Chat Session with Daniel Cobb

[21:08:04] SKHunter> Hi
[21:08:12] EquitAcqus> Greetings
[21:08:13] danielcobb> any questions
[21:08:39] EquitAcqus> Where can I find Owner-financing notes for sale
[21:09:38] danielcobb> Honestly, that is not my area of expertise, however I would check individual owners or banks?
[21:10:14] SKHunter> Tell us about these sales
[21:10:27] EquitAcqus> I would deifinitlyappreciate that. What kinds of Investments are you looking for??
[21:10:41] danielcobb> Does everyone know what scavenger sales are and how profitable they can be? [21:10:52] SKHunter> No, please inform
[21:11:04] TCIModerator> What is it??
[21:11:28] EquitAcqus> I think they are like Government sales
[21:11:42] TCIModerator> Is it like purchasing from an Auction??
[21:11:44] danielcobb> They are county or state real estate auctions where the price is based on the amount of delinquent prop taxes not market value.
[21:12:02] danielcobb> yes they are auctions
[21:12:08] SKHunter> Yes, I want to know about those
[21:12:23] EquitAcqus> Ok,nowI get it. Tax Sales?
[21:12:26] SKHunter> How do you find them, ct house?
[21:12:40] danielcobb> no not tax sales there is a difference
[21:13:04] EquitAcqus> Tax assessors office in the county you want.
[21:13:48] danielcobb> at tax sales you are pur chasing someones taxes for an interest rate on your money at these auctions you are actually buying the property.
[21:14:00] SKHunter> How often and how do you have to pay, do you have to pay after sale?
[21:14:15] SKHunter> I mean that day and with cash?
[21:14:47] danielcobb> with a successful bid you actually receive the deed for the property from the county. No morgage
[21:14:49] EquitAcqus> Ya, it's a one purchase deal
[21:15:12] SKHunter> Ok, I'm in
[21:15:23] danielcobb> equitacqus you every purchase from one
[21:15:30] SKHunter> Is it just for the taxes due?
[21:15:58] EquitAcqus> Ya, the property is free and clear; However, there is a redemption period
[21:16:12] danielcobb> The being bid is based one the amount of delinquent taxes due
[21:16:32] SKHunter> Is it different for ea.area as usual? Red.period?
[21:16:40] EquitAcqus> Meaning the owner can come back and buy the tax price back from you with a rate of return
[21:16:50] danielcobb> no EquitAcqus
[21:17:20] danielcobb> There is no redemption period at these auctions you own the property
[21:17:33] EquitAcqus> Meaning you pay $10,000 they have to pay that plus 10-15% more to you
[21:17:34] SKHunter> That's wonderful
[21:17:47] SKHunter> How are they listed
[21:18:10] SKHunter> Tax sale?
[21:18:36] danielcobb> no I'm not talking about tax sales that is what it sounds like EquitAcqus is talking about
[21:18:48] SKHunter> Ok, l'm listening
[21:19:09] EquitAcqus> Becareful people,there is alegal redemption periond after the Auction which can be any where fron 90 days to one year
[21:19:12] danielcobb> These auctions occur after the tax sale process
[21:19:57] danielcobb> EquitAcqus let me explain how the process works
[21:20:15] hibby76> test
[21:20:51] EquitAcqus> Danielcobb, go ahead.
[21:21:01] hibby76> (Is there a discussion going on here?
[21:21:10] TCIModerator> Welcome Hibby76
[21:21:12] hibby76> ...or is it a telephone chat?
[21:21:13] hibby76> ty
[21:21:15] danielcobb> when a person has not paid there taxes after a period of time the county will try to sell the taxes for an interested rate on the amount
[21:21:33] danielcobb> no just online
[21:21:55] tomp> You mean Tax Lien Certificate?
[21:22:31] EquitAcqus> Big Go!
