All Forum Posts by: G.D. Haizlip

Greetings Josh,

Thanks a lot. I feel much better ---now---because I was wondering if I/we were actually missing out on a good time to Refi. as we constantly receive numbers of enticing offers--so I was not so sure if we would be missing out on a good opportunity.

Overall, I am very happy and at peace with the decision not to refi----
Thanks Josh!

With much appreciation,
MoneyMakers

Greetings,

Thanks for the response Financeexaminer (much appreciated).

Mitch, I also really appreciate your response which has help me make the decision not to refinance at this time. We are not in a cash-crunch and it would not be to our advantage to do so, based on the questions you posed.

My brother and I have really good credit scores and we both receive refinance offers almost daily. Now, I know what not to do ----thanks to you guys here on B.P.----

Thanks-A-Lot, MoneyMakers

Greetings,

Re: Refinancing Questions

Currently, I/we have a 30 Year Fixed Rate VA Backed-Mortgage at 5.5%.
Never Late.

1) Is this really a Good-time to Refinance?
2) What is the lowest rate you think we can possible get?

Thanks for any good input/advice.

MoneyMakers

Dan,

Risk vs Rewards is probably a more appropriate way of addressing your question. The greatest risk in not knowing "the rules" with respect to the Type of Sale you are Investing in, that is, a Tax Lien Certificate Sale vs a Tax Deed Sale. Each type has it advantages or it's disadvantages, depending on your Investment Goals/objectives. Also, for each sale type, each state/county may handle the process differently so it is important that you know how the process works in whatever state is of interest to you. Just as important is your goal: Do you want to focus on primarily earning Interest on your Money? If so, Tax Lien States that pay (rewards) Investors for Investing in Tax Liens in their State/counties may be ideal for you. On the other hand, if your aim is to Own Properties, Tax Deed Sales may be a better approach. Note: You can also acquire properties through Tax Lien Sales as well, but there is the redemption period factor and the process of Foreclosing on that property afterward based on the laws of that state----plus you may want to know about getting Title Insurance for a property in the state/county where the property is being acquired.

As for Tax Deed Sales, you can acquire properties and own them. The Risks all depend on whether or not you know enough about the process, your rights, the owners rights, how to actually get the property if not redeemed---even after a Tax Deed Sale---as some owners still have a right to redeem for a specified period of time. For example, in Tennessee I believe the owners have up to one year to redeem even after a Deed has been issued, so a Title Insurance company may prefer to wait until then before providing you Title Insurance so as to avoid any unanticipated suits/claims against the property. On the other hand, some states will grant Investors a Tax Deed to a property, subject to no redemption period. As it relates to risks, if your goal was to acquire a property with an Improvement on it (e.g., house, etc..) and let's say you did not research it and discovered you Invested in a Vacant Lot instead--then obviously that was a Big-Risk and you may not be happy. Likewise, if the amount you Invest is less than the true value, then that may be risky to some, but if you just want to buy Deeds, then you may enjoy that as well. It really depends on your goal and your style of Investing. You can make money either way---just know the rules & Be Smart & Always Play to WIN!

So Dan, the greatest risk(s) in any sale type depends on a number of factors, but the risks can be minimized by knowing the FACTS about Tax Sale Investing including your rights and the owners rights ultimately. This is how you can effectively position yourself to WIN and SUCCEED in this business.

Finally, never quit---never give-up! The desire to Make Money is what we all have, but the key to really making money is knowing EXACTLY HOW TO DO IT without losing out --- or as you put-it----by knowing "WHAT IS/ARE THE GREATEST RISKs Investing in Tax Deeds as a Beginner"?

Short Answer: Get the Facts, Ask questions, Understand How to Make Money in that particular State by knowing the rules of the Game for that Type of Sale in that particular State/county, and Keep Asking Questions-----Never Stop Learning: The More You Learn (or Know) the More You Earn (or Money You Can Make) and the Bigger You and Your Company Will Grow!


Best Regards & Much Success As You Invest!
MoneyMakers

Dan,

OTC-Over the Counter "Sales" is also referred to as Buying Tax Sales through the Mail/Assignments. Arkansas, Arizona, and Colorado are a few good states that offer properties OTC.

While some states/counties may request a fee for the list of available properties, others will make the list available online or either send you the list free.

This is a strategy that some Investors option to follow because they can still Invest their Money without having to attend a Sale in Person.

Note: Are Tax Lien Certificates and Tax Deed Properties actually offered/sold this way: Amazingly True!

Hope this helps you & Much Success As you Invest, MoneyMakers

Dan,

See Post Below for Response!

Nikki,

It is true that you may have to go there as I have also researched most of the counties there and found that the all of the Counties do not have the Assessment data online.

This is a long shot, but it MAY HELP: If you have the property addresses, goto googlemaps.com and plug in the address and see if there is anything that may help you. Yo may get, at least, a visual in some cases.

Also, just plug in the address on google. If the property was ever listed For Sale, the old listing may still be viewable. If they are vacant lots; however, that were never assigned property addresses, you can only try to find out if a nearby address to determine its' general location and potential land value.

Finally, if you actually attend the Sale in June, let us know how it went, and what you thought of the experience. Some of us may be interested in knowing---at least I would.

