Hey man. Great video. I am unable to listen to Podcasts while driving because music is so much better. But I just subscribed to your channel because it was so good. Excited to learn from you
if you’re buying and selling vacant lots (and not holding very long) how do you get around having to pay (and lose all of your profit) on sales tax for the properties??
Hi there: The only tax on the transfer would be recording fees and documentary stamp taxes, which is very nominal (less than 1%). If you're referencing income tax, however, it is substantially higher but the max they'd take is 37% (f you're making over $578k year) without any deductions or using strategies to lower the tax burden. At the end of the day, whether someone is a doctor, attorney, business owner or employee, we're all required to pay taxes. The more you make, the more you pay . . . . in which case, I'd still rather make as much as possible.
HI Casey, I truly enjoy learning from your videos. You have Lifetime online course plus that also includes support directly with you via email for questions and concerns is this correct? Will you have any special promos for 4th July?. Do you offer Live group workshops thru zoom or a call ? Thank You !...I purchased the Fly on the wall which is great training.
Hi there! We don’t do discounts very often and are even contemplating raising the prices in the future. But if you’re in our email list you’ll be notified of any discounts or prior to any price increases. Shoot us an email and we’d be happy to make sure your on our email list, can answer any questions and will also make sure you’re able to get back into your account. You can email heather(at)taxsaleacademy.com - thanks so much!
Yes, you should personally visit every lot you are interested in because online images are often outdated. If the lot is located too far away for you to get to, you can hire someone to scope it out as well. I've seen multiple cases of a property at a auction having an address and such, but the home had since been burned/torn down, and if I hadn't visited the home or looked at recent photos I would have never known.
Agree 100% with the response posted above. Online images can help with filtering the properties out initially, but you (or a local scout) should view the property yourself before bidding. Otherwise it’s a game of real estate roulette.
Assuming zoning is good, set backs are good, electricty is at the road, etc., is there a magic or dead giveaway to look for when buying a vacat piece of land in terms of septic limitations. I.e how to single out a lot where for sure or very likely you will be unable to have a septic system? Thanks!
Call the county and get all of their regulations regarding septic tanks - many have minimum size requirements, required setbacks from water sources, etc. That’s the only definitive way to know if the land meets most of the requirements. You can also look at neighboring properties to get a good indication if the lot will pass a perc test - for example, if the soil appears moist and there aren’t any homes for miles, that could be a cause for concern. Hope this helps.
Hi there - I thought I replied to this but just noticed it wasn't posted. If you can't sell the property you could always explore donating it to a neighbor, church, habitat for humanity, the county or a non profit - possibly writing off some of its' value. Outside of that, if it's truly unsellable there aren't too many options (if no one wants it). Not to sound like a "wise guy" but if someone purchases a property that they can't sell then they shouldn't have purchased the property originally and likely weren't educated enough on investing prior to just going out to buy something - it's a 100% avoidable situation. It does happen, but shouldn't with the amount of education out there today.
@@TaxSaleAcademy Thanks for the response, I don't have such a property, but mapping out all exit scenarios prior to purchasing a property seems prudent. I assume the majority of tax sales are due to the owners having no income generating prospects/no appreciation prospects, and unable to sell it. As such, anyone purchasing said property must have insight/vision for it that the previous owner did not.
Oh, got it…great! I’ve seen countless reasons for properties ending up at tax sales and many are never known of course. There are plenty of junk properties that come up for sale which are usually going to be the ones that fall into the unsellable category. Fortunately, with proper research it’s pretty easy to avoid them. Some of the other reasons include deceased owners, divorce/partnership/corp dissolution and no one wants to pay, and lots of owners who have just moved on and simply don’t want to pay the taxes or deal with the property any longer.
Thanks for your insights! Personally I stick to waterfront vacant land. Increases my chances of selling because let's face it, a well priced waterfront draws a much larger pool of prospective buyers. It you are not greedy, you sell quickly. I acquired two so far and hoping to expand to a waterfront cottage thus time around as well as another lot.
Interesting, if everything else checks out there is no reason not to. Could’ve been a situation where the heirs just paid the taxes without changing the name/ownership, before eventually stopping. Just be sure diligence is thorough and title research is accurate.
If I buy vacant lot judicial sale perviously was a house there, there utility, etc. after holding the lot and I wanted to take out Land Equity Loans is that possible
You have an excellent grasp of the "cost does NOT equal value" concept!
Thanks for watching!
Hey man. Great video. I am unable to listen to Podcasts while driving because music is so much better. But I just subscribed to your channel because it was so good. Excited to learn from you
Thanks so much for subscribing!
if you’re buying and selling vacant lots (and not holding very long) how do you get around having to pay (and lose all of your profit) on sales tax for the properties??
Hi there: The only tax on the transfer would be recording fees and documentary stamp taxes, which is very nominal (less than 1%). If you're referencing income tax, however, it is substantially higher but the max they'd take is 37% (f you're making over $578k year) without any deductions or using strategies to lower the tax burden. At the end of the day, whether someone is a doctor, attorney, business owner or employee, we're all required to pay taxes. The more you make, the more you pay . . . . in which case, I'd still rather make as much as possible.
