I found a house that is 3 years behind on taxes, owe 15,000 and hasn't gone to auction yet. I live in a tax deed and lien state. How do I purchase the home without having to wait 2 years from the date of tax certificate?
@@R1CANeve Hi, comment was in response to the question above about a property that has delinquent taxes but hasn't gone to auction yet. In that situation you can contact the owner directly (mail, phone, social, etc) to see if they have any interest in selling before they lose the property, then negotiate a price with the (delinquent) owner directly in which case it would essentially be a distressed private party sale.
Hi, there are a few variables but it's certainly possible. It might require a little more risk and a different strategy, but I've sold plenty of land that was "in the middle of nowhere" by most people's standards. With that said, the buyer pool is definitely much larger if there is active construction in the area.
Hey Casey I'm new to investing a want to be a real estate investor is i have about 3k saved up. Is this enough to get started in this time now im in sc but want to invest in nc because they have on a 10 day redemption period.
It definitely can be. It all depends on the specific county. My suggestion would be to browse through a number of the county's upcoming auction list as well as their past auction results to see if your budget will work there and then remain patient until the right deal comes along.
Hi Luigi, thanks for your question. The Suit to Quiet Title is one of three ways to clear the title, which allows for title insurance to be issued. Title insurance is generally going to be required to get fair market value and will be expected from most buyers, especially if the property is being sold for anything but a low price as it helps to protect their investment. Selling cheaper vacant lots or homes, however, can be done with title insurance although that approach will only allow properties to be sold at a discount. So it all depends on the property and your objectives. Here is another video that should help too: th-cam.com/video/5TSCFVjOGBU/w-d-xo.html
Just order your audio and your free book. Now what about the tax after selling the land so fast. Are your capital gain subject to fall in the highest bracket making you pay up to a 20% on tax? Thank you! For your information. I am learning so much I'm just like wow. Land is hard to sell but it seems not many people invest in land and it looks like a niche.
There are a few ways to delay the income taxes through 1031s or IRA investing. But in the end, if you're making money (through investments or a job) you'll be paying some sort of taxes. With that said, a good CPA is worth every single penny to get you setup properly and to insure you're paying the legally required minimum. Land can be a great investment depending where you're at - if you approach it correctly it can actually be easier to sell than homes (i.e. minimal inspections, condition issues, etc). Thanks for your comment!
The information and process are still relevant. While deals this profitable do exist, they are quite rare but there are plenty of possibilities to be successful in this business.
Just found the right guy through networking at sales. Also doesn't hurt when he performs 10-15 at one time. Of course, this video was shot 6 years ago and the property was sold even prior to that, so the rates have gone up since then.
Does buildable mean that there's water, electricity hookup nearby etc, or that the lot's ground is flat enough to build a house? Or all of the above and more?
-so if I received a transferred tax certificate to me from four years ago.. could i immediatey place it in auction or would i have to wait another 2 years
I had plenty of margin and wanted to sell at market value, and with a price is this range title insurance is generally expected. I could’ve sold with as-is title, but it would’ve reduced my profit by $10k or so since I would’ve needed to provide a discount - much higher return clearing title with this one.
There's quite a bit to it as every area, property and strategy is different so it requires a full understanding of the business and one's approach to tie it all together. Here are a few videos to get you started though: www.youtube.com/@TaxSaleAcademy/search?query=due%20diligence
Still applies 100%. While the numbers and individual strategies (like marketing methods, for example) change some over time the overall concepts for this business has remained the same for centuries. That's such a big part on why I enjoy this business so much.
Typically the winning bid will include the previous taxes due. You will nearly always be required to pay the taxes due in the year of purchase, however - even if you buy in December, for example, you'll still be required to pay the entire year in most states. Check the rules in the specific county you're investing as it'll be listed in there most of the time.
Hi Delsa, my suggestion would be to contact an attorney in the area that is familiar with tax sale properties and discuss your specific situation with them. You will probably need to a Suit to Quiet Title if you need title insurance. Other options could include clearing title with a tax foreclosure certification company (such as Tax Title Services) or acquiring quit claim deeds from former owners. It really depends on your specific situation, however. I have general information videos on all of this on my site or here on my channel if you browse through the videos.
