappears and is a loss for the bank. But, that never happens because obviously the bank would never let it happen. That's why most banks and mortgage lenders escrow the taxes, so that they can make sure they are paid. In a case where it is not escrowed, the bank will step and and pay it long before it get's to lien foreclosure.
So Dave is right about most of this, but he seemed to paint it as most have a mortgage to deal with, and that's just not the case.
Except you just said almost every bank would step up and pay the taxes so the mortgage remains in place.
@jgs1703 Yes...which means that there won't be a tax lien when the bank has paid the mortgage. The is only a tax lien when the taxes don't get paid. So how are you expecting there to be a tax lien when the taxes have been paid?
It's kind of a big thing to leave out. Dave makes plenty of mistakes.
I don't necessarily believe that is true. The first lienholder will generally have rights to indicate their position if foreclosed on by the tax lienholder if they choose to do so and/or have priority lienholder rights to redeem the property as well during redemption. If there is value to the property and/or significant balance the primarily lienholder is not going to let the property go and will redeem.
I’m glad you posted this because I too have heard that a tax lien foreclosure wipes out the mortgage.
I bought into the tax lien program and got started Monday morning to find out when the county auctions will take place. What I found out is the company came around after all the counties had complted their annual tax lien sale. I would have to wait another year before I could try to invest. I called them out on their nonsense and got my money back and moved on. Stick with what you know that’s where you’ll make your money.
WHICH tax lien program did you pay for, please!
If there’s a mortgage the bank will pay the taxes. A tax lien foreclosure gives you the property free of the mortgage. But banks won’t let it happen. Notice how your escrow pays the taxes in your mortgage.
this is a half truth
I was working on a ladies house and she had a mortgage on that house through Wells Fargo and I showed up one morning and there was a padlock on the door. someone had literally bought the house through a tax lien auction because Wells Fargo had not been paying the property taxes on the home. She literally had to get attorneys and go through the court process to get her home back and then she had to sue Wells Fargo to get them to pay for all the attorney fees. Moral of the story make sure your mortgage company is actually paying your property taxes.
I think investors should always put their cash to work, especially In 2025, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks next year. Hope to make millions this 2025.
It's crucial to have a well-thought-out strategy and not make impulsive moves based on short-term market fluctuations. You should consider a market expert to guide you.
It's true that many people minimize the importance of advisers until their own feelings burn them out. A few summers ago, following a protracted divorce, I needed a significant boost to keep my business afloat. I looked for licensed advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $275k to $850k despite inflation.
I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Sophia Maurine Lanting” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up on web, and I have sent her an email. I hope she gets back to me soon.
You spoil us Dave! I've digested a plethora of personal finance oriented channels here on TH-cam over the years and the only two that I can still stomach are you and Erin. You give the very best and spot on advice and ask thought provoking and unbiased questions that help listeners like myself become better. More importantly, thank you for recommending Abby Joseph Cohen Services my investment portfolio with her has been quite sustaining
Thanks to Dave. Following his recommendation, I started researching into Abby Joseph Cohen Services. Thankfully it was a little over a year ago now, I started an lnvestment with Abby's Services and that allowed me to be on much MUCH more stable ground in the face of global financial upheaval. For what it's worth, it made a difference for me and my little family.
How can i reach this Abby Joseph Cohen, if you don't mind me asking? I've known her by her reputation at Goldman Sachs
@@DelphineBarkleyWell her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
@DelphineBarkley Well her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find her details to set up an appointment.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, she was able to scale this quickly to $150,000.
I thought about doing this many years ago but it seemed complicated. Now I know why. Again very good advice. Unfortunately most are financially illiterate and would rather listen to social media B.S.
I wouldn’t recommend. We bought 2 vacant lots in GA at a tax lien sale in 2012. For very cheap. It’s different in every state, but we’ve had to hire an Attorney to “foreclose” on the original owners (after 1 year had passed). We’re now working with an Attorney again to get a transferable deed. We’re under contract to sell both lots to a builder. Well make a little money, but not much. It’s been more of a headache than anything else.
