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All Forum Posts by: Omar Bortolato

Omar Bortolato has started 1 posts and replied 14 times.

Post: Tax Lien Software

Omar BortolatoPosted
  • Investor
  • Posts 18
  • Votes 10

@Cornelia Lupas thanks for your advice, it seems like good software actually, but I'm not sure all the auctions are included, did you test it deeper?

I have been using fastlien for some months and, although it is only a start-up I think the potential is really huge because it provides almost all the lists (liens and deeds) for each state, and for some states it provides the enriched list (with images, assessment data...)

I had a quick look into Marketplace Pro and seems even better but the data is not reliable as far as I checked. What do you think?

Originally posted by @Jessica Howard:

@Omar Bortolato thanks.  What photo services do you use?

It depends on the State and the County, just google "real estate photos with iPhone" and you can find a bunch of services.

Originally posted by @Peter Walther:
Originally posted by @Omar Bortolato:

I’ve been personally investing in tax lien certificates lately.

If you don’t know what tax liens are, basically when a landowner or homeowner fails to pay the taxes on their property, a tax lien certificate is issued by the municipality that reflects the amount owed on the property, plus any interest or penalties due.

These certificates are then auctioned off to the highest bidding investor. Tax liens can be purchased for as little as a few hundred dollars for very small properties.

The problem is that each state and county have its own regulations: they issue sale lists of tax liens certificates throughout the year, and auction dates are also different.

Also, some states hold auctions once a year, some twice a year, some every month..

So, I went on a rabbit hole and compiled a list of the next auction dates:

November: Colorado, Illinois, Louisiana, Montana, New Jersey, Ohio, Pennsylvania, Vermont, West Virginia

December: Illinois, Louisiana, Montana, New Jersey, Ohio, Pennsylvania, South Carolina, South Dakota, Vermont

January: Arizona, Louisiana, Montana, New Jersey, Ohio, Pennsylvania, Vermont

I actually have the whole year mapped out with websites where you can get the sale lists. I did it in a Google Spreadsheet here:

https://docs.google.com/spread...

Feedback wanted

I hope this research buys me a little goodwill in order to ask you for feedback on my new project.

Since I’ve seen how difficult it is to gather good information on tax liens, I’ve partnered with 2 other lien investors and made a website called FastLien where you can get upcoming sales lists with a click of a button.

If you end up trying the site, please give us some feedback as we are working hard on it!

Thanks,

Omar

Many counties in many states are using Real Auction for the sale of tax liens.  

Online Auction Sites - Realauction.com, LLC

Yes you're right, but it's not the only one, there are other platforms depending of the state and the tax lien type (e.g. redeemable has a specific platform), some county has his own system, finally, the main difficulty is to be updated on all upcoming auctions and retrieve the lists to do the research.

Originally posted by @Jessica Howard:

Im new to this.  Is there a particular state that's preferable to purchase deeds in than others? I see that some investors like to drive by the properties while others will purchase online.  

If you can drive by the properties for sure it's a good thing, but it limits your range of bidding, for this reason, I prefer online auctions, I use photo services to have an updated view of the property if I'm really interested in.

Originally posted by @John Underwood:

I can remove cloud on title by hunting down previous owners and get a Quit Claim deed from them. I ask for  mortgage release if there was an old mortgage.

I then get title insurance and can sell with a General Warranty deed. 

Yes, the Quit Claim is what we use too to buy properties, with a Tax Deed you don't even need to release the mortgage because it does not survive the auction.

@Arthur Neves, the risk on Tax Liens is almost null if you do good due diligence.

The pain in the *** is doing the research which takes a lot of time, this is the reason we developed a tool to help us 😜

Originally posted by @Arthur Neves:

Which margin are you looking when you buy those certificate? What is your target?

Thanks

With Tax Liens I can achieve a 16% on average. With Tax Dees much more, I just close a deal with 168% ROI 😎

Originally posted by @Yi O.:

sorry,  what do you mean by Quiet title? 

Is a way to settle the title to a property

https://en.wikipedia.org/wiki/...

Originally posted by @Yi O.:

3)  I was talking about the tax deed sales.   and it seemed a lot insurance companies won't offer service for that deed.

You simply have to quiet title that can be done with a lawyer or specialized services.