Tax Deed Research Questions
Have any of you purchased Darius Barazandeh’s course on tax liens/deed sales?
I’m new to the tax sale game. I realized early on that investing using OPM (other peoples money) will help you accomplish your goals faster. The only book I’ve read so far is the one by Larry Loftis. I found larry’s book to be informative but what I noticed was there wasn’t much depth on the actual courthouse research.
Where can one learn how to master courthouse research? I represent a group of 23 men who have decided to invest together in tax deeds. We don’t plan on making any bad investments. We want every property we are interested in researched prior to sale.
Oracle
There is more to it than what you mentioned! Every area is different. The first area we are looking at doesn’t have their online access together yet. I went there in person and researched 3 properties but I felt kinda new lol. Everybody else in the research room was buzzing through the stuff at light speed. It wasn’t coming to me at a glance…whether what I found was a good deal or not. I’m also interested in buildable land but from the printout I pulled on my own land I couldn’t tell if it was buildable or not.
I’m pushing for the group to make it’s move next year. I want to minimize the risk as much as possible. Another question I have is for the amounts we are working with should we incorporate now or later? How are taxes affecting you guys with this type of investing.
Yes as a beginner I got involved with a group because OPM (other peoples money) is the way to go!!
Online is the best. Mastering is not hard, just be very friendly to the staff and they will help you. One trick is to take some candy bars in there.
There are a few great websites that will help you.
I know of one that lists all of the free public record sites in the U.S.
I never considered the candy bar trick!
Maybe my topic is unrealistic. I was expecting someone to explain their system. I’m trying to take this thing to the highest levels possible. Have any of you written a business plan which yielded you a line a credit for this type of investing?
The online things sounds great but when you go online what do you do exactly? What do you look for? What is your system? Do you have a systematic approach?
Can you online guys function in offline research rooms?
Give me a gem of wisdom that isn’t in a course book.
bargin 76
I guess I am getting knowledge constipation with this LOL. Learning how to do it is a top priority for me but paying someone else (outside of a title company way) I’ll teach is in the near future. This is kinda like my accountability board. You guys keep me check and let me know when I’m on the wrong path. I set a simple goal of going to the research room every other Friday until I got a firm grasp on it. The last Friday I had other commitments.
Sometimes I get the impression that some of these guys get the listings and go to sale purchasing things they never researched or visited. I’m not willing to throw my money and caution to the wind like that…
GQ,
You are so correct. People bid and win property at the tax sales all of the time, sight unseen. It amazes me. it is almost like they just want to place their money and they thing ANY real estate is a smart investment. The last sale I went to, a bunch of younger couples were bidding up some lots. What they didnt know is every one was not buildible because they could not get water, or they were on the side of a very steep hill. My favorite was a guy who won a 1/4 share of a 10 foot wide, 50 feet long easement. He paid $20,000 and the bidding started at $1500.
Here in California, they give people every opportunity to pay their taxes. They have to be behind 5 years before it goes to sale. They have to go through a 30 steps before it can be sold.
They can come back for a year and challange the auction, however I have heard this is rare...
I have purchased Darius Barazandeh’s course on tax liens/deed sales in Texas. It is very informative and helpful. Mr Barazandeh has also helped me with some questions. But I need more help. I need help with a title search in Texas to find out if there are other liens on the property that will survive foreclosure or/and a mortgage.
Thanks
MrBossman [ Edited by MrBossman on Date 08/27/2005 ]
Court house research at the tax deeds office is just getting public information on what has not been paid. (In Louisville KY). The real research about the property goes to the deeds office, and here we use Grantor/Grantee Books and Mortgage Books, subdivision plat books and UCC filings, and older records on microfiche. What you need to understand the most about this research is you start with the most current deed and mortgage and actually read the documents, they will lead you back to the next documents which will lead you back to the ones before it. Do mortgages and the DEEDs. You will see what is called a satisfaction piece if it has been paid off (mortgage). All timelines must coincide and all mortgages have to be accounted for. If there is no paid entry (satisfaction piece) that essentially is a lien on the property. Same way with encumberances, they are listed on each deed and rights of way also, with rights of way and easements they can be created on the mortgage. Detailed research in registery of deeds is SLOW and the very best training you can get is to take one property and chase it all the way back to origin. That will usually take you through the Grantor/Grantee Books, the Mortgage Books and the Microfiche files for older information on back even to subdivision plats, bylaws and declarations. Usually what you are hunting for is to determine if a defect of title exists ..."it will not fit in or date and timelines are wrong!! THAT is what is known then as A "problem" (a defect on title) (color on title). If everything appears to be falling in line logically times and dates are hard fast and DO MATTER you are probably GOOD to go.. I would recommend that you speak to the clerks often. They love to help people who are POLITE. All the other people you see going through the books like they were born there....probably were. Hoped it helped. Also talk to an attorney about what he looks for on abstract of title. Remember you are buying tax deeds or certificates and the current owner is probably the one with the problems if any are gonna occur. His problems are not paying taxes and it usually is not over a problem with the chain of ownership!!! In Louisville it is usually 3 or 4 years before you can file a court action to get the property for unpaid taxes that you have paid with your tax certificate purchase.[ Edited by getitqwik on Date 10/15/2005 ]
Maybe try a subscription site like realquest for your initial research. Or just hire someone locally.
Most people either have a lot of time and little money or they have a lot of money and little time.
Don’t you think it would be beneficial if you had someone you trust research tax sale properties for you in addition to the ones you would research yourself? Whenever you duplicate yourself you will inevitably make more money with less effort. This was my line of thinking on that. What if you researched your on stuff in your county and had 3-4 other people in other places researching for you?
I hate to sound Rich dad poor dadish lol but there is a difference between an investor and a self emplowed person. A self employed person has simply created their own 9-5 a business owner can walk away from his business for a little while and still make money without him being hands on.
Depending on how big the sale is this can be extremely time consuming. The thing I hate about where I live is the tax sales are 4 times a year. I wish I did have a one every month to go to. In the meantime I’ve been exploring other avenues of investing. I don’t think I will be able to go to just four sales a year and reach my goals. I’m willing to go to the surrounding counties as well. Then again there are other investors who only focus on tax sales and are successful. Whatever floats you boat.
What does a newspaper ad have to do with a tax sale. You need to hire an attorney. Somebody is trying to sham you in my opinion. Have the attorney contact the city and prove the tax sale. I have never heard of this. How is the city involved is the Newspaper owned by the city?
The administrator is saying that this:
"Items on the Tax Sale list include all amounts due to the Borough from the prior calendar year. This includes Utility payments and unpaid advertising."