The opening bid at auction covered the previously due taxes, interest and fees. I bid that amount, no one bid against me in this instance and I became owner of the property (vacant land).
A local semi-retired attorney who is also a tax sale investor. He stopped taking new clients many years ago but if you search "Quiet Title" into my channel search box there are a few videos where I go over how to hire one and keep costs down.
It's been quite a while, but I believe it was around 90 days. Others we sell with as-is title within a week or two. Just depends on the strategy. Didn't have much money in this one and resale value warranted the quiet title.
At the time I was getting them done (in bulk) for $650/each - 3:44 in video. They cost more now, but doing multiple at one time and shopping around can save quite a bit of money. To search for liens/encumbrances you'd need to review the official records in the county where the property is located - this can typically be done online in most counties.
@@TaxSaleAcademy thanks for the info. How often would you say you purchase one and find out there’s other liens/encumbrances on it? Do you do DD on every listing or could you just look at assessed value, run some comps on Zillow, look at street view, etc. ?
@@SleepStudySound It should never happen. I perform due diligence on every single property I place a bid on. Otherwise you're taking a HUGE risk. Comps, Zillow, Street View, etc are all helpful but are a very small part of the equation. Research is so important. Noone wants to get stuck with a $100,000+ bill...which I've seen happen.
Sure, there are generally taxes on any income someone makes. But there are a number of ways to minimize these taxes through proper tax planning and working with a good accountant.
Hi Missy! Definitely - almost 500. And fortunately, most are much better quality than this one from a few years back! :) You can check them out at th-cam.com/users/TheTaxSaleAcademy
Do you have a break down on what Due diligence means? what all is entailed. I'm 28 years old and will have an extra 100k in the next couple years and i am trying to get involved in real-estate. This seems like a more hands off approach than what I assumed was going to be buying a property going and fixing it up then re selling it.
Hi Kaleb, there is quite a bit to due diligence and truthfully it makes up a very large portion of this business so it's difficult to breakdown it too much, especially considering that every person/area/property/etc can be different. I'd recommend browsing through my channel or even grabbing my book (it's $4.97 to cover shipping at taxsalebook.com) to get started learning about some of the diligence requirements.
found out about some tax deed propertys that I got to go look at this week to see if I want to buy
WOW I'm Glad I ran into this Channel I'm Subscribing👍.
I found a house that is 3 years behind on taxes, owe 15,000 and hasn't gone to auction yet. I live in a tax deed and lien state. How do I purchase the home without having to wait 2 years from the date of tax certificate?
You can always approach the owner directly and negotiate a private party sale. Otherwise, you'd have to wait until the property hits the auction.
@@TaxSaleAcademy how do you negotiate with owner? What are you negotiating?
@@R1CANeve Hi, comment was in response to the question above about a property that has delinquent taxes but hasn't gone to auction yet. In that situation you can contact the owner directly (mail, phone, social, etc) to see if they have any interest in selling before they lose the property, then negotiate a price with the (delinquent) owner directly in which case it would essentially be a distressed private party sale.
Nice. I like the sounds of this.
If you purchase land that is not near “development “ is it still going to sale?
Hi, there are a few variables but it's certainly possible. It might require a little more risk and a different strategy, but I've sold plenty of land that was "in the middle of nowhere" by most people's standards. With that said, the buyer pool is definitely much larger if there is active construction in the area.
Hey Casey I'm new to investing a want to be a real estate investor is i have about 3k saved up. Is this enough to get started in this time now im in sc but want to invest in nc because they have on a 10 day redemption period.
It definitely can be. It all depends on the specific county. My suggestion would be to browse through a number of the county's upcoming auction list as well as their past auction results to see if your budget will work there and then remain patient until the right deal comes along.
How do you know when to perform a quiet suit title and when not to do one?
