All Forum Posts by: Chris I.

@Brett Tvenge I'm not 100% sure, I haven't been in touch with them in the last 4 months.  They were back in February when I got a quote on something.  But that was technically before everything went crazy.  Just reach out, I worked with Tony Imperiale, DM if you want his #

FirstBank is a portfolio lender and does LOCs on investment properties in AZ.  I've used them twice

Typically only smaller banks will do this, whether they'll do it for an out of state property probably depends on if they have a banking presence in that other location or not.

@Lee Hines great tip, first-hand referrals are best

So just my 2cents here, but I think investing in tax liens is a bad idea, especially in a "good" economy time like now.

There is much less supply now vs in the trough of a recession and your major competitors are hedge funds/banks.  The allure of 16% return sounds great but many go for 1%-3% interest, even ZERO... because the lender holding the mortgage isnt' going to let you swoop in and take a property they've lent on.  You can get a much better return on your money just doing simple index funds and bonds (3-9% historically)

If you're trying to get a property for cheap this isn't a good route either as i've heard ~95% in AZ will get redeemed, meaning you won't get the property.  And the redemption period is 3 years, so you'll have to continue buying the tax liens on the same property 3 years in a row for the chance to get it, which could potentially lock up alot of your money while you wait.

Bad experiences I've heard of are people "winning" a small irregularly shaped piece of land with no buildings that is completely landlocked and unsellable.  Obviously poor research on their part but still.

There are no refunds once you've won and paid.  But if you've won and haven't paid and don't within 24 hours, they just offer it to the next lowest bidder.

You also can't bid on 50 thinking I'll just pay for the best 2 because "A deposit of 10% of your expected bids must be made prior to the close of any batch in which you intend to submit bids."

For more info see https://treasurer.maricopa.gov/Pages/LoadPage?page=TaxLienTutorial

If you're looking for an easy in to RE investing also have a look at REIT ETFs or crowdfunding platforms. They're super passive and give solid returns with no work, just remember to diversify

It sounds like you're trying to use this technique?

https://www.biggerpockets.com/forums/49/topics/329...

Hey all, I'm having a similar issue. I'm talking to 1st Bank about a HELOC on a rental property. And they want me to move all my primary banking accounts (checking/savings) to them first before they'll lend.

Is this common?  Or is this just because the property isn't my primary residence?

@Michael Hacker

@Justin Owens

Does AZ Bank & Trust do HELOCs on non-primary residences?

I'm fine with moving just a rental property's banking to them, but not sure about everything.

Cheers!

@Michael Hacker