ProSource Tax Liens - Good, Bad, or Indifferent?

Question

Hey guys!  I'm just curious if anybody has purchased any of the courses offered by ProSource Tax Liens.  I attended one of their free events and am thinking about buying their 3-day course, as it supposedly includes access to their website with compilations of all lien sales throughout the country.  I've read conflicting reports that say that they don't give this with the purchase of their first course and that they only include it if you buy the higher priced course package.  If anybody has purchased any of their courses and can shed some light on this, that would be greatly appreciated.

Franklin Stewart Tolen · Answer

Hello All. I'd like to share my experience with PSTL.  Having no experience with real estate or tax liens I attended their 1-day seminar on tax lien investing in January 2019. The speaker, Marie Carson, was amazing. Her story was moving, as were the testimonials. I was sold. I paid the $597 to attend the 3-day workshop. The workshop, in my opinion, was very informative. Again, this is coming from an indiviual who has no experience whatsoever in real estate or tax liens.  "We will hold your hand through the entire process" they said.  Their 'Commitment Guarantee' states "We commit to work with you until you succeed. ...We will continue to help you until you have earned at least 100% of your investment in our program."  They sold me. I was ready for a life change and this was my opportunity.  20 months later and over 5-figues in credit card debt to purchase the program, I've earned 0% of my investment into their program. My concerns began to grow after months of no contact from my 5-figure mentor or the company and decided looking up the business on the BBB website.  To my dismay I found that, as of October 2019, the company stopped operating.  On the bright side I've learned more than I've ever known about tax liens, real estate investing, exit strategies, tax deeds, business and the like.  But it came at the cost of a ruined (cannot emphasize that enough) credit score and insurmountable credit card debt.   At the recommendation of PSTL Strategy Specialist I've taken to wholesaling.  I've been knocked all around the ring, so to speak, but I keep moving forward regardless.

I'm sure it goes without saying but I would not recommend getting involved with this company.  Upon more digging I discovered that they may have been called (or involved with) Tax Lien Buyers Club "TLBC" & REI Holdings LLC. The owner of REI Holdings became one of the owners of Prosource Tax Liens. Coincidence?  Anyway, Beware!

Thanks BiggerPockets.

Ronald Rohde · Answer

What a colorful description of the counties of Texas! I will say that *most* of the differences are due to size of county. A smaller county can't afford or have volume to run their own tax sales every month rain or shine. They have to outsource that. Larger counties then get to impose their preferences, well, because they can.

Bruce Lynn · Answer

I don't know about these folks, but I've been to a few of the FREE 2-3 hour seminars by different companies (or maybe this one I just dont remember their name).  All of the ones I attended did not have good local information for my market.   Some gave false information and one just flat out lied about what he had done in Texas.   I felt like at all the seminars were so bad in the FREE info session, that I would never pay them for anything, but probably most of the people there had no clue, so signed up for the next paid session....which I think then turns into a sales pitch for some kind of monthly product and coaching.

In my experience these types of investments are very local.  Here in Texas we have 254 counties, all with the same state law, but lots of people involved and there are also politics involved.....so just for an example that really doesn't matter, but gets interpreted differently..... some sales are run by the sheriff, some by the constable, some by the appraisal district, some by the tax assessor, some by an attorney hired by one of these people.  Some are on the courthouse steps...rain, snow, sleet, 110F, 20F, some inside the entrance, some in a courtroom, some at the annex, some in a tent near the courthouse, some in a hotel ballroom.   Some want cash, some don't want cash, some want cashier's checks to the tax assessor, some to the appraisal district, some to the sheriff, some to the law firm, some change it at the auction.  A small handful will take personal checks.   So those are just a few example of the differences that are important, but not vital to the sale.   That's for one state, now think about all the other potential issues and one person teaching that nationwide?

I think education is good, and at best they give you some examples and some broad general information.   I can't hardly imagine any of the big national roadshows give you great info about your local market.

I'd suggest going to a few sales...go to your REIA meetings, network and ask around who is the expert and if they offer training.

Charles Seaman · Answer

Thanks for the insight @Franklin Stewart Tolen!  I never wound up taking the 3-day course with them.  I have an extensive background in commercial real estate, but am a novice with tax liens and have always been interested in learning more about them.  If you'd like to connect further, please feel free to send me a message.

ProSource Tax Liens - Good, Bad, or Indifferent?

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