Sounds like a headache and nothing but money being spent
I wonder how many dollars per hour you will NET. Including all time even thinking or talking about the situation.
Any time after 10pm or once you're in bed, counts as time and a half.
My dad wants to buy the vacant lot behind his house. Owners abandoned it. House was condemned, the city demolished and leveled the lot. And it will be coming up for sale at the tax lien sale soon. Hope he doesn’t have any issues like this
You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life
Maria davis program is widely available online..
I'm glad to write her tay I do hope she will help handle my paycheck properly
Can I start with as low as $1000
The very first time we tried, we invested $2500, and after a week, we received $19,750.
That really helped us a lot to pay up our bills
I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimony on CNBC news last week.
I'm 35 and I remember infomercials 🤦😆
I'm holding a cash position right now, i'm ready to take advantage of the market and invest around 500k in the crash. Whats the best stocks to dive into?
Find the undervalued deals to bring in a 50 percent annual return or consult with an expert to guide you.
Acquiring prospective assets with proper mkt direction will provide more returns than doing it all by yourself. Thankfully, I can attest to the success of this approach aided by professional guidance seeing my portfolio of $1.3m grow by 25% this year alone... maybe you should do the same.
pls how can I reach this expert, I need some investment guidance
Sure,*Victoria Louisa Saylor* is the licensed advisor I use. Just search the name. You’ll find necessary details to work with to set up an appointment.
*Victoria Louisa Saylor* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
In Colorado when the property is redeemed, you do get the 10% premium, so there is s small profit involved.
Locally, the two properties that weren't redeemed were a gasoline station with contaminated soil and a house where meth had been cooked.
You get a headache at a bargain price.
Thank you for explaining this.
He doesn't read the comments.
Dave wasn’t correct. Once you pay the lien that wipes the mortgage. You don’t pay the mortgage
Actually, it's an ad that pops up before and after your real estate topic videos.
U
Ever notice the people are hyping tax lien investing always have a course and book to sell you?
Because you are the real secret to their success, and not what they are supposedly doing.
@@Ryan_DeWitt those who can, do. Those who can't, teach.
Without education, please explain how you would know what to do.
@@DrSchor I think you missing the context of our discussion, which is get rich quick courses taught by people who aren't rich and are trying to sell you educational courses that only enrich themselves at your expense. No one said education is bad, were saying the people selling them are bad and their courses are BS
@@unkownuser5809 Please answer: without the course, how would you know what to do. if you received your good education about tax liens elsewhere you still have to pay tuition anyway.
In May 2023, the Supreme Court's Tyler v. Hennepin decision ended the windfall profit opportunity from tax liens. You aren't entitled to the entire equity in the property, only the lien plus some fees/interest. The rest goes back to the homeowner.
Really that's the way it ought to work anyway.
Tax sales is how I aquired 2 of my buildings. Just get a good tax lien attorney to handle it for you and you're safe. I own them all outright. No mortgages.
The quality of real estate title which results from a tax deed varies a lot from state to state. In my state, the title is basically unmarketable for ten (10) years following the recording of the deed unless you get a quitclaim deed from the owner who lost the property (good luck with that).
I'm sorry, but a lot of his info is misleading... I've been investing in Liens & Deeds for years and I live in Texas...Tax sales are on the 1st Tuesday of every month... An awesome way to invest in real estate especially at 24 -- start while you're young
I’m in my early 20s, in medicine, and I know very little about finance beyond the basics… one hard rule I have though: don’t take financial advice from tiktokers. These are the same people that didn’t know check fraud is a federal offense and not a get rich quick loophole 😂
You'll quickly find out there's probably other liens on the property that you are responsible for.
Tax liens are places to plant your money to get decent interest rates, not meant to be used to acquire property. You can get a solid 10-18% interest rate on the investment, but there is risk in it. It is not meant to be able to acquire houses.