Hi Luigi, thanks for your question. The Suit to Quiet Title is one of three ways to clear the title, which allows for title insurance to be issued. Title insurance is generally going to be required to get fair market value and will be expected from most buyers, especially if the property is being sold for anything but a low price as it helps to protect their investment. Selling cheaper vacant lots or homes, however, can be done with title insurance although that approach will only allow properties to be sold at a discount. So it all depends on the property and your objectives. Here is another video that should help too: th-cam.com/video/5TSCFVjOGBU/w-d-xo.html
@@TaxSaleAcademy thank you for the quick reply and dropping those gems 💎
Just order your audio and your free book. Now what about the tax after selling the land so fast. Are your capital gain subject to fall in the highest bracket making you pay up to a 20% on tax? Thank you! For your information. I am learning so much I'm just like wow. Land is hard to sell but it seems not many people invest in land and it looks like a niche.
There are a few ways to delay the income taxes through 1031s or IRA investing. But in the end, if you're making money (through investments or a job) you'll be paying some sort of taxes. With that said, a good CPA is worth every single penny to get you setup properly and to insure you're paying the legally required minimum.
Land can be a great investment depending where you're at - if you approach it correctly it can actually be easier to sell than homes (i.e. minimal inspections, condition issues, etc). Thanks for your comment!
How did you find a realtor to sell the property for you?
Searched through Google to find the Realtor who had the most experience in this particular subdivision.
Did you tell them about tax deed or you told them you needed to sell your property? Thank you
Hi! Congratulation for the video. How long time after the hit can I get the title of the property?
WOW 😮
This still relevant?
The information and process are still relevant. While deals this profitable do exist, they are quite rare but there are plenty of possibilities to be successful in this business.
How you a quiet title suit for 650$?! Thats so cheap!!
Just found the right guy through networking at sales. Also doesn't hurt when he performs 10-15 at one time. Of course, this video was shot 6 years ago and the property was sold even prior to that, so the rates have gone up since then.
Why the quiet title suit
It's necessary to clear the title to tax foreclosed properties in order to get title insurance.
Hi Dean, i Live in Brazil and i want to buy a tax deed, what a have to do to make this purchase?
I have a question for you if you have a sec
Sure, feel free to post it.
Does buildable mean that there's water, electricity hookup nearby etc, or that the lot's ground is flat enough to build a house? Or all of the above and more?
All of that and much more - does zoning allow building, is it big enough (meet minimum lot SF and dimensions), etc, etc.
-so if I received a transferred tax certificate to me from four years ago.. could i immediatey place it in auction or would i have to wait another 2 years
Depends on the state - in some states you could immediately foreclose or send to auction. In other states, the certificate could be void by now.
Why did you do quiet title? vs. leaving it cloudy and then selling? How did you know it would be better in this case to quiet the title?
I had plenty of margin and wanted to sell at market value, and with a price is this range title insurance is generally expected. I could’ve sold with as-is title, but it would’ve reduced my profit by $10k or so since I would’ve needed to provide a discount - much higher return clearing title with this one.
Can you please share what was included in your due diligence? I also want to do it on my own.
There's quite a bit to it as every area, property and strategy is different so it requires a full understanding of the business and one's approach to tie it all together.
Here are a few videos to get you started though:
www.youtube.com/@TaxSaleAcademy/search?query=due%20diligence
This video is 9 years ago. Does it still apply in 2023 in the state of FL?
Still applies 100%. While the numbers and individual strategies (like marketing methods, for example) change some over time the overall concepts for this business has remained the same for centuries. That's such a big part on why I enjoy this business so much.
do i have to pay auction price and pay taxes owed after winning a tax deed sale? Or do they just take the money from a winning bid to pay the taxes?
Typically the winning bid will include the previous taxes due. You will nearly always be required to pay the taxes due in the year of purchase, however - even if you buy in December, for example, you'll still be required to pay the entire year in most states. Check the rules in the specific county you're investing as it'll be listed in there most of the time.
