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All Forum Posts by: Will Sifert

Will Sifert has started 48 posts and replied 510 times.

Quote from @Melissa B.:

Hello,

I'm looking at tax lien investing, and have been looking at areas where it's frequently less competitive. However, some of these auctions are live, in-person only. I don't have much to begin with, let alone the extra to fly over 3,000 miles to attend some of these auctions.

Assuming you don't know anyone in the state, in which, the sale occurs, who do you trust to hire as an agent to bid on your behalf at a tax auction? What is the minimum threshold that such an individual or professional would accept to attend a live, 3-4 hour sale? What are some due diligence items that might be included in a contract with such an individual or representative?

Any feedback or advice into this matter would be much appreciated.

Sincerely,

Melissa


Honestly, when you said  " I don't have much to begin with" and its too expensive to fly there yourself. I think you are wasting your time to worry about hiring someone to bid for you out of state etc. The large hedge funds do it, but they spends tens and even hundreds of thousands at a tax sale.  If you have a small amount of money to invest, do it with in driving distance.

Post: Rockingham Vermont Tax Sale

Will SifertPosted
  • Investor
  • Covington, LA
  • Posts 517
  • Votes 316
Quote from @Bruce Lynn:

This article gives a brief overview of the Vermont Tax Sale.   Looks like you buy the lien for a year.  Previous owner has a year to pay off the debt plus 1% interest a month up to 12 months.   Then you get the deed if it is not paid off.

https://www.eagletimes.com/roc...

Looks like very few got sold.

Sounds similar to SC.

@Bruce Lynn any chance you have any information about tax liens in Montana?  I can't find anyone with first hand experience there.

Post: Help understanding tax lien

Will SifertPosted
  • Investor
  • Covington, LA
  • Posts 517
  • Votes 316
Quote from @David R Duitsman:

Yea, it looks like you were correct. The mill levy is the tax amount per $1000. Thanks for the info guys. 

According to the county website it looks like all liens are wiped out as well, except for government. 

looks like the aution had already took place but there were 248 property certificates that weren't purchased.  I went through them one by one and 245 of them were orphaned or splintered pieces of land inside subdivisions and HOAs. 3 of them looked like normal lots. That I wouldn't mind driving by and researching further. I guess there were good reasons no one bid on them. Lol

All and all, it seems like a ton of time and effort for probably nil.


Sounds about right. When it doesn't sell at tax sale, 99.9% of the time its junk.   Are you looking in Colorado ?

Post: Foreclosing a Tax lien WITHOUT attorney?

Will SifertPosted
  • Investor
  • Covington, LA
  • Posts 517
  • Votes 316
Quote from @Bruce Lynn:
Quote from @Peter Walther:

One benefit of hiring a local attorney that I haven't seen mentioned is access.  A local attorney may be able to take a proposed Order to the judge's clerk and get it signed ex parte while the judge eats lunch.  You on the other hand would need to request a hearing date which might be three months out.

Then, in my experience, few judges are well schooled in real estate law, never mind tax lien foreclosures and so heavily rely on the attorneys appearing to educate him/her on the nuances of the procedure.  The judge may not be in a position to provide you with the education you seek frustrating you and the judge.

You are so right on this one.   It also would not surprise me at all if the judge lowers his/her glass peers over the bench and asks where is your attorney.  There are plenty of places you cannot represent yourself even if the law says you can, the judge will put a stop to that.   So you wait 3 months or 6 months after Covid to get your court date, and then they give you a continuance to go find an attorney and return.   Probate judges are famous for this.


 In AZ, some counties allow an individual to do the foreclosure themselves and they even provide the steps on what you need to do. I don't think they would be looked at too badly if the county is providing the info on how to do it, almost encouraging it. I think for low value properties where the cost of an attorney is not financially feasible, doing it yourself is really your only option unless you want to lose money.  Now, if the property was worth 20K or more I would never deal with it myself and I would hire an attorney. 

Post: Foreclosing a Tax lien WITHOUT attorney?

Will SifertPosted
  • Investor
  • Covington, LA
  • Posts 517
  • Votes 316
Quote from @Mona Ghai:

@Ned Carey @Don Konipol - maybe I should have provided more clarity. The tax lien are for "lot" (empty land) in Pinal County, Arizona. Would it still be that complicated to foreclose without an attorney? Thanks much for taking the time to reply. Appreciated!   


 You are correct, it really depends on the value of the land. If the land is only worth 5K for example (which is not uncommon for smaller rural parcels of land in AZ) it is really cost prohibited to pay an attorney a couple thousand dollars to handle the law suit. Some counties do allow you to do it yourself but there is criteria that must be met which may or may not make it an option.

Generally speaking when you are dealing with low value properties in foreclosure states (require an attorney and law suit), selling via quit claim is going to be your best option. In that case you are not selling with clear title, just transferring your ownership in the property. 

If the value of the property is 10K or more, making it still profitable to hire an attorney that would really be your best option.  However, if you planned on doing lots of these and you lived locally learning to do it yourself would not be a terrible idea. Be prepared for some educational, learning mistake costs if you do it yourself. But like I said, if you planned on doing several of these the cost from your mistakes should be less than your attorney fees if you hired someone to handle each property.   Good luck. 

