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Tax Overages
Anyone know if this tax Overages program with Rick Dawson and Bob Diamond is for real or legit? Thinking about adding this to my portfolio just want to make sure i'm not being scammed with this.
Thanks
Andre
I do know that Chase and Fifth Third Bank honor this process (as a business owner the process of endorsing the check and depositing it into your business account.) I've even used Chase ATM deposit method, and never had a problem. However, I'm just not sure if you can get someone on the phone whose going to lay the process down for you and tell you what you want to hear (that you can use a POA.) It may be a good approach to visit the bank and speak directly with a Business Banking Relationship Specialist. This way you're creating a rapport with someone who understands your business and the concept behind it. They shouldn't have a problem with explaining the proper and legal way for a business to endorse and deposit checks that belong to their clients.
Good Luck
Does anyone know a professional skip tracer?
Is anyone familiar with Shawn Buige's programs?
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Originally posted by @Nate Hananger:
I signed up and paid the cost of joining, but it has been a slow start. I have not closed my first deal and here is why:
The business instructs you to get a Power of Attorney so that you can cash funds payable to your client and then send them their pre-determined percentage based on papers they sign when you make contact.
The trick has been finding a bank that understands this. Customer support has merely sent me links about law, defining a POA. Reciting law to a bank teller, or even bank managers, is like speaking a foreign language. And many banks refuse to give out their legal department phone number unless you are already a client.
Only 1 bank employee had somewhat of an idea, and mentioned the necessary business account would function SIMILAR to (but not the same as) a I.O.L.T.A. (Interest on Lawyer Trust Account), in the sense that funds owed to third parties would be held briefly in there which you would not be taxed for.
Reports of POA problems with banks big and small are rampant. No solid solution seems to be available, based on what I've read. The general consensus suggests to be persistent. I would think with the number of businesses and individuals nationwide who use them for all sorts of reasons, banks would have a much more solid approach for this.
Today I asked customer support of Overages Blueprint to send me the name and number of at least ONE bank employee who understands this business and has successfully executed a deposit using a POA. We'll see if they send me such a simple referral. If not, I may be forced to demand a refund.
@Stephen Turner
Just an FYI - all of the things you listed are provided EXCEPT leads. I had to go find my own leads, which as many previous posts confirmed, are limited by the states that allow lists to be provided for commercial use.
google Joe Kaiser colorful guy in this niche
also many counties simply will not let other claim tax overages only the owner of them.. or they will limit your fee.
its a VERY tough business and takes a ton of work... really more of a PI job than anything real estate related.. the folks I know that make this work or PI's with all the skills to run people down.
@@Sandra Lee , @@Brian Watkins,
Have you found any online sites that allow us to search claimants current contact, can you share here or PM? How is this program "overages" is working for your?
Thanks,
Nick P
@Sandra Lee How did this end up working out for you?
Originally posted by @Brian Watkins:
I am also researching how to get involved in the business of helping people retrieve their excess funds from tax sales. I am in Atlanta, GA. I literally just started the research yesterday and found that some Counties have the detailed excess funds list available online. @Sandra Lee Was the training that you took in regards to FL only? Any insight your willing to share to point me in the right direction to continue my research? Call me directly if you wish. My number is in my signature. Any insight would be highly appreciated!!
@Brian P. I would like to hear more from you directly as you have had success. Looks like your post got cut off.
Has anyone had success doing this in Atlanta, GA? Hey Brian, have you had any luck with the unclaimed overages? i was wondering if i should try it out.
Does anyone have a copy of this system they are willing to give out or sale for a minimal cost?
I personally liked Bobs program and was able to make money following the steps outlined in the course. I’m not affiliated with Bob, just bought the course in 2015.
That being said, I don’t focus too much on the tax overages anymore. My business focuses on overages generated from mortgage foreclosures. Some of my deals are on my website www.overagerefunds.com
I’m happy to answer any other specific questions people may have on this thread.
Nick Fuller - Love to know your recommendation for a beginner in tax overages. I’m willing to purchase a program if need be. I have researched this ALOT. I have the concept but wondered if necessary to get program. Your website is great BTW.
A colleague of mine, Rey Isidro, works a similar niche helping enforce judgments. On occasion, when someone holding a non-performing judgment just wants to rid themselves of the hassle, he'll offer to buy out his or her interest at a discount. Then he'll go collect.
I am surprised so few mention doing the same thing with overages.
