All Forum Posts by: Jason Farmer

@Spencer OBrien

I buy alot of liens, and i network with guys who buy hundreads of thousands of dollars worth of cets every year, and ive never heard of anyone losing money unless they bought a property that worth absolutely nothing, and at the same time who would invvest in a property with no value...After that redemption period has experied that property owner has lost all right in that property and as long as your lawyer does their part which only takes about 2 months after the redemtion period, you are the new property owner...its a win win situation, unless of course you got worthless property...But then youd still have some land value..but i dunno id like to hear how he lost

@Jay Hinrichs

Tax deed and Tax liens have the same concept, the only difference is you hope to make intrest on the tax liens. But if the property isnt redeemed on either of the two types of sales you get the property in the end..How did you lose 100% of your money, were the properties junk properties with no value?

I invest in both liens and deed sale states...In Indiana you get 10% intrest, i put 20k into liens, some of them get redeemed and i make my 10% intrest and the ones that dont get redeemed i walk away with a property free and clear after the redemtion period ends and my lawyer does his job..In Ca where i live i get the deed 30-60 days later with no intrest.

Im just curious how you walked away with absolutely nothing?

@Richard C.

I get it, but its a strategy that works, especially here in LA....i personally know wholesalers who make good money using this strategy...almost every deal i see is an MLS deal, do i like it.....NOPE but its apart of this business. I dont use the MLS to find properties, the more wholesalers that flood that MLS the better for me, they can stay out of my way finding motivated sellers....

@Jonathan Woelfel

Pointless thread, although its good to get your frustrations out sometimes...This business is cut throat from top to bottom, and there is a place for wholesalers in this business..

Pull your pants back up and calm down, get out there and find your own deals...stop complaining

@Markeilsha R.

In my opion its a really good deal...I would go about it completely different i think your complicating a good deal..

I do think its a bit of a guru concept and things could get sticky if you dont face it head on, regarless of what anyone tells you, the bigger picture is can you afford the mortgage and can you afford the tax payment. It dosent matter what you work out with the seller, those two things wont just go away no matter how you wrap up the deal or how pretty you make it sound with land contracts and property trust...There are no loop holes when money is do...Thats the reality without all the big words and red tape...

If this financially makes sense for you and your family then go for it, i think its a great deal if you work it right...

All just my opion...

@Markeilsha R.

Are you implying that the owner is on an installment plan with the county to pay off the delinquent bill...24k on a SFH of that value tells me either he is more than 5 years behind or its facing auction really soon....

I deal with delinqunet properties all the time, its actually the heart and soul of my business. If somehow you could either get financing, or set up future financing and the seller is at 67.5 its a great deal if thats including the tax debt.

I can tell you, ive done so many of these deals, and its always the same, be careful, the owner is aware of whats going on, and its in their best interest to get some type of money out of this if they dont have the money to pay the tax bill....

I cant tell by the way you worded your question, on rather the property is free and clear and your landlord just paying the tax bill or is he still paying a mortgage, plus the taxe bill...

Thanks everyone...appreciate the comments...

Ive done a few deals through conventional financing and a JV deal...The $500 dollars for inspetion isnt the issue, it was the "no refund if it dosent get appraised"... im 100% sure the value is there. Just figured they could tell em anything, just to take my money. .Just wanted to see if that was normal procedure.

and @Rick H.

Hello my fellow BP members

I have been reaching out for a Hard Money Loan, i talked to several so called "lenders" and after speaking to so many its almost like i can predict the enitre conversation from the beginning to when i say "you must be crazy have a good day"...

Im not experienced in HMLs at all so im asking because maybe its me, but the conversations always starts great, they throw out a bunch of awesome sounding senerios, they do a keep evaluation of the property, they say they love the deal. They we talk rates, which also sound good to me. Then after 20 mins of that they all end with. "OK EVERYTHING LOOKS GOOD ONE NOW ALL YOU NEED TO DO IS PAY THE $500 TO ORDER THE APPRAISAL"..

It wont be refunded if the appraisal comes back less than 65%...HUH?

This has got to be a scam or is this normally how hard money works?

Feel free to scold me BP i need it...LOL