Post: TAX CERTIFICATE STRUCTURE BEING DEMOLISHED. HOW TO HANDLE?

Will SifertPosted
  • Investor
  • Covington, LA
  • Posts 517
  • Votes 316

In many cases the county will charge more than what it would cost you to hire someone to do the work.

Buying tax liens on vacant, blighted, run down houses there is always the risk the county will want to demolish it before you can take ownership. Here (Louisiana), I have intervened in these situations and made the repairs needed to satisfy the local municipality. Fortunately we have a way in the law that allows us to recoup our repair costs if the property is redeemed by the owner. However, in all cases that the owner was this neglectful they never redeemed.  

I never buy a tax lien on a vacant house unless the value of the land exceeds the cost of the tax lien, sub taxes and cost of demolition. Many people will spend a couple thousand on tax lien / sub taxes, then the county tears down the house and liens it for 10K+ and the vacant land is worth less than that. You lose everything you spent on tax lien and sub taxes and have to walk away.

Post: Does anyone have experience with quiet title suits in Colorado?

Will SifertPosted
  • Investor
  • Covington, LA
  • Posts 517
  • Votes 316

Looking for anyone that has gone through the process especially when their was an HOA with past due fees involved. Thanks

Post: Tax Deed Properties

Will SifertPosted
  • Investor
  • Covington, LA
  • Posts 517
  • Votes 316
Quote from @Antonio Bodley:
Quote from @Ned Carey:

@Antonio Bodley 
        I prefer vacant deed properties that are beyond the redemption period.

It sounds like you want to buy deeds in the secondary market. If they are past the redemption period I assume you are buying them from an investor who bought it at the auction. It is unlikely you will get any kind of deal in that situation. 

I buy tax liens not deed but I do occasionally get a good property in decent condition. But that is probably 1 in hundred. The numbers in neighborhoods I would want to live would be even smaller.


These deeds come straight from the state inventory. All of them are pretty much in bad shape in poor neighborhoods.


You are looking at the deeds that no one wanted to buy so they went to the state and now the state is trying to sell them. Of course those properties will be in really bad shape. Everyone passed on them at the deed sale and now they are sitting on a list (for years) and no one has purchased it yet.  IF you are looking for something to live in that wont require a lot of work you should be looking to buy at the deed sale, not the list of properties no one bid on.

Post: Roof uninsurable after inspection

Will SifertPosted
  • Investor
  • Covington, LA
  • Posts 517
  • Votes 316
Quote from @Clint Galliano:

More commentary from Louisiana: After the "fun" hurricane seasons of the last few years, most insurance companies are not wanting to write policies on roofs over 10 years old. In my personal experience form switching carriers on my residence, they send a local person to evaluate the property, mainly by taking a defined set of photos. (plumbing under sink, roof, HVAC, water heater, etc.) and if anything remotely looks like it may be a problem, they threaten to cancel unless it is corrected. I had to change out two supply valves under my sink because of a spill of cleaning solution that had corroded the finish of the valves. They want to limit their risk as much as possible and for the most part, there is no wiggle room. 

I agree with everyone else, find a solid independent broker to get you with a good carrier who won't put you through this hassle.

The insurance company on my personal home was LightHouse.  They went out of business. Now I am stuck with whomever the state places me with and who knows what will happen come renewal time. My rates were good with Lighthouse I am sure they will go up. My roof is 16 years old. I tried to get on with Farmers and they said they wont write a policy if the roof is over 15 years old.  I didn't lose a shingle to IDA and never made a claim with Lighthouse.  Fun stuff.  :(

Post: Delinquent Tax Sales

Will SifertPosted
  • Investor
  • Covington, LA
  • Posts 517
  • Votes 316
Quote from @Bruce Lynn:

@Stephen Daniel Pace    There can be opportunities, but it is a fair amount of work weeding thru the properties to find the gems from the trash.  Then another process to acquire them at the right price that makes sense.  Most of the properties need a fair amount of work, and in most cases you don't want to do the work before 2 years when you can get title insurance for resale.

I always suggest...get the list....do your research....go to the sale, not to buy, but to watch.  They have them every month in Harris county.   See what people bid compared to what you would pay.  There used to be a lady that would do a brief class beforehand if you get there early.   Sorry I can't remember her name.   She had some youtube videos at one time.    Talk to people to see why they bought a property you were interested in and why they paid X amount.    

Plenty of people at the sales who have no clue.....last month at a sale I saw multiple bidders, bidding on lots that are in the flood plain, have no access to water or sewer.  Too small for septic permits.  City swears they will not issue permits to build or access to water/sewer.    Not sure what the intensions of the buyers were, but probably they were buying lots with no value to me.   I guess you could haul in water and put a garden on them.

You will likely see 100s of people at Harris County, so yes, typically very competitive.

Get there early....learn the rules...read the paperwork...network network network....ask lots of questions of the people there and find the experts...to learn more.


It’s always interesting when you do your due diligence and you know a property is a dud (I call them land mines). There is always a few clueless new people who step on them.  

Sometimes I get asked questions by new people who have no clue how it works before the tax sale starts. Always entertaining  to see them bidding a few mins later.