I know some who'll buy note pools, have some that've gone through a tax deed sale thrown in for cents on the dollar (or even free) knowing there are unclaimed overages, and then file a claim now that they hold a lien on the property. A free note turned into $20K - $70K from a little paperwork and a few months of waiting? Does it get any easier?
@Nate Hananger. I am interested in your take on the overages business. You mentioned a note pool?
@Zee Brooke I just want to say thank you for all this information you have posted thus far. I have been ready to get involved with overages, I live in GA now originally from NYC. I was about to pay for a course but I am realizing I can get what I need for free like you said. (I may need a little help with that.) Again thank you for all your information.
Originally posted by @Kathleen Brown:@Nate Hananger. I am interested in your take on the overages business. You mentioned a note pool?
My take is: it’s not for me. I think there are plenty of more lucrative opportunities.
The note example is pertaining to the purchase of promissory notes. Banks sell notes all the time. Some of those notes are connected to properties that have gone through tax sales. Sometimes banks overlook that part because the pool is so large. And then they throw in the note for cents on the dollar, or free. So again, you get a note like that for next to nothing, and then you claim the overages because you’ve taken the position of the lien holder. Much easier than trying to persuade a previous homeowner to split overages with you, in my opinion.
@Nate Hananger I totally agree that route via a note pool does seem a little more smoother. Thanks.
@Brian P. I've been looking into doing this all year and would love to connect with you if possible.
Hello I know this is a old thread, but does anyone know how or where to get the forms needed to start this type of venture?
This business is legitimate as it gets. This business requires honesty and you must tell the client the amount to be recovered the fee you charge to assist in the recovery and that they can go at on their own if they want to most people like help with these type claims 30 to 40 percent is really fair for a fee. There is some work in find people skip tracing is required. Then your agreements must be notarized to the t. Some counties in different states do not allow third party agents ANF some states allow it with full disclosure being made to the owner of the excess proceeds. You must honor the agreement to pay your client their monies after you have gotten your fee.Dont steal your clients money it's a felony charge that will land you in prison. I recommend this business only if you are truly in t his to help your clients other than that each county have different time frames to claim the funds so be up on that information. Yes you can make good money helping these people but keep in mind that it takes 3 to 4 months for these funds to be recovered. I would not pay 1473 dollars for a course for this work.There are cheaper courses that tech this vocational skill so do your research before you over pay for the training.
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#4 All Forums Contributor
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Originally posted by @Nate Hananger:A colleague of mine, Rey Isidro, works a similar niche helping enforce judgments. On occasion, when someone holding a non-performing judgment just wants to rid themselves of the hassle, he'll offer to buy out his or her interest at a discount. Then he'll go collect.
I am surprised so few mention doing the same thing with overages.
I know some who'll buy note pools, have some that've gone through a tax deed sale thrown in for cents on the dollar (or even free) knowing there are unclaimed overages, and then file a claim now that they hold a lien on the property. A free note turned into $20K - $70K from a little paperwork and a few months of waiting? Does it get any easier?
those are unicorn deals.. can and do they happen for very cashed up sophisticated investors they do and can.. will the average I want to do overages beginner come close to this not a chance..
Guys if you want to buy Bob Diamond's program and dont want to pay $1500 look for it on ebay. That is where i bought his 2019 HOO system.
I believe this course is fares. Most states require either original claimant or attorney representing. No third parties. So in essence you must be licensed attorney or the person
Sandra Lee:
I was doing some research when I happened upon your messages regarding tax overages. It appears your last comments were some 5 years ago on biggerpockets.com. In most instances reading over notes from 5 years ago would be useless. However in this instance I am curious whether or not you ever got full blown into tax overages and whether or not it ended up becoming worth while.
I am very seriously considering doing this for a living. I have owned my own businesses all my life. I would like to slow down but still earn some decent money. It would sure be nice to think I could really help someone else who is down on their luck and yet still make good money for myself.
If you could somehow reach out to me it sure would be greatly appreciated.
Best regards,
John Metz
I have the Tax sale overage class and would like to get some partners and can give you a great deal. Just let me know if your interested. Thanks, Christi
@sandra lee. So did you ever make any more with the business? It sounds interesting and glad I found this discussion on the topic before I spent my money. Let me know how it went and if you are still doing the overages business. If so has it been successful?
Thanks.
Hi Sandra, I sent you a note. So sorry anyone else interested in this. I thought they had kicked my post off and then I got distracted with the holidays and other things and apologize for not getting back on this site till now. I only get on it occasionally but am trying in the next week or so to get back re focused on things I mentioned in my last post.