De-mystify please

[Dave Reynolds]

Real newbie to the topic so I'm looking for some answers to a few basic questions.

Assuming I focus my time/effort (30-40 hours/week/diligent) in this area (tax sale investing) will those with experience please answer candidly:

1. 1.  Is tax lien/deed investing a huge 'learn' before making first deal moves?
2. 2.  Does tax lien/deed investing require generally longer or shorter periods of time than conventional standard real estate transactions prior to receiving income?
3. 3.  What is your one best 'referral' resource to learn and acquire the 'chops' it'll take to enjoy a decent living?
4. 4.  I'm now working in RE by myself; can this type of RE investing be successful without adding staff?

Thank you,

Dave

[Ned Carey]

@Dave Reynolds  I am not sure what you would call a lot of work to learn. The basics are pretty simple. But if you want to do it at a high level it will take some time. 

Ta lien investing can be fast or slow. Fast is usually bad in this business. Lets say you buy a tax lien and it redeems in 1 month. Yes you get your money fast but in most states you only earn 1 months worth of interest. Even at 10-20% interest rate, 1 months worth of interest does not move the needle very much. To actually foreclose on a property can be a home run, but that can take 1-2+ years after you buy the lien.

I don't think there is 1 good source. The problem is the laws and regulations vary tremendously by state and sometimes by county. Very few courses give enough specifics for the local area you want to work. Often when they do it is outdated material that is no longer valid. 

Actually right here on Bigger Pockets may be one of the best places to learn. there are experienced tax sale investors from all over the country here. The best place to learn specific laws and rules in your area is either you local county website or a local attorney that specializes in tax sale work. County website usually have information but it can be hard to find. I learned a lot of the basics by taking an attorney out to breakfast. I still work with him 10 years later.

 Have a full time partner that works with me and we have unpaid helpers just before the auction to help us inspect properties. You can do this by yourself. If I had a big enough pile of money I could easily live off this doing it by myself.