Wow you are awesome. Thanks for your wonderful teaching
How can I get title insurance on a Clerks and Master's deed?
Hi Delsa, my suggestion would be to contact an attorney in the area that is familiar with tax sale properties and discuss your specific situation with them. You will probably need to a Suit to Quiet Title if you need title insurance. Other options could include clearing title with a tax foreclosure certification company (such as Tax Title Services) or acquiring quit claim deeds from former owners. It really depends on your specific situation, however. I have general information videos on all of this on my site or here on my channel if you browse through the videos.
I love your videos! May I ask a question, how long was the turn around time?
Hi Adrian: Turn around time for this specific property was right about 4-5 months. Thanks for your comment.
So you just paid the taxes on the home and it was yours? Basically you pay a certain percent at the auction and you then own it ?
The opening bid at auction covered the previously due taxes, interest and fees. I bid that amount, no one bid against me in this instance and I became owner of the property (vacant land).
@@TaxSaleAcademy Thanks so you just paid the bid amount (percent) and then it became yours ? or do you owe additional monies after the auction ?
How long does it take to get the deed if you’re a winning bidder?
Depends on the specific county - in most counties it's just a week or two.
What lawyer did you use to quiet the title?
A local semi-retired attorney who is also a tax sale investor. He stopped taking new clients many years ago but if you search "Quiet Title" into my channel search box there are a few videos where I go over how to hire one and keep costs down.
What do you pay the government after profit??
Depends on the strategy - could be nothing or could be up to the standard rate for my tax bracket.
How long did the quiet title take???
It's been quite a while, but I believe it was around 90 days. Others we sell with as-is title within a week or two. Just depends on the strategy. Didn't have much money in this one and resale value warranted the quiet title.
How much did you spend for the quit title action?
How do you research if the property has an other liens/encumbrances?
At the time I was getting them done (in bulk) for $650/each - 3:44 in video. They cost more now, but doing multiple at one time and shopping around can save quite a bit of money.
To search for liens/encumbrances you'd need to review the official records in the county where the property is located - this can typically be done online in most counties.
@@TaxSaleAcademy thanks for the info. How often would you say you purchase one and find out there’s other liens/encumbrances on it? Do you do DD on every listing or could you just look at assessed value, run some comps on Zillow, look at street view, etc. ?
@@SleepStudySound It should never happen. I perform due diligence on every single property I place a bid on. Otherwise you're taking a HUGE risk. Comps, Zillow, Street View, etc are all helpful but are a very small part of the equation. Research is so important. Noone wants to get stuck with a $100,000+ bill...which I've seen happen.
@@TaxSaleAcademy interesting. What are your favorite ways to do it, assuming you’re out of state and can’t see it in person.
The large majority of research can be done online in most areas. For something that can't (like a driveby), I'll hire locals.
What about Capital Gains Taxes ?
Sure, there are generally taxes on any income someone makes. But there are a number of ways to minimize these taxes through proper tax planning and working with a good accountant.
Do you have any more videos?
Hi Missy! Definitely - almost 500. And fortunately, most are much better quality than this one from a few years back! :) You can check them out at th-cam.com/users/TheTaxSaleAcademy
WOOOOOW!!!!!
Do you have a break down on what Due diligence means? what all is entailed. I'm 28 years old and will have an extra 100k in the next couple years and i am trying to get involved in real-estate. This seems like a more hands off approach than what I assumed was going to be buying a property going and fixing it up then re selling it.
Hi Kaleb, there is quite a bit to due diligence and truthfully it makes up a very large portion of this business so it's difficult to breakdown it too much, especially considering that every person/area/property/etc can be different. I'd recommend browsing through my channel or even grabbing my book (it's $4.97 to cover shipping at taxsalebook.com) to get started learning about some of the diligence requirements.
Great video! How much time went by between when you made the purchase and when you received the check after the sale was finalized?
Hit, the turn around time for this specific property was right about 4-5 months. Thanks for your comment.
@@TaxSaleAcademy 4-5 months for $24k vs an entire 9-5 job for a year. interesting.