Good, systematic breakdown! Thank you.
Thanks for watching!
Much appreciated. Thank you.
got some great deals on vacant land seem to get out bid on the houses or they get reclame
Good info! Which States conduct online tax auction?
I believe that most of them do although not all of them. Often more rural counties are in-person only.
HI Casey, I truly enjoy learning from your videos. You have Lifetime online course plus that also includes support directly with you via email for questions and concerns is this correct? Will you have any special promos for 4th July?. Do you offer Live group workshops thru zoom or a call ? Thank You !...I purchased the
Fly on the wall which is great training.
Hi there! We don’t do discounts very often and are even contemplating raising the prices in the future. But if you’re in our email list you’ll be notified of any discounts or prior to any price increases. Shoot us an email and we’d be happy to make sure your on our email list, can answer any questions and will also make sure you’re able to get back into your account. You can email heather(at)taxsaleacademy.com - thanks so much!
@@TaxSaleAcademy Thanks. I will send you email since I want more clarification about your tax deed training.
Hi Casey Nice video Iwant videos on tax liens
Do you visit or have someone visit each lot/land you are interested in buying? Or just use images that's already online?
Yes, you should personally visit every lot you are interested in because online images are often outdated. If the lot is located too far away for you to get to, you can hire someone to scope it out as well. I've seen multiple cases of a property at a auction having an address and such, but the home had since been burned/torn down, and if I hadn't visited the home or looked at recent photos I would have never known.
Agree 100% with the response posted above. Online images can help with filtering the properties out initially, but you (or a local scout) should view the property yourself before bidding. Otherwise it’s a game of real estate roulette.
Assuming zoning is good, set backs are good, electricty is at the road, etc., is there a magic or dead giveaway to look for when buying a vacat piece of land in terms of septic limitations. I.e how to single out a lot where for sure or very likely you will be unable to have a septic system? Thanks!
Call the county and get all of their regulations regarding septic tanks - many have minimum size requirements, required setbacks from water sources, etc. That’s the only definitive way to know if the land meets most of the requirements. You can also look at neighboring properties to get a good indication if the lot will pass a perc test - for example, if the soil appears moist and there aren’t any homes for miles, that could be a cause for concern. Hope this helps.
Is the only exit strategy for properties that are simply unsellable, to stop paying taxes and let the county take possession?
Hi there - I thought I replied to this but just noticed it wasn't posted. If you can't sell the property you could always explore donating it to a neighbor, church, habitat for humanity, the county or a non profit - possibly writing off some of its' value. Outside of that, if it's truly unsellable there aren't too many options (if no one wants it). Not to sound like a "wise guy" but if someone purchases a property that they can't sell then they shouldn't have purchased the property originally and likely weren't educated enough on investing prior to just going out to buy something - it's a 100% avoidable situation. It does happen, but shouldn't with the amount of education out there today.
@@TaxSaleAcademy Thanks for the response, I don't have such a property, but mapping out all exit scenarios prior to purchasing a property seems prudent. I assume the majority of tax sales are due to the owners having no income generating prospects/no appreciation prospects, and unable to sell it. As such, anyone purchasing said property must have insight/vision for it that the previous owner did not.
Oh, got it…great! I’ve seen countless reasons for properties ending up at tax sales and many are never known of course. There are plenty of junk properties that come up for sale which are usually going to be the ones that fall into the unsellable category. Fortunately, with proper research it’s pretty easy to avoid them. Some of the other reasons include deceased owners, divorce/partnership/corp dissolution and no one wants to pay, and lots of owners who have just moved on and simply don’t want to pay the taxes or deal with the property any longer.
Thanks for your insights! Personally I stick to waterfront vacant land. Increases my chances of selling because let's face it, a well priced waterfront draws a much larger pool of prospective buyers. It you are not greedy, you sell quickly. I acquired two so far and hoping to expand to a waterfront cottage thus time around as well as another lot.
I saw vacant land that will be in an upcoming auction and the only deed on record is from 1912 would you bother getting this vacant land
Interesting, if everything else checks out there is no reason not to. Could’ve been a situation where the heirs just paid the taxes without changing the name/ownership, before eventually stopping. Just be sure diligence is thorough and title research is accurate.
How much the Tax sale playbook ?
It's $4.97 in US to cover shipping. www.TaxSaleBook.com
If I buy vacant lot judicial sale perviously was a house there, there utility, etc. after holding the lot and I wanted to take out Land Equity Loans is that possible
Definitely. Check out this video I shared a couple weeks ago…
Tax Sales & Cash Out Refi's
th-cam.com/video/XNZCpRzo_dQ/w-d-xo.html
Would that applied to vacant residential lot too
Yes, although the loan ultimately depends on the bank/lender as land vs homes usually have different lending guidelines at every bank.
@@TaxSaleAcademy great appreciate it