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All Forum Posts by: Gaston Ortega

Gaston Ortega has started 1 posts and replied 5 times.

I haven’t found a CPA (nor have I tried that hard yet to find one in California) that can give good real estate tax strategy advice for a highly compensated W2 earner that is trying to get ahead of the rat race with smart real estate investing. Of course for W2 earners tax is. A huge deal in the profit equation when you pay $100-200k in taxes.

The ROI counting taxes returned multiplies many times upfront.

I need a good team though…

Post: California Tax Deed Sale

Gaston OrtegaPosted
  • Posts 5
  • Votes 0

Mark, I read your post on liabilities that might stay after buying your tax deed. Did you ever learn the answer to this question ?

Surprised you didn’t get an answer in 3 years!

Please answer in this thread if you learn the answer to your very important question.

Thanks!

Quote from @Jeffery Wireman:

Thank you very much for your input.I’m looking for off market properties I think that would be my best approach since I am very new at this

Hi, and how do you execute that strategy? I am also very new. I have 3 rentals but did it all cash. Now I need to think of a new approach with leverage and all I am learning, thanks to this community.

Quote from @Bruce Lynn:

Personally I don't think you want to do this.

The experts on here will likely tell you that you don't need to scan 3000 county auctions.

You need to do the ones near you, where you learn and know the rules, can drive every property you plan to purchase.

Even in one state where the basic rules should likely be the same they seem to get implemented differently in each jurisdiction....so you really need to learn the specifics of that ONE sale.

I doubt there is any one software that scans all the auctions....almost every one in my area has some differences where it is not even easy to parse the data and get it in a spreadsheet in a simple format. Have to have a VA do that.

Personally I would not pay for the education from a national provider.  I've watch many videos online from them and attended in person their free training sessions.  I saw enough in the free sessions to understand they were not going to be useful and typically a gateway for you to buy coaching and perhaps software thru them.

I always say start with the county your are in or near.  Go to the auction, see how it works, don't go to bid the first 1-2-3 times.  See what people pay.  Learn the rules.  Talk to everyone.   You will learn in some places that have bid down, that the interest rate quickly goes from 16% to 1% on many properties.  You will see in deed states where the minimum bid might be $1000 for the property to go to $10,000 or $50,000.  You will find in deed states there is no financing typically that you need to pay cash money the same day....sometimes they'll take cashier checks, but often it is real cash cash....in Dallas County Texas just to give you an idea...they auction the property, and the minute that auction is over you step to the front of the room with the deputy that ran that auction $100K-$200K-$300K comes out of bras, boots, and briefcases and gets run thru a bill counter in front of everyone.  This while the next deputy steps to the podium and auctions the next property.

We're starting to see a few online in Texas, but not many...most of the time you are required to be there in person.  Typically one auction a month, but you might get lucky and make it to two.  If you are going to scan all 254 counties are you willing to attend an auction in any one of those counties?   Are you willing to hold the property for 2-4 years and pay taxes and insurance on it?

What state are you in....there are a handful of experts for various states on this forum so maybe we can send you to the right person for advice or training.

You might also attend your local REIAs and ask them who the tax sale experts are in your area.

For good general very very basic get started advice, read the 16% solution book.

Thank you @Bruce and @John Underwood . I was living in South Florida, for many years until 2020. I have 3 rental properties there. However, I I moved to San Diego County, CA. I started looking at the counties I can drive to. 

Here's my question/confusion: If I follow your advice and don't expect to take action in the first 2-3 auctions in my area, that sounds like not investing in 2-3 years potentially. I only see an auction per county per year here, at least from what I researched so far. The same applies to what I researched in Florida. I would like to begin researching and preparing to bid on deeds and plan to get paid interest when the property is claimed.

In order to get busy quickly, I thought I would learn about the states that pay best and faster, and use my relationships (i.e. my uncle in Dallas, and friends in Houston) to do research and participate in online auctions when possible, to, at least, prepare for one auction every other month, rather than once a year. This is why I found the software interesting, to dig through the rules and benefits of different counties, see the available new properties, then download them, filter, and begin the work. What do you think I should do to get into deed purchases from my area?

I will look into what the REIA is.

Thanks a lot!

Gaston.

I am interested in the personal experience of tax lien and deed investors regarding research software that would facilitate access, visibility and research to filter through >3000 county auctions.

1- Are there some which are highly reputable while others considered more scammy in nature?

2- which do you have a good experience with?


3- From a common sense perspective I believe technology should be a good facilitator to waste less time creating a competitive advantage to find good deals faster. What do you all think? Interested in the opinion of those who have acquired properties and attended auctions over a few years.


4- As for expediting my education, and research, do you have opinions about the value of these two sources?

- Tax Sales Academy - Casey Denman

- Ted Thomas - and his “magic map” for research