Dave is NOT right about this exactly. In Texas I bought several through and online PROXY bid process that some counties now do. These properties are often distressed and sometimes go for 20% of the real value but you have to know what you are doing. The redemption period is 6 months unless homesteaded where it is 2 years BUT they pay 25% PLUS any updates you made. It is VERY rare that a redemption is made but that cloud is on the title.
I have done well on one county after learning the ropes. These properties are much better value than list properties.
I've bought and sold several tax deeds in which I have made great profits. Dave is right about it being a needle in a haystack, but if you do your research, it can be very lucrative. I don't hold them. I sell them and keep it moving. You must have a strategy.
First time I heard about Tax Liens was in the book "Rich Dad Poor Dad"
Yes Texas does property tax lien sales lol I’ve been to a few
Texas and Tennessee both sell tax liens, I'm not sure why he said both do not.
Yeah me to
That information is incorrect in Wv. You become first lien holder and the title is cleaned. Right of redemption notifications are sent to all who have rights to the property to pay the taxes owed.
I'm 32 watching this. No TikToc lol. I have been buying liens occasionally for over 10 years. Vacant land only because nobody lives there to care about it. Their notices go a PO box or some estate trust where the land is often just forgotten in the mist of time. Had several go to bankruptcy over the years and the court(s) required taxes to be paid so I never lost. Then I had a couple that were never re-paid and I was issued titles so I own over 90 Acres of vacant land as a result.
You gain interest at the very least. It's a fine investment if your not making premium bids or buying liens on anything with structures or an active inhabitance. Just a time sink. You randomly get checks in the mail and it's on you to track everything. Plus an extra year of government delays after the redemption period in the rare event that you win a title.
Yes, I did get the idea as a kid from some infomercial probably. Though I never understood why anyone would buy a lien on an inhabited property without explicit and unique interest. That's idiocy.
As far as I know Dave. AZ tax liens are first position liens.
He’s wrong about the mortgage . In NJ the mortgage is wiped out. The bank eats it. There is money to be made. Research is needed to make money. Also it is very hard to win a tax lien because you’re going up against multi million dollar companies. Good luck.
I thought the same the mortgage is wiped out in other states as well , the tax lien takes priority.
@@crystaldeweever4691Yes. Like in NY state. Tax lien sales issue a Quit Claim Deed, which wipes out EVERYTHING, even claimants who might come forward after the sale.
Added to that... the previous owner is not leaving on good terms. At least in the state i was living at. It was very common for the prior owners to sabotage something in the house thats very difficult to find. I never owned one of these. I considered doing it.
One of my uncles did flipping. He's told me stories of things he ran into. One house someone drilled several holes into the drainage pipe for the toilet. Then patched the wall holes. One house i evaluated the previous owners completely gutted it. Another house i considered someone lowered all the ceilings so you had to kneel at random heights through most of the house. I mean theres a lot more and people can be really gross.
Point is even after all that and if you want to flip it you might be in for a lot of work. And a lot of surprises.
@4:10 At least in my state, foreclosing on a tax lien wipes out all other non-governmental liens (like mortgages). This is the reason why mortgage companies handle paying of the property taxes on properties, they're protecting their investment.
That isn't how it works. If you buy a tax lien and it expires because the person never pays their property tax, you then own the property free and clear by just paying all the property tax that is owed at expiration. You do not have a mortgage on the property. Tax liens are the only investment where you are guaranteed interest. Most people will pay the property tax and not lose their home. In that case you get paid back what you bought the lien for plus the interest which is different by county and state. But you are guaranteed that money. If they don't pay you can then foreclose and you own the house for the price of the taxes. This video is misleading. There are dangers for sure and it isn't easy money. But you will not have to pay the mortgage
YUP.
The only time you have to pay back taxes, is when you buy a foreclosure from the government at auction, on a tax sale property.
23 year old Tax Lien Investor + multimillion dollar construction company owner here…
No… just no.
This video ain’t it Ramsey.
The mortgage follows the borrower. Not you… when you inherit the property through tax liens OR deeds…
That’s totally wrong.
Also.
I did not find this on TikTok. I was mentored and paid $26K for proper coaching.
Also.
