Hi all, Mr Negative here once more.
To all that are looking at US Tax Liens – I hope that the conference gave the following information as well:
Pitfalls of tax lien investing
- Payment is usually required at purchase or within a very short time afterward (often no more than 24–72 hours). Failure to pay the full amount results in all lien certificates purchased by the investor being cancelled, and may result in the investor losing his/her deposit and/or being barred from future sales.
- In many states, further actions must be taken to protect the lien holder's rights after purchase of a lien. Failure to comply exactly with these requirements may make the lien worthless.
- Tax liens on "choice" properties are quickly purchased by major institutional investors having sufficient time and resources to research valuable properties versus worthless ones, and who can afford the occasional poor choice. Smaller liens often involve properties that are generally worthless (such as odd strips of land). (In addition, Florida does not allow auctions or sales of tax liens of less than $100 on homesteads.) In "random" and "rotational" jurisdictions, investors have even less control over which liens they purchase.
- In "bid down the interest" jurisdictions, valuable properties are usually bid to the lowest rate possible greater than zero percent. (For example, Florida permits the interest rate to be bid down to a minuscule 0.25% – though it guarantees a minimum 5% return – while Arizona allows the bid to be as low as 1%.) Similarly, in "premium" states, valuable properties are bid up above the means of an average investor.
- Unlike a certificate of deposit, tax liens are illiquid. They cannot be "cashed in" (resold to the taxing authority), but must be held until either they are repaid or the holder takes action to foreclose. (It is possible, however, to assign one's interest in a tax lien to another party.)
- Some experts tout tax lien sales as a means of acquiring property at highly discounted prices. In practice, except for very rare instances, liens of any value are redeemed well before the property can be foreclosed (especially where a mortgage is involved; the mortgage holder is secondary in line to a tax lien holder but, upon payment of the lien, the mortgage holder would then become the primary lienholder). Where tax deed sales are used to foreclose, numerous bidders participate, thus making the chances of actual acquisition remote. For example, in one Illinois county with a population of over 500,000, the County Clerk's office said only 3 residential properties were not redeemed in 35 years.
- If someone is successful in attaining the deed to the property, the property might have environmental problems for which the new owner will be responsible. Depending upon the state in which the property is located, this could be very disadvantageous; the investor might have to pay a large amount of money to have the problem taken care of, or might be fined daily until the problems are fixed.[1]
- Deeds obtained are usually quitclaim deeds, which do not provide insurable title. The owner would then have to file a quiet title action to obtain marketable title to the property, which involves additional cost.
- There may also be other governmental liens (such as weed liens or demolition liens) that the investor must pay off when attaining title to the property. These are not part of the lien sale and remain even if the lien holder acquires the property.
- If the owner of the property declares bankruptcy, the bankruptcy court may lower the interest rate to be paid, or may discharge part or all of the lien, leaving the lien holder with nothing.
Just want to make sure that you are fully informed before your 2 day training session.
Oh…, if this was discussed at the conference then I will stop posting any further negative comments about the conference and its educational value.
The reference for the above: http://en.wikipedia.org/wiki/Tax_lien_sale
uppitt wrote:DWolfe wrote:I think most people were bagging out Crocodile Dundee oh wait that's Aussie Rob.
DYeah have to agree with most, Aussie Rob was the worst for me. Other then the jokes (well some of them), I didn't believe a thing he said. His system may well be ok…maybe…. but talk about taking a gamble (as you do on the stockmarket) and forking out the cash based on his 'presentation'. There was no substance to his presentation. When this lines crossed this line, left click here and make CASH….
To respond to Aussie Rob = MATE, you're not fairdum, and don't come the raw prawn with me. You're a galah. No way I was gunna give you my moolah. You're just not ridgy didge.