[21:22:48] danielcobb> many of these properties taxes do not get purchased and but default legally the county or gov can take legal onwnership of the property due to the unpaid taxes
[21:22:57] danielcobb> yes
[21:23:17] EquitAcqus> where can I get a list?
[21:24:10] danielcobb> once this occurs to make up the amount of money loss to unpaid taxes the property is auction off starting with that amt.
[21:24:49] danielcobb> You have to contact whatevery county you are interested in.
[21:24:56] EquitAcqus> Where do they post these property listings?
[21:25:30] kajaani> hello
[21:25:30] danielcobb> My book gives you all the contact info you need plus a prewritten letter to ask the right questions
[21:25:54] danielcobb> did counties do did things
[21:26:02] kajaani> i want to know if anyone knows of free pre foreclousure listing services online
[21:26:03] danielcobb> different
[21:26:24] EquitAcqus> You purchased a courseYou won't find one.
[21:26:31] kajaani> ....if there;s such a thing
[21:26:56] EquitAcqus> Sure for a price,monthly.
[21:27:07] danielcobb> the best way to find people who are in pre forclosure would be to check your county records
[21:27:28] danielcobb> or some counties sell a list for a small fee
[21:27:34] kajaani> i fund their web site how do i read it?
[21:27:44] kajaani> Palm Beach county in FL
[21:27:50] EquitAcqus> And you have to hop a line is not there waiting with you
[21:27:51] danielcobb> Scavenger sales are a better way of investing in re
[21:28:05] SKHunter> Tell us more Daniel
[21:28:27] EquitAcqus> You brought a course, Danialcobb
[21:28:31] danielcobb> you can purchase a single family home for say 5,000 that needs rehabbing
[21:28:53] danielcobb> it market value as is might be 30000
[21:28:58] EquitAcqus> I,m in Danialcobb
[21:29:22] EquitAcqus> Any materials I need to buy?
[21:29:33] danielcobb> you can sell it as is for 20000 to someone who is looking for a rehab project
[21:29:48] SKHunter> What do they require the day of the sale?
[21:29:57] EquitAcqus> I know what you are talking about
[21:30:19] SKHunter> It would be a great way to wholesale.
[21:30:28] danielcobb> The amount of money you bidded if your are the successful bider
[21:30:50] danielcobb> These auctions have all ranges of re
[21:31:01] SKHunter> Do they need cashiers ck ?
[21:31:10] danielcobb> Homes for a few thoundand to a few million
[21:31:16] SKHunter> Wow
[21:31:32] danielcobb> vacant lots and some commercial property
[21:32:08] SKHunter> What do we need to do to get involved?
[21:32:19] danielcobb> All this info can be gathered on your own with hard work, time and determination
[21:32:35] SKHunter> Ok, can do that.
[21:32:46] danielcobb> however, my book has done the research and hard work for you
[21:32:46] SKHunter> How often are the sales?
[21:32:56] SKHunter> How much is it?
[21:33:09] SKHunter> Do we buy it on TCI?
[21:33:12] danielcobb> varies from county to county or state to state
[21:33:18] danielcobb> yes
[21:33:35] SKHunter> Do you offer any support?
[21:33:56] danielcobb> yes just email me with anyquestions
[21:33:56] SKHunter> Or maybe a q and a session once in awhile?
[21:34:31] danielcobb> Scavenger sales are really amazing once you learn how to use them
[21:34:35] danielcobb> ok
[21:34:45] TCIModerator> How do we find one in our area??
[21:35:09] danielcobb> start by contacting your county government
[21:35:32] SKHunter> I will get your book and try it. Got a big storm here, I need to take a break for a few minutes.
[21:35:47] danielcobb> my book gives you the contact info for each county and tells you exactly what to ask
[21:36:12] TCIModerator> Greetings lacashman
[21:36:24] danielcobb> ok be careful we had a bad storm here a few days ago
[21:37:01] danielcobb> hello all
[21:37:28] lacashman> Hey
[21:37:41] lacashman> It look kind of slow tonight
[21:37:51] danielcobb> any questions or do you want me to continuue explaining Scav Sales
[21:38:10] danielcobb> it is a little
[21:38:22] TNMoneyman> Scav sales good in any state?