A lot of this got completely revolutionized because of
K-0…VID…
Everything with tax liens changed to online and streamlined processes in 2020 for the most part.
When Ramsey did tax liens, it was still a pain in the butt, because it was offline.
It wasn’t really worth it when Ramsey was younger unless you were an institutional investor.
It was too long and too complicated to tie up capital and a whole lot of paper work…
Now things are different.
I’m 23 and I own a multimillion dollar construction company I built since dropping out of school at 19 yrs old in Texas, and I make a lot of passive yield Online using tax liens to get state mandated 18%-25% returns in Texas and Florida.
Times have changed!
Still lots of respect for Dave though. He is a billionaire. Smart man.
Also yea you better have some play money for roll up costs + money to pay an attorney for quieting title + filing foreclosure paper work.
Aside from that.
You can get properties for PENNIES ON THE DOLLAR WITH TAX LIENS AND DEEDS.
Not exactly correct. Some states (e.g., NY) issue a Quit Claim Deed with a tax lien sale. That wipes out ALL claimants, including any that may come forward later, trying to contest the sale.
They have something in ga called tax sale the owner only has six to redeem and if not it's deeded to the new owner
Dave is incorrect. In many states, a tax deed foreclosure removes other liens, including mortgages, making the tax deed holder the outright owner of the property. However, the rules and protections for lienholders vary by state: Florida, Texas, California, Arizona, Georgia, Michigan, Indiana, and Illinois.
These states generally allow tax deed foreclosures to wipe out junior liens, including mortgages. Senior liens (such as IRS liens or state liens) may still have rights or redemption periods, and some states provide mortgage lenders a limited period to redeem the property before their lien is eliminated.
Tax lien and tax deed laws vary significantly, so it’s wise to verify with state-specific statutes and consult local legal resources or an attorney for exact details and conditions in each jurisdiction.
Yup, I've heard about tax liens. Thanks Dave!
Am I the dummy or is Dave Ramsey? I thought tax lien was always first lien. That is why mortgage always makes sure property taxes are paid. Someone please tell me who is the dummy?
He is. He usually always is.
@ not sure why so many people like this guy. Why tell people not to use debt when we are in a debt based economy? When interest rates rate was 3% why shouldn’t people get as much fixed debt as possible? People who listen to this guy are dumb. I know people who had a fixed rate mortgage at 3% and paid it off when they had the cash while they could have put the money in a cd at 5%. They could have made a 2% spread but decided to pay it off because of people like Ramsey told them debt is bad.
age doesn't matter as long as you got the information and patience
Ive bought about 10, Ive made good money on all, to insane money. (Paid 400, under contract to a wholesaler for 45000)
It is very state specific, and a lot of research. A collectors deed can wipe out a 1st mortgage etc in some states, but the lender must be notified prior to redemption period being over under very certain rules.
Post divorce, these deals got me back on my feet. That said, Im very skilled in my state so not your average investor. i could see them ending badly for a lot of people.
There is always 1 person who makes bank doing something. Just like autos and real estate sales.
Same here. I’ve made back 10 times what I’ve infested so far 🤷🏼♂️
This pearl-clutching mother doesn't understand any more now than when she first called. But now she feels she's got the authority of the all-powerful Dave Ramsey behind her.
Poor kid will never convince her now.
What you didn't say SCOTUS said people can't make money off of these properties. The state sells the house to recoup the tax, but any thing over the tax goes to the former owner.
Really that's the way it should have been all along. It's not right that you can have your $200,000 equity taken because of a $20,000 tax bill, just because you didn't sell it in time or didn't understand the process.
I have a buddy who makes a living doing this for over 20 years. But like anything else you better know what you’re doing and you better have the ability to absorb some problems along the way.
Property taxes are evil. You don’t really own your home or property as long as perpetual property taxes exist.
Correct. I been saying this for years.
Taxation is a euphemism for Theft.
A Modern version of Feudalism,
paying rent to Gov Lord under coercion and threat of violence up to death.
Owning property is also evil, so it's a wash.
What would owning your home be like without a police and fire department to keep it safe?