I am not only new to property investing in Aus, but still relatively new in Aus (been here for a year and a half). I owned 4 properties in South Africa so not a total newbie to investing. The main reason I attended the conference was to see what strategies were available so I could decide on a game plan for my new life in this awesome country. From highlighting and identifying the different strategies available I would say the conference delivered.
I genuinely believe Steve wants people to do well and he is a man with integrity. I appreciated him not putting all the focus on his products. The products were a by product, where I felt many other presenters structured the presentations to build to the sell. I am in sales and appreciate the fact that many of the the presenters are sales people, however many people came to the conference under the assumption that there would be product sales taking place, but were not the main reason for the presentation.
Highlight without any doubt was Mr Daniels. WOW what a guy. He is such an unassuming man and comes across as a humble person with his feet firmly planted on the ground. SImilar to Steve his products were secondary to his presentation, the presentation was not built around the product. He really impressed me. I really would like to order his Destiny of the 3rd Millennium when the finances are in order. Please could anyone who bought it or have gone through it give me some feedback on it once you have finished the course.
Lowlight was Aussie Rob. I felt he was insulting my intelligence. I also feel he misrepresented the risks involved in trading as well pitched in an irresponsible way. The fact is if trading was so simple and he had the wonder product, Richard Brandson would be opening for him.
After all said and done was it worth flying from Perth to go to a 3 day event……..the answer would be yes. My aim was to see all the investing options Aus had to offer and it delivered from that point of view. I totally can understand many of the above comments as well, I guess it depends on what you wanted from the conference. Big thank you to Steve and his staff for organising the event, we may have not spent mothers day with our loved ones, but Steve sacrificed mothers day and his birthday.
To
Awww guys its a riot!
Now where do I start? Sash, it may sound like we are all negative nellies but come around the block with us and you will see it, and again and again. I hate to say it but you make me feel old
I got a good 10 years on you and I wish that i had done what you are doing at the same age. And honestly I meant what I said about that figure being a small price to pay.No one is knocking Steve and his team. Hopefully through putting this discussion on the forum we can get a few niggles changed for next time (or not). The way I see it is this.
Here is the cake analogy. Do not laugh at me.
You want to bake a cake. You buy a KitchenAid (ladies cheer now), you get a Margaret Fulton cook book. You buy organic ingredients, the best and the most expensive. You follow the recipe to the letter. It takes you most of the day to bake this cake. You've cleaned your kitchen, the cake is done it is perfect.
You want to bake a cake. You get the same stuff, but coz you are lazy you left it for a week or two. The butter now smells like the fridge. You are in a hurry so you don't follow the recipe, the cake seems kinda gluggy. You bake it anyway, it'll be right. You get the cake out early coz you need the cake now. The cake isn't cooked. Well icing will fix that, but the cake is too hot, icing runs off.
You end up with a cake that tastes funny, isn't cooked and is just crap. It didn't work.
Is it the mixers fault? Is it the cookbooks fault? Is it the fault of the ingredients?
It is the cooks fault.
I wonder how many people will blame the presenters if they purchase the product and it doesn't work? (In the case of Bahama Rob I would blame him lol)
Ben you hero! You should write your next post about your adventure! Next time for everyone from here I will wear a name badge or something!
Magbof you are not Mr Negative, just tell it like it is. Last time I checked it wasn't against the law to tell the truth or to have an opinion. However if KRUDD (and thanks to Lewis O'Brien for using KRUDD in a sentance!) gets voted in again you won't be allowed to have an opinion!
Investing has risk. When they tell you it is virtually risk free it is, if you know what you are doing.
The great thing is after this conference I am getting JV offers left right and center and I just got a text then (you know who you are!
) Anyone got 2 mil? Or will VF me 2 Mil? LOL!D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeWell said Uppitt!
Good on you JS1. If I had to fly from WA with the cost, time, time difference I would want it to be worth it! Mr Daniels was amazing huh! I bought the destiny package (ok I will shut up about it now!) So will let you know what it is about. Out of all of them $1500 was really a pittance.
