- abmorrisonParticipant@abmorrisonJoin Date: 2009Post Count: 5
I noticed that no one has posted much in the other tax lien section recently! We have just joined iclub and so i have been able to access the tax Lien workshop. Just wondering for all of you guys out there that were at the workshop a few months ago now – how things are going? Has anyone invested yet? Are there any good or bad stories to share?
Look forward to hearing all about it if you have the time!
Bronluke86Participant@luke86Join Date: 2010Post Count: 470
I would also like to know how people have gone purchasing tax leins and/or deeds. I have just recently finished watching the Tax Lein and Deed Workshop vidoes and would like to know if anyone is making anything from it!!!
I am very keen to have a crack at this from the beginning of next year, it seems like a fantastic opportunity.
I have been investing in liens for 18 months now and am happy with my returns. It is not a get rich quick way of obtaining income but a nice steady trickle that grows as you reinvest and over time will give a very nice constant return.
Do you have many liens outstanding after 6 months or do you find that your liens are paid quickly. I was ready to invest in liens but was worried about the liquidity aspect of the investment.
Go as far as you can see and you will see further.
Andrew, I look to the two years for a return on my liens. I want 18% so don't invest in the liens that are likely to redeem quickly. I'm happy to wait, reinvest all including interest, to slowly build a nice little nest egg.
Which course have u attended? and where are you located?
Max, I attended Thomas Senatore's Tax Lien and Deed training and have been investing ever since. I live in Perth but am currently in Fort Myers indefinately.
Would you mind share your own experiences in investing into Tax Liens please?
Like for example did you do it online or have you attended the auction? Which do you prefer – online or attend the auction? and why?
If the liens are not redeemed (within two years I think) do you intend to sit and wait for the returns or are you keen to take legal action and take over the title deed?
Go as far as you can see and you will see further.
Take action for sure. You would have to be an idiot to not take action as all taxes outstanding need to be paid before you can instruct the County to commence a Deed application. Why would you sit back and keep paying someones taxes when they make no effort to pay? All it does is increase the opening bid amount when it comes to Deed Auction.
Max, I have only ever purchased online and don't anticipate that changing. I am not interested in bidding down an interest rate and am happy to sift through those that are left as over the counter. There are plenty of those spread over the various Counties to satisfy my needs.
For me in Singapore, do you think it is advisable for me to invest in tax liens?
if yes, there is the Tax Lien Foreclosure Buying System on Thomas website, is it advisable to purchase or go for his seminar?MunglordMember@munglordJoin Date: 2006Post Count: 9
Is there a place you can go to find tax liens online?
I know some of you have bought certificates/deeds online and I was just wondering what the process was once you've decided on a strategy.
To have a look at these go to the county tax collectors website. Some states sell by auction and over the counter while others will do auction only. I know Florida does over the counter so you can see some listed on their county websites when the auctions aren't on.
Go as far as you can see and you will see further.DwightParticipant@bigvmanJoin Date: 2002Post Count: 42
Has anyone successfully set up a bank account in the US from here in OZ. If current have 2 accounts but the functionality is poor. I want to be able to use the ACH electronic payment facility but the basic accounts I've opened cannot do this.
If you don't have this ability, how are you currently buying your tax liens?
Cashflow Positive Investorpetejac1Member@petejac1Join Date: 2003Post Count: 31
Thought I would share my experience in Tax Lien investing.
After attending PI conference in Mel, we made a plan to reassess our investing strategy and liked the sound of the US and Lien investing. I then attended Tommy's course in Mel.
Finally received my ITIN in Dec and set up the LLC and Bank account with Fifth Third Bank through Tommy.
Throughout the year I was looking at the Over the Counter Liens available in Lee County and obviously as everyone else got their ITIN's started to see my list of potential Liens dwindle.
I ended up purchasing about 10k worth of Liens in Lee County. I started looking elsewhere in Florida and decieded to look at Charlotte County just above Lee County. Even though their Tax Collector and Appraisor sites aren't as user friendly compared to some counties, it was pretty good.
The process in Lee and Charlotte County was fairly straight forward, doing the research, calling the County emailing the details of the Certificates I wanted and Transfering the funds. I had already used Ozforex to transfer the funds to my US bank account and then called to Wire the funds across to the county. My only comment here is to be careful of the Wire Transfer costs. As I transfer about 10k lots across to the US and transfered the funds to the county in my first month I was stung with over $100 worth of fees from 53. I could have avoided the fees but would have needed 40k in my account at all times which I was not prepared to do. However I can ACH from this account at no charge.
I have since purchased Liens in 5 counties across 2 states,Florida and Arizona. I participated in the Auctions in Arizona and my expereinced was varied compared to the straight forward investing of OTC. As you cannot research every item at the auctions you start placing bulk bids on search options. After looking at my winnings the next day, a couple I questioned why I even bid on them. Also as bidders run out of money it is easier to win liens later in the auction at the full interest rate.
In my first month of investing in Liens I have had 3 redeemed, the quickest took 2 days, so obviously lucky there, but by using Tommy's and Steve's advice on the type of Lien to purchase has shown dividends.
I am stil looking at investing into direct property and will be travelling to FL in Sep, like everyone else on these forums would love to catch up with anyone going over then are are investing in Brisbane. My email is [email protected].cappy88Participant@cappy88Join Date: 2010Post Count: 16
Have been reading quite a bit into liens lately, sounds like with a little due diligence you can pick up investments with a good rate of return.
Why have you guys chosen to invest in liens rather than US property itself (or aus property for that matter)? Do you think the potential profits that can be made are better then investing in US property? You obviously have a smaller outlay, pay less taxes, no agents minimal legal fees ect. did this influence your decision when investing into liens?
Mattpetejac1Member@petejac1Join Date: 2003Post Count: 31
We had 8 properties and got to a point where banks weren't liking us anymore, so wanted to look at other ways to go forward. Our revelation at the Mel Conference was the point of when to sell a property and look across our properties and made the decision to sell as many as possible as we felt that we had already received the full benefit from capital gains. And if I can get 18%+ on my money, would be better then the flat property market at the moment in QLD.
We love the fact of no tenant issues, no maintenance issues, just buy and forget and wait for the cheque to come in. We are going to look at direct housing so have allocated half of our funds to direct property. The distance is no concern for us as most of our properties are in Mining Towns and everything is done via email and phone.
After the ease of buying the initial Liens and the quick turnaround I think we might allocate more to Liens. If we do buy a property it would have to have 25%+ return to make it worth while, seeing as liens are 18%+.
petejac1 you will find that 25% return on property will probably not happen. In the lower end market a return of 22% is very good but most of the returns (if calculations are done correctly) are around 17%
I love liens but you need to calculate into figures that you may need to wait two years before you see a return as many do not redeem. From then on it is a very nice cash cow that keeps you supplied with cream.