Hope this helps you! Much Success As You Invest,
MoneyMakers

John,

Sometimes I can be a skeptic, but I hope this serves merely as some insight into some of the potential risks in the world of Investing.

With respect to funding, there MAY-BE some legitimate entities or individuals out there who may truly want to PARTNER with you---if you are familiar with the process there. Although the deals may be good I would say be careful so as to not offer to much information as they could just by-pass you in the deal and capitalize on your good-faith efforts to Partner with them. Again, may be I am being a bit skeptical, but as in all things there is some degree of risk.

With that said, I would be much more comfortable in saying that you may want to consider finding PRIVATE INVESTORS that you are personally comfortable working with--particular ones you are comfortable sharing Information with---since they will be putting up there money with an expectation of either getting a ROI or Some type of Ownership in a property that is not-redeemed (obviously). This process, depending on how you structure it has to be explained to them so they will know---in advance---what to expect (full disclosure on your part).

Again, since you will be basically utilizing their Money---you have to determine how you plan to work them and how much Money you would like them to initially Invest, length of time you will need the money to get a respectable return, etc...

With all of that said: I suggest (only a suggestion though) that you may want to try running an AD that attracts Private Investors (e.g., Seeking Private Investors. Earn up to XYZ % ROI, Minimum Investment: 5K, 10K, 25K, etc...
Serious Inquiries/Investors Only!

You may get someone who is seriously interested, but be sure to weed out those who may contact you only to try to find out where you will Invest with respect to a specific county (do not tell them that---yet). Also, again you have to be comfortable sharing your information with them while at the same time knowing that there is some degree of risk in doing so, but never lose faith in knowing that there is always someone out there who may very well be willing to work with you in Making Money. You have the Knowledge and they have the Money. Sounds like a good match to me----now how to make it work so that all parties are happy in the end is still the ultimate question. Hmm! A Win--Win scenario would be ideal no doubt.

I would go for a/the Private Investor(s) that I could work with in good-faith.

I hope this helps you in your quest for Good Success,
MoneyMakers

Donna, below are some links that should certainly help you to better understand the process there in Colorado. They are for the links for the statute--Taxation---regarding the Delinquent Tax Sale Process.

I hope this helps you in your quest to have Good Success in the Goldmine of Opportunities!

Art. 10. Collection, 39-10-101 to 39-10-116.
http://www.michie.com/colorado/lpext.dll?f=templates&fn=tools-contents.htm&cp=cocode/2/66070/660b2/66f85/66f87&2.0

Art. 11. Sale of Tax Liens, 39-11-100.3 to 39-11-152.
http://www.michie.com/colorado/lpext.dll?f=FifLink&t=document-frame.htm&l=jump&iid=3e560e4d.76343909.0.0&nid=1dc6b#JD_t39art11

Art. 12. Redemption, 39-12-101 to 39-12-113.
http://www.michie.com/colorado/lpext.dll?f=FifLink&t=document-frame.htm&l=jump&iid=3e560e4d.76343909.0.0&nid=1dc6d#JD_t39art12

Much Success, MoneyMakers

Dan,

The key is to know the Rules or what I call the The Facts (Truth) About Tax Sale Investing. You have to know the rules (laws) for the State of interest to you, then understand How to Invest in that state respectively. Some states for example offer Investors an opportunity to Earn Interest on the Liens/Deeds that are purchased. A Tax Lien is usually subject to redemption period--during which the Investor earns interest on his/her money. A Tax Deed is also sometimes subject to a redemption period, depending on the State. Georgia, for example, offers Tax (Sheriff) Deeds, but subject to a 1 year and 45 day redemption period. On the other hand, some states offer Tax Deeds--with no redemption period at all (e.g., Hawaii, New Mexico, and several-several others). Once you determine a State that interest you, learn the rules for that State, know whether it is a Tax Lien State/County or Tax Deed State/county, map-out when the Sales are conducted, get an idea from the Tax Collector of the number of properties offered, redeemed, etc.---just call them for that and ask questions. You may also (which is a good idea) attend the sale to get to know who the players are before you Invest (Learn as much as you can first before you Invest). Be Patient with it and Have fun! Making Money (to me) should be fun---not stressful---so do do not lose your confidence--ever! Have Fun! Learn the Game and Make Money and Play to Win!

Before you Invest in a Property (RESEARCH) it to determine the Property Type, Its' Assessed Value and its' potential Market Value, Location/Area and know the likelihood of you owning it IF that is your goal. Don't be fooled---many properties are redeemed, but there are some states/counties in which you CAN actually Buy Properties "FREE & CLEAR". THE KEY: RESEARCH--RESEARCH. I have done a great deal of this and have found out about SALES that many people may not know even exist. For example, some states offer Tax Sale Properties "OTC"--Over the Counter, meaning you can buy them without attending the Sale. Some say these are left-over properties that may not have any value. Well that really depends on where you want to start financially. It is not at all a bad idea to buy one (A Tax Deed Property) to get a feel for how the Process work. Always buy direct from the County in this case---before you dive into the world of Buying from Third Parties or Individuals. As always, Buyer-Beware" is still the golden rule, but know that you CAN really do well.

Finally, EXPECT TO SUCCEED AT IT! RESEARCH AND YOU WILL BE BLESSED!

Much Success to you, MoneyMakers