[21:38:44] danielcobb> yes
[21:39:23] danielcobb> they vary in time frame and how they are conducted
[21:39:52] danielcobb> depending on what county or state you are in
[21:40:18] TNMoneyman> are the propertirs similiar to condemned ones? I Live in TN, Sullivan county
[21:40:41] danielcobb> no
[21:41:01] danielcobb> condemed properties are no good to purchase
[21:41:24] danielcobb> unless you have a lot of money to invest
[21:41:46] danielcobb> Many are properties that need rehabbing
[21:42:25] danielcobb> howevery you actually purchase them below there market value
[21:43:44] TNMoneyman> thats always a plus
[21:43:46] danielcobb> The key to scavenger sales are that you can purchase land or real estate below market value
[21:44:12] danielcobb> paying a few hundred to thousands of dollars
[21:44:15] TNMoneyman> land below value would be good, then owner finance for aboce FMV
[21:44:21] TNMoneyman> above
[21:44:30] danielcobb> you decide on what you want to bid
[21:44:46] danielcobb> no
[21:45:04] danielcobb> you are buying the propery from the government
[21:45:27] danielcobb> they only want the money they loss on unpaid taxes
[21:45:47] TNMoneyman> so its better then a tax deed sale
[21:46:08] danielcobb> yes it is the process after that
[21:46:31] danielcobb> and you actually own the propertyy unlike a tax sale
[21:46:32] TNMoneyman> hmmm, now you lost me
[21:46:40] danielcobb> what
[21:46:59] TNMoneyman> after the tax deed sale is waiting out the redemption period
[21:47:15] danielcobb> exactly
[21:47:57] danielcobb> at these actions you are buying the property at tax sales you are buying the taxes for an interest rate
[21:48:14] danielcobb> auctions sorry
[21:48:40] danielcobb> did that explain it TNMoney
[21:48:53] TNMoneyman> taxes for an interest rate, unless they dont pay then you get the title
[21:49:37] danielcobb> yes but you have to wait the redemption period and actually pay a lawer to take the property
[21:49:57] TNMoneyman> so how is a scav sale different?
[21:50:05] TNMoneyman> then what I just described
[21:50:44] danielcobb> at Scavenger Sales you actually are buying the property for the amount bidded no redemption period no lawyer and below market value
[21:52:11] danielcobb> taxs sales are just that the sale of delinquent taxes for an successful bider
[21:53:06] TNMoneyman> so you just hav to find the scav sale then
[21:53:07] danielcobb> Scavenger sales are auctions for property after there delinquent taxes have not been paid and have not been broute at tax sales
[21:53:15] danielcobb> yes
[21:53:23] danielcobb> but also
[21:53:40] TNMoneyman> when the county is forced to take possesion of them
[21:53:58] danielcobb> know how to find out which properties are worth bidding on
[21:54:30] TNMoneyman> tax assessors office, record rooms, appraisels. etc
[21:54:57] danielcobb> also what to ask Scavenger Sales are called different things in dif counties
[21:56:07] danielcobb> I do not suggest going into a SS auction without adoing your research or knowing what to do you may get burnt
[21:57:02] danielcobb> Tn did that help
[21:57:31] TNMoneyman> very much so, the similarity to ded sale was confusing at first
[21:57:35] TNMoneyman> deed
[21:58:16] danielcobb> yes you get a deed from the county and yes it can be a little confusing at first
[21:59:28] danielcobb> My book explains everything in detail and gives all the info and resources you need to get started
[22:00:13] TNMoneyman> how state specific is it?
[22:00:22] danielcobb> any more questions or comments?