Are you sure you want to get rid of evil property taxes?
@@DrSchorproperty taxes predominantly go to pay for public schooling, and with how poor the performance is on most public schools, I think ridding the property tax would doing the country a wonderul service.
I remember when I was 24 and was exploring options and futures trading. Dave hits it on the head, just another get rich quick scheme
There is a guy I work with that has tax Liens on multiple properties even in different states. Hope it pans out for him but I always heard it’s a pain and usually never pays off.
who did you hear it from, and what were their credentials
thanks Dave for explaining this. Ive always heard about this but knew nothing of how it works. doesnt sound like something I want to mess with. In the right state with the right knowledge of what you are doing im sure money can be made but sounds too tiring to me..
you are a good person to know . what are your ideas for making money without getting tired? i need that. we all need that . please share
As the old saying goes if it sounds too good to be true and you know the rest
Dave, laying it down. 😂
Interesting point of view on these options. 😮😢😅
I almost got into doing Tax Liens. And I actually did not get the info from Tik Tok. I got it from doing research and watching some TH-cam videos.I ended up attending a three day seminar with a lot more information from what Ramsey said. Even though he did not lie, he did not gave you the whole picture. Do you own research people.
did you make any money after all that research, person?
😅I just came from a workshop but the 3 day seminar was $974 but am reconsidering in getting my money idk 🤷♂️ if it’s worth it but am very nervous about the whole process
@@DrSchor I think if you read the very first paragraph you should find the answer. People are quick to jump the gun but slow to think.
Different states have different laws yes…..I dibble and dabble in tax liens and pretty sure Dave missed the mark on this one. Tax liens kills all mortgages at auction. Some local city liens may remain. I’m my state when you buy the lien, you never get the property. It’s not advised for cash strapped ppl because the interest you earn could take years. You never inherited the mortgage. When the property is sold at auction that’s when you get your interest. I’m myself state of Florida it’s broken up into two. You have tax liens and tax deeds. You buy the lien to earn interest and the auction is where the property is bought. Is it a good investment…..yes, if you can wait years to receive interest. On the flip side in Florida. You’d never get 20% because the corporate banks bid the interest down because they have the capitol to wait years. If tax lien investing was that bad…..i wouldn’t think corporate banks would participate. Just my two cents from experience in Florida.
Love hearing the cons of something! Wish it wasnt from some guy selling courses talking trash about people selling courses! 😮🎉
For a 24 year old male, id suggest just working a part time job in addition to a full time job for 5 years to get a solid foundation down, financially.
Best move to make money is buy foreclosures ,rehab and rent ,but you need lots of cash
Contractors love people that do this. They usually make a lot.
@@CurieBohr I've been doing it for years, I'm my own contractor
@@Outrageousconduct that’s good. Hard to flip homes otherwise.
The ole, asking for a friend routine.
Banks usually buy them back.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Brooke Miller.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
I'm surprised that you just mentioned and recommended Brooke Miller, I met her at a conference in 2018 and we have been working together ever since.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
So good!
Dave is ABSOLUTELY wrong . Tax liens are in states like Florida are in 1st place. Florida Statute 197.552 states, “Except as specifically provided in this chapter, no right, interest, restriction, or other covenant shall survive the issuance of a tax deed, except that a lien of record held by a municipal or county governmental unit, special district, or community development district, when such lien is not satisfied as of the disbursement of proceeds of sale under the provisions of s. 197.582, shall survive the issuance of a tax deed.”
you need to include the "except" part before you conclude Dave is wrong.
in law, except is a very tricky and dangerous word. lawyers love that word. makes a living for them.
