All Forum Posts by: Chris B.

Lots of great points above to learn from. I would just mention one possible benefit - if you are investing with an SDIRA account, there is usually a delay in processing the investment as you have to go through their process and have the custodian sign the investment packet on your behalf. If you set up a "checkbook LLC" for your SDIRA, then I believe (check first with your custodian and/or attorney) that you would be able to invest directly as the manager of your LLC (using the LLC's account), without going through your custodian.

On the other hand, that ability to quickly invest can be a double edged sword, since I think the delay can be a good thing (it forces me to think more carefully about the syndication and take the time to make sure it's a good investment for my SDIRA). You also want to make sure you don't commingle your SDIRA LLC funds/accounts and your personal funds/accounts when investing.

Quote from @Joe Derobertis:

Hey all,

I’m assuming someone can answer this pretty quickly but is PassivePockets not included with BP Pro?  I didn’t see any way to login with my BP account like I could for example with Stessa so I’m assuming no, bit figured I’d ask. 

Thanks!

No. It looks to be a separate login and payment, which is really disappointing. Pretty expensive also. They had a discount code in the email newsletter, but I don't see the value add yet. Maybe if you were already a paying member of Left Field Investors?

The mortgage (and other lines) would likely be wiped out (but talk with a real estate lawyer or title company to be sure, I am not one) - which is why mortgage holders usually require an escrow account so they can pay the property taxes. The lender might also have a right of redemption, IIRC. But if it's been that long with unpaid taxes, and also has a mortgage, that might be a good time to ask "why?". Especially if no other investors have purchased the tax lien during that time - what do they know about this situation that kept them from getting it? Quite a few people make money at tax sales, but they do it with a lot of creativity and situational knowledge. You might be in an area with few investors, or there could be a deal-killing reason why it's still there. Good luck!

The process is a bit more complicated than that. You don't actually get to acquire the property until after the third year of unpaid taxes. I'd recommend reading up on the process more before you start (and local tax sales are coming up soon). There's a guy who has written a book about it up for sale on Amazon (search "Missouri tax sale") which might have answers to your questions (I have no affiliation with the author). Otherwise your best bet might be to network in local REIAs with other investors who purchase at tax sales. The STL REIA recently had a zoom call on the topic, which I think you can find on YouTube.

Quote from @Nick Felice:

Hello,

I just got my first assignment of contract and looking for a buyer.

Are there any buyers here buying in Missouri?

Missouri has a few different markets. There are several Facebook groups and local meetups where you can easily find a buyer, depending on the market. Where is it at?