[22:01:18] danielcobb> each county usally have there own list of properties and each county runs thereauction independently from others
[22:01:45] knightvizion> Have a question...Seller says is going to "cash out" the property tonight...and escrow it tommorrow...what exactly does the cash out part mean?
[22:02:44] reinvestors> hello everyone
[22:02:46] danielcobb> Honestly that is not my area of expertise
[22:02:54] brian7200> Hi re
[22:02:59] reinvestors> hi brian
[22:03:28] danielcobb> I'm guesting sell or take a loan out on any equity
[22:03:33] knightvizion> anyone know?
[22:03:45] knightvizion> oic
[22:04:09] danielcobb> Ipretty sure it means take out an eqity
[22:04:14] reinvestors> hi daniel
[22:04:20] knightvizion> thanx guys
[22:04:34] danielcobb> any more question on Scavenger sales or my book
[22:04:39] danielcobb> hi
[22:04:55] stephenleila_cdns> i just got here
[22:05:07] brian7200> Hi steph
[22:05:08] danielcobb> welcome
[22:05:19] stephenleila_cdns> thx
[22:05:48] TNMoneyman> Hey DC, 21 pages?
[22:06:00] danielcobb> yes
[22:06:10] TNMoneyman> thats refeshing
[22:06:16] TNMoneyman> refreshing
[22:06:27] danielcobb> I tried to make it simple and to the point so anyone can understand
[22:06:57] TNMoneyman> I like somepne who is not goi ng crazy with "filler"
[22:07:01] TNMoneyman> someone
[22:07:07] TNMoneyman> going
[22:07:11] TNMoneyman> sheez
[22:07:33] jarviscm> what is a govt scavenger sale?
[22:07:39] danielcobb> Thank you
[22:07:49] stephenleila_cdns> can you tell me a little about govt sales
[22:08:13] danielcobb> A county or state auction to buy property that was tax delinquent
[22:08:57] danielcobb> you buy the property based on the amt of delinquent taxes not market value
[22:09:20] stephenleila_cdns> what is the competition like..other investors
[22:09:23] jserris> So do you mean like a tax lien sale?
[22:09:33] danielcobb> not a tax lien
[22:10:02] jarviscm> ok...we call them tax sales in OH
[22:10:08] danielcobb> tax lien you are buying delinquent taxes for an interest on your money
[22:10:30] danielcobb> Scav sales you are buying property the county now owns
[22:10:45] danielcobb> is that clear
[22:10:49] stephenleila_cdns> so like those John Beck "free and Clear" infomercials??
[22:11:28] danielcobb> I didn't buy his book but I'm think that is qwhat he is talking about
[22:11:49] danielcobb> How much is he selling his info for?
[22:12:28] stephenleila_cdns> 3 times 39.95 plus s & h
[22:12:36] stephenleila_cdns> but it comes with videos
[22:12:43] danielcobb> ok
[22:13:01] jarviscm> I just looked we have houses going for 1k in my county
[22:13:15] jarviscm> Do you have to worry about other liens?
[22:13:25] danielcobb> buy law no
[22:13:33] stephenleila_cdns> when you pay off the taxes do you immediately own the properies or is the a waiting period?
[22:14:03] danielcobb> when a property is taken for tax liens all other leins become void
[22:14:26] jserris> So basically it is a tax lien that the county acquired after the required number of years and no one bids on it. Thus the county acquires the property and you then contact the county to purchase it? Right??
[22:14:32] danielcobb> no waiting period only to print and transfer the deed
[22:15:00] danielcobb> yes, but
[22:15:24] danielcobb> they only auction thes property of at these auctions
[22:15:41] danielcobb> you can just buy it when yiou want to
[22:15:53] danielcobb> can't
[22:15:57] danielcobb> sorry
[22:16:52] danielcobb> any other questions
[22:17:48] danielcobb> Thank you all for being here and be sure to check out my book on TCI
[22:18:16] danielcobb> May there be success in all your endevors