@@DrSchorNah. Dave is wrong on what here he made as a declaration. The rest is opinion. (Which I agree with). The bulk of his monologue here was the legal implications of winning the tax auction bid. Not a lawyer here, but his entire statement would be stricken because it was purposefully misleading… but heck… I still enjoy the guy.🤷🏻♂️
Your videos always lift my spirits. Thank you for your positivity and creativity!🌠🗻♀️
But not all of these properties have mortgages. I think that’s what is usually targeted. Within my family, we own multiple houses and tracts of land via inheritance. My cousin’s grandmother died. I think a year later her father and aunt who live in another state and told her she could move into the house as live free as long as she took care of utilities, maintenance and so on. However, what my cousin didn’t know was that neither of them had paid the previous year’s property taxes until she got the bill which included two years. My cousin had to scramble to come up with the money for two years of property taxes because someone else had paid them and in my state if you do this for so many years you own the house.
Also occasionally these things are done on purpose by the family to get moochers out of a house. When my cousin died his gf refused to move out or pay the mortgage and taxes so his sister and husband were paying it. (We have family land where everyone along the road is related). So to get her out, my family stopped paying so that bank would foreclose and kick her out. Then we found out how much the bank was going to ask at auction. My uncle made sure to put in a bid $1 over that amount and boom the property was back in the family. Bye Bye lazy gf.
damn i didn't even consider the mortgage lein against the property even if you did get the property
Forget the mortgage foreclosure part…but what if i just want the interest??….I want the property owners to catch up…they say you can earn 15% to 25% depending on the county….sounds good if i buy one for 5k and in a year get my money plus interest back….any opinions??
Yes that is how it works. It is great interest on your money. Most people will not let the house go because of property tax. They will come up with the money and you get your interest. It also helps the area you are in because they get there tax money. If the owner never pays then you have yourself a house. Still important to do research to make sure there aren't other liens and Levy on the property. But you have the basic idea.
So what you are saying Dave is that this is easy money and any idiot could do it? Thanks
Danny devoted did this on an Always Sunny episode
I thought the caller was over 60.
I hear the commercials on talk radio. Talk radio hosts will sell their soul for a dollar. I think it's unethical to kick someone when they are down. I also think people that short stock are unethical too.
Is there an issue with the audio?
it's possible to make some money off of it but it's not worth the trouble. otherwise every rich person would do it.
how do you think the people without money became rich? tax liens!
Tax liens as investments seem immoral to me.
Dave has what was once called "horse sense."
can't you tell us what it is called now? only the rare equestrian knows about horses these days. what do horses know about taxes? i dont get it at all
As always, the old saying reins true. If it sounds too good to be true it probably is
Oh look there matching how cute😂
my advice to anyone reading this that is 24 is to not get a credit card, DO NOT ESTABLISH CREDIT, which takes about 3-6mo to get a 700 credit score, just stay at mom house, work at walmart, get overtime if u can, save money for the next 30 years and buy a house, now u will be 54 by the time u accomplish this but that is ok, u will just look like dave ramsay. Next find a girl to move into ur mom house. Now i would not suggest having kids because that is an expense/liability that we cannot afford at moment. wait til you are 54 and Dave Ramsay age. BTW , NEVER go out to eat, NEVER finance a car, wait til you have 10k saved up, have your mom drive u to work or take bus till u can afford to pay a car in full. .......Your welcome
Is this a form of Subject to?
He'd be better off buying the magic beans and waiting for the beans talk to grow.
interesting. what is a bean talk, and how does it make money for you
@@DrSchor My fault, trying to type on a tablet with elderly fingers. Should have been "beanstalk" of course. Thanks for the feedback.
So Dave is ok with making profit off homes that have been stolen by the government and forced people to become homeless.
But not ok with receiving cash back on credit cards because the benefits come at the expense of people who are paying interest.
Sounds hypocritical to me.
Also on youtube with this get rich quick scams
silly boy. if it is on youtube, it cant be a scam
Rob van Winkle invests in tax liens because he has that kind of money
He should have offered other ideas for the guy to invest in real estate. Not hust stonewalling no
Why is the caller not getting a job at McDonalds today?
Some of the things that this lazy generation comes up with trying to get rich quick is astounding.
In 2010, 25% of the homes in my subdivision went to foreclosure,
I bought a $250K for $50K.
they sold like hotcakes,
Many houses sold for below $40K.
$8K got you in.
I am not aware that hotcakes sell fast or cheap, do they?
