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All Forum Posts by: Dennis Weber

Dennis Weber has started 12 posts and replied 309 times.

Post: Leins

Dennis WeberPosted
  • Real Estate Investor
  • Indianapolis, IN
  • Posts 316
  • Votes 165

Ohio is a deed state. You are purchasing a deed not a lien in Ohio. You'll have to clean up the title before getting title insurance. There are companies that can do that in about 90 days.   

Post: Iowa Tax Lien Sale Online

Dennis WeberPosted
  • Real Estate Investor
  • Indianapolis, IN
  • Posts 316
  • Votes 165

@Adam Moehn There are about 10-15 counties online.  Dubuque being the biggest one. Pottawatamie was another big one (relatively).  I participated in the Muscatine auction.  Never heard of Muscatine but they had a lot of good properties.  Even an assisted living facility valued at 1.6m.

You can put limits on your bid downs.  I would imagine going below 50% would not be smart.  You would want a majority ownership.  Never found anything online about getting deed with partial ownership and selling it.

@Jay Hinrichs

  Iowa is pretty unique.  Bid down ownership is correct. 

Some bid down to 1/4 % in FL since there is at least a minimum 5% penalty

Post: The Difference

Dennis WeberPosted
  • Real Estate Investor
  • Indianapolis, IN
  • Posts 316
  • Votes 165

A note is a mortgage lien.  An agreement between two parties to pay it back.  How people trade those I don't really know.  A tax lien is when the government puts a lien on the property for non payment of property taxes.  These are sold by the county for payment of property taxes owed.  Every state has different bidding procedures and redemption period.  That is, if it's a lien state.  Some states are deed states which more or less sells the property.  Procedures and bidding are also different in states.  Some states are lien/ deed.  Some states are deed with redemption periods.

Two good books, "Profit by Investing in Real Estate Liens", by Larry Loftis and "Zero Risk Real Estate", by Chip Cummings

Post: Iowa Tax Lien Sale Online

Dennis WeberPosted
  • Real Estate Investor
  • Indianapolis, IN
  • Posts 316
  • Votes 165

Just got thru participating in a Tax Lien sale online.  It was in Iowa  where the interest and amount of lien never changes. You bid down ownership of property.  The bid choices were PTW (proxy to win), PTT (proxy to tie), and Direct Bid.  If you tie then there is a random selection.  There were supposed to be 4 batches but the server crashed so they put all the certs in 1 batch and extended the time.  It was working at the end of the 1st batch and I won two properties.  That is, until they batched them all and put them in the single batch.

Okay, I placed mostly PTT bids but many were PTW and placed over 40 of them.  All the way until the end, I was tied with other users.  When the auction was over, I noticed that there were only 6 or 7 winners of all the liens.  I won nothing.  Nada.

Assuming it wasn't rigged, does anyone know what I may have done wrong?  It was a confusing mess and not a lot of instructions on the auction site that I can see.

Thanks, Dennis

Post: Anyone invest in tax liens in N. Texas or DFW area?

Dennis WeberPosted
  • Real Estate Investor
  • Indianapolis, IN
  • Posts 316
  • Votes 165

@Joseph Gozlan

  This is Muscatine County https://www.iowatreasurers.org/treshome.php?idCoun...  

In Iowa, the lien sale is conducted thru the County Treasurer offices.  Not all Iowa counties are online.

Post: Anyone invest in tax liens in N. Texas or DFW area?

Dennis WeberPosted
  • Real Estate Investor
  • Indianapolis, IN
  • Posts 316
  • Votes 165

@Joseph Gozlan

  Iowa tax liens are on sale next week.  Many are online.  It might be too late to register, though.  18%, bid down ownership.

Post: Anyone invest in tax liens in N. Texas or DFW area?

Dennis WeberPosted
  • Real Estate Investor
  • Indianapolis, IN
  • Posts 316
  • Votes 165

@Roy Oliphant

  Yeah, I heard it was hectic in Houston. I will enjoy that once.  Where do you go?  I figured I could go to any county.  25%=25% everywhere in TX

Post: Anyone invest in tax liens in N. Texas or DFW area?

Dennis WeberPosted
  • Real Estate Investor
  • Indianapolis, IN
  • Posts 316
  • Votes 165

Texas is a deed state.  I'll be at the Harris Co sale in Aug.  Texas in August.  Hm.  Most information you can get from the county web site.

Post: Hello!

Dennis WeberPosted
  • Real Estate Investor
  • Indianapolis, IN
  • Posts 316
  • Votes 165

Hello back atchya fellow Hoosier from John Mellencamptown. You'll find lots of helpful people and information here. 

Post: Best Investment Vehicle for Self Directed IRA

Dennis WeberPosted
  • Real Estate Investor
  • Indianapolis, IN
  • Posts 316
  • Votes 165

thanks @Brian Eastman for setting me straight. It's more clear now because the info from my sdira company used UBTI in the context of penalty resulting from a disqualified transaction.