Steve had happy birthday sung to him like 3 times (that I saw)! It was good that his wife came it too!
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeOh we feel so much better! Had a hunt around on google, asic and others for aussie rob, and while there isn't anything incredibly negative, and while I really love your cake anaology DWolfe (and agree) we have decided it aint for us… we haven't been to a seminar like this before and feel like we got totally swept away by all the excitement – we feel like goofy newbies – this from a couple who think they are reasonable sensible and cautious! Ha! We're happy to admit we goofed!
Have just shot an email through asking to cancel – and feel so much better – think I said that already
So…. we are back to tax liens, which we had already read about and feel happy with. Would love to hear about how the destiny program goes.
Aww Catfree, you probably would have made a good go on the AR thing, don't let us talk you out of something! If you don't feel the passion for the trading system how will you make it happen? You may just feel resentful or duped (whether or not you have been) and may not really make the most from it. If you do have to buy it for whatever reason and you do not want it, maybe put it on here a bit cheaper (people can do due diligence) or ebay. Whether or not you buy something the thought process is the step in the right direction. Most people wont even do that, think, I mean.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeNo, no D – you guys didn't talk us out of it. We hunted around and didn't like what we read – and to tell you the truth, I think the big greed monster gave us a bit of a bite on the arse!
Hubby may well have done beautifully out of it – he certainly likes rules and regulations and would have followed the program to the letter… but it just wasn't sitting well. It wasn't sitting well that night – and the reason for THAT is that we had made a snap decision on something we had NO IDEA about. No due diligence. No idea of what other books or educational materials/ programs might be out there. No idea who this bloke was. And that just isn't how we normally do things. We have managed to get ourselves to a position we are reasonably proud of by being careful, systematic, methodical and prepared to research our options and then of we go to this (awesome) event and saw big flashy $$$!
At first I was giving myself grief about it – now I'm kinda happy we have the ability to sit back and go "nope, we have made the wrong decision – what can we do to change this?"
If we have to buy it for whatever reason (though surely there is a cooling off period? and they weren't going to charge our card til tomorrow anyway) then we'll chalk it up to experience, have a look at it, and learn what we can – no biggie.
Rats – I'm still feeling kinda sheepish! lol
Hi Guys,
Thanks for all the comments.
I'd like to thank Steve first to put together the conference!
I flied from Syd on Sat so missed the first day. Li is my favourate! ! He is so so inspiring!! I was so excited to buy his book and took photo with him and I even forgot to pay for the book.
( I did go back and paid for it once realised it)Totally agree with some of the comments, too much sales pitch. Very little contents. I got Steve's 2009 or maybe 2008 conference records in Brisbane, a lot lot more information.
I've heard of the tax lien thing a few years ago and tried to contact a few solicitors in States and was told it can't be done if I am not in US at that time. Glad that Tommie cracked the code. So signed up for the 2 days workshops. (havn't tole my wife that I'vebspent the money yet
)I've also signed up for the RP6 before the conference so looking forward to get started!
I finally make the decision to take some serious actions after wasted 5 years, so as Steve said, you can always find excuses not investing, get some education then applied the knowledge.
Happy investing!
Cheers
Rich
Hi Guys,
It's interesting to see everyone's comments… I personally enjoyed the conference – it allowed my wife and I to decide on a specific path we want to take with our property investing (as we are newbies…)
Peter Daniels, Ron White and Dean Parker were the highlights for me.
Bought Peter Daniels Destiny system, and Ron's memory pack – already Ron's memory stuff is working – quite easy to apply!
I look forward to buying Dean's Renovation system once I am ready to buy my first IP.
Sasha Hopkins – I'd love to hear how the property options goes, i was interested in that – but didn't invest in Mark Rolton's system, as I felt he was too much of a salesman for me…
(I went to personally ask him couple of questions after his workshop, and he was only interested in selling me to come to his course instead of answering my questions).I will also be enrolling into the RESULTS program next year – heard good feedback from others, and Simon and Lynn Buckingham were genuinely interested in our situation and gave honest advice rather than trying to sell us into the program.
