All Forum Posts by: Ned Carey

@Tom Gimer thanks for the shout out

@Bryce Adams Tax assesed value is a terible way to base your bids. Tax assesments can be way off. That said you bid on the parcel described in the tax records. If you do a proper foreclosure and notify all parties a tax foreclosure can clear up an otherwise scrambled title. 

You need to find out exactly what you bid on. Land is very tough to estimate value do to it's valie is based on what you can do with it and how much demand there is for what ever is ultimately done with it.  Zoning and Environmental restrictions can greatly effect the value of a property. 

Who is the attorney doing the foreclosure? Is this someone who is famililar with tax sale foreclosures? Sometimes starting a forecosure is what motivates a seller to redeem the tax lien. However if the owner does not redeem you'd better be sure the property is worth your bid and expenses. 

I have been doing tax sale in Marytland for 20 years. Feel free to tag me with a follow up question. 

@Chris Melton I have heard the book "the 16% solutions" is a good choice. I have never read it and it may be a bit dated simply due the the more com[etitive nature of tax sales these days. 

I am skeptical off all tax sale courses. A LOT of exagerations of returns and misinformation is spread through most of these. The risks are greatly underplayed. 

Websites will vary by what you want to look up and what county or state. Basically the most important information you need to know is:

* The rules in your specific jurisdiction and how they affect your hidden costs and returns

* How to identify exactly what you are bidding on

* The true as is value of what you are bidding on. 

What you need to know as a beginner - It is way more competitive and therefore less profitable than the gurus and videos imply. I am doing LESS with tax liens now than I have in the past. This is due to the over competitive nature of the game right now. 

PS @Bruce Lynn is a guy to follow here for TX deeds. He posted while I was writing my post. 

 @Jonathan Greene  @Scott Trench  I am 100% againsts it. It this was my forum I would remove them without question. On the second similar post I would ban them. 

It is harder to find good information if the forum is cluttered with low value information. 

@Trey Landwehr Welcome to BP. My suggestion is go out and look at LOTS of deals to learn the market.

@Alyssa Dinson Welcome to BP. You say  a”Wholesale brokerage”, I can’t imagine how deals would be structured in CA to be legal as “Wholesale deals”

@Kyle Fitch You are not behind the curve. You are starting 15 years younger than I did. You have plenty of time.

@Matthew Mclean Generally yes presuming your goal is to get a better rate. You bring up a disadvantage of buying down rates I hadn’t considered before. 

The fact you bought down rates on your last mortgage has no affect on a new mortgage, even if it is from the same lender. 

@Christie Duran I don't know what you mean by "Tax Sale Support Owners"  That sounds like some type of scammer who is offering to help people in tax sale. It does not sound like some official part of government run property tax sales. 

@Jay Hinrichs,

I could probably show 5-10 real examples of that I have done myself. The hidden secret is I have done this for 20 years and have bought probably 10,000+ liens. I also look at 3-4,000 properties a year. That is a LOT of time and Capital.

That works out to 1 deal like that every 2-4 years. 

@Jim Bouchard Eelcome to BP. Were glad you found it too.