@@DrSchor The phrase may also link back to Shrove Tuesday traditions. Shrove Tuesday is the day before the fasting period of Lent starts. People would eat rich and satisfying foods like hotcakes then. It was more than just enjoying good food. It was also about getting ready for fasting. Hotcakes sold quickly at these events. This helped tie them to the idea of selling fast.
Is it even ethical?
Oldest sounding 43 😂
I remember seeing an ad on TH-cam several times with a bearded guy (who kinda looked like a loser to be honest) in front of a white board saying “Why aren’t you investing in tax liens? Seriously, why aren’t you investing in one of the greatest yada yada yada yada….” and immediately knew it was a dogsh** scheme to pay for his program. Anyone else immediately think of that ad when they saw this title?
George had breakfast with Ken. George had a nice waffle. Ken had a double order of biscuits with sausage gravy and hash browns.
I recently sold some of my long-term position and currently sitting on about 250k, do you think Nvidia is a good buy right now or I have I missed out on a crucial buy period, any good stock recommendation on great performing stocks or Crypto will be appreciated.
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nice!! once you hit a big milestone, the next comes easier. How can i reach her, if you don't mind me asking?
So many bots in the comments.
You listening to a 24 year old on tik tok
FIRST!!!!!
Dave always thinks everything is a get rich quick scam. Just because he does not fully understand it.
He just gave us a quite detailed explanation on the topic. At least here he clearly understands what is going to happen here and why is so risky to play with this kind of fire
No
@@XXnickles Jimmy doesn't like Dave. You won't find a positive comment about Dave or the program from Jimmy!
The thing is as time goes on the actual value of all this stuff goes down. I am sure before the internet and infomercial you had a good profit. But now so many people are aware the profits are much slimmer. Things start as massively profitable and go to little or no profit as more people become aware and competition is increased.
@@XXnickles Go and search for yourself how it works.
You do not pay any mortgage.
Dave is talking about buying after foreclosure, on a tax deed property.
Damm George is annoying. I skip every episodes that he is in.
You do not take over the mortgage when you buy a tax lien.
Dave seems to not know how it works.
And neither do you!
The mortgage stays with the property. They don’t tell you that. You may need to be addressed. In some jurisdictions, one lien takes precedence over another. And there are other variables. It’s a muddy mess to get into. If it were easy, every wealthy person would be buying them.
@@CurieBohr I'm not saying it's easy. But Dave is talking about a tax deed foreclosure.
Which is not the same as a tax lien sale.
@@jimmymcgill6778 your original comment says tax lien.
@@CurieBohr And?
Big fan of you Dave but I think you provided inaccurate information on this one. I've been investing in tax foreclosure properties for a number of years in NY state and working with other investors who do the same.
I cant speak for other states but In New York State, you can acquire a tax deed through a tax sale foreclosure by bidding on a property where taxes are overdue. If you're the highest bidder, you pay the amount of the back taxes plus your winning bid. Afterward, you will receive the deed at the next legislative meeting, typically a few months later.
Before the legislative meeting, the previous property owner has the right to redeem the property by paying the amount of the highest bid, plus an additional $1. If they'd up paying you get your money back plus $1. Most cases I've seen the original property owner will pay their taxes before the auction begins and the property will come off the auction. However there are plenty of cases where the person has passed away and they never pay. If they fail to redeem before the legislative meeting the municipality will transfer the deed to the highest bidder.
In New York, state property tax liens are considered first liens, meaning they supersede and wipe out all secondary liens on the property, including mortgages, mechanic’s liens, and other claims. In cases where there is a large mortgage on the property you will actually see a representative from the bank at the auction and bid on the property to retain their asset. Ive seen this a number of times.
Once you receive the deed, you can typically obtain title insurance very quickly, although some title companies may require a waiting period of up to one year before issuing a policy, to ensure the title is clear of any potential claims.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Brooke Grace Miller.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
I'm surprised that you just mentioned and recommended Brooke Miller, I met her at a conference in 2018 and we have been working together ever since.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills