All Forum Posts by: Toris Diggs

Cameron Dunlap just created a website specifically for this.  www.absenteeownerleads.com

I actually bought the course for $1000 it's not as easy as they make it seem but it is profitable.  It's hard to even find the list because the state wants to keep it secret so that they can keep the funds because if the funds aren't claimed within a certain time period than the state gets to keep it.  You also need an attorney to process the paperwork and the claims for you because you can't trust the claimant to just be honest and pay you your fee.  So most attorneys charge about $1500 upfront.  And it's about 3 other BIG companies already processing these overages so you can process overages for them and they'll pay all of the legal fees and everything for you but they get a big chunk of your cut.  And it takes about 2-3 Months for the state to release to funds.  Now the big companies will pay you in about  2-3 weeks but they get a bigger piece of your profit for paying you early.  So when it's all done you only getting a small piece of the pie.  

Oh and the other thing with tax sale overages is that your competing against 2 or 3 other BIG companies.  Your hardly ever gonna be able to contact the owners on the 1st try so they have the money for marketing and the people to keep trying to reach these ppl.  And once they reach a owner they send the lawyers to them holding a check in their hand.  Saying yeah if you sign these papers giving us the right to collect this on your behalf well give you a partial payment for $$$$ RIGHT NOW.  Just sign the papers. 

Its not easy to do.  #1 Finding the list to work..  Your not going to find the list on just on website.  You have to go through each county gov tax sale office or website.  #2 Doing the research to find out which properties actually have funds left over.  #3 Finding the owner because your going to have to spend some money doing the skiptrace to find them.  #4 Once you do locate them you'll need a professional attorney to do the paperwork for you to collect the funds legally so that the previous owner doesn't kick you out of the loop and to make sure that you get paid. 

Thanks Everyone. 

Questions:  Why are investors recommending ZILLOW for comps?? Because Zillow doesn't really give you good accurate comps from my past experience Zillow comps are usually between $30K-$50K HIGHER than what the property is really worth.  But I still hear investors recommending ZILLOW.  But the real BIGTIME investors I've meet don't use Zillow.  They usually get their comps from a realtor or use some program or membership service that they pay for to get accurate comps. 

Why would they do this though ? Its only happening in 4 or 5 states... Maryland, North Carolina, Texas, and Illinois... It just really really dont make any sense so who do we have to talk to or get contact to get this dumb law changed?

I usually buy a from Listsource.com 

I understand what your saying your saying your looking for a list of Landlords that you can sell properties to. Check through public records for Rent Court cases. These are Landlords and you can build a list and market to them. Also check with HUD. They have a list of Section 8 Landlords that you can market to. Hope that helps.

I'm a numbers person.  I can run numbers all day long.  Cashflow properties to.  Usually when I send a proposal to my buyers list my sheet be very detailed and I'm usually on point with the numbers and so far I've never been under budget I always keep my numbers conservative and show the Lowest to the highest just to be on the safe side.  And when I do I comps I pull my comps from 3 different sites because Zillow do be way off at times.  So when I send it to my buyers my repair estimates are always on point and I add in an extra  $5K for miscellaneous.  I'm doing wholesaling so I'm content with a 5%-10% assignment fee whether its $3K, $5K, anything I make over $5K I'm happy.  When I send my proposals into my buyers they buy em  up within a week or two.