So thanks to you Simon and Lynn, you helped us to determine the path ahead for us!
Loved reading all of the comments about the 3 day conference. I flew over from Perth and spent a few days before with friends and their new baby and of course did some shopping.
As for the conference I loved it. On the first day made a promise to myself not to buy anything until after a week of researching etc and by then I figure that if I still wanted the product I would buy it even if it cost a few dollars more. Have been caught up in the hype before with buying the product and not even looking at it when I got home.
Having said that I did sign up for the 2 day Tax Lien course because I have been wanting to find out more for the last 6 months. If Steve is doing it with the help of Tommy it's good enough for me. I was in the Results Program 2 and admire the integrity and ethics of Steve, Simon, Brendan and the team.
I new that there would be alot of hype and hard sell but it's alot like religion take on board what you want and disgard the rest, no harm done.
The best part of the weekend where the quality people that I met. They really made the conference worth while.
Ros
Hey Ros,
My hubby also went to the conference and is interested in tax liens. He explained them to me and I went through his notes to find out the web address for Tommy, but I can't find it. Do you have the website info?J
Janrayco wrote:Hey Ros,
My hubby also went to the conference and is interested in tax liens. He explained them to me and I went through his notes to find out the web address for Tommy, but I can't find it. Do you have the website info?J
Hi Jan
Just pm me and by that time I would have tracked down my notes (still coming down after the conference).
Ros
Thanks for posting that Magbof you are not being negative you are just making sure that we stick the the number one rule of investing do your 'DUE DILIGENCE'.
There are always risk when it comes to investing, be informed.
Ros
Hi,
Thanks for starting this post. We're very open to constructive criticism and we are fully on-board to make the event better.
In particular, I appreciate the comments about being 'oversold'. We set very strict rules around conduct, and that the content of the presentation must empower people to understand the concept. Only then, if people want to go further, can the product etc. be mentioned. If any session was a hard sell then please let us know so we can take corrective action.
In saying that, can you please ensure that your comments remain respectful and helpful. Since this post relates to us, we want to be very sensitive in moderating it to ensure a balanced discussion is maintained, but we cannot allow defamatory or disrespectful comments.
Please keep posting. We're reading and taking on board all that you say.
Thanks,
– Steve McKnight
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Sorry Ros…..don't know how to pm you…….
Hi all,
Oh oh! Busted by big daddy (kidding)! Thanks Steve for reading and posting on this. It would be pretty annoying to hold a conference and then have the very people you held it for whine about it like ingrates. I'll keep my comments as constructive as I can, please feel free to delete anything that is unfit. I think we are all glad to have an opportunity to talk about our experiences on this forum.
Thanks Again
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeI was very impressed with the conference, thank u Steve. It was a chance for me to meet with other like minded investor's and exchange stories and experiences. I did'nt buy any products as I felt I was not there for that. I just wanted to be whacked over the head by someone to help me feel that i am doing the right things in my life of property investing. I just made a phone call today and made an offer on a property that I had been stalling for some-time now because I was'nt sure where the market was heading. The 3 day conference gave me the confidence again of getting out there and taking the risk (good risk) again. Thanks
Yes I have to agree that the sales pitches were a bit hard to swallow. However I have come away with a renewed interest and took time to write goals and the steps I will need to take to attain them during the workshops/keynote speakers that didn't interest me.
Steve, Please moderate my comments if you require. My post on page 1 I think was ok. My little dig at Aussie Rob on page 3 though was in humour…but if it needs to be removed, by all means do it. I found his presentation to be unprofessional, and presented to us like school children. His 'act' was just over the top.
Tim
) Anyone got 2 mil? Or will VF me 2 Mil? LOL!
)
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