I wasn’t so much interested with competition as I was with the state of the tax lien ide of REI. I was wondering if tax liens cycle with the general real estate market, follow the market, etc. It seems that an increase in tax lien dealflow might indicate more weakness in the RE market before BK and others problems arose. If you aint paying the taxes…
I guess the state of the economy is a better indicator - there is more cheap money out there now, and everyone is looking for a bargain or a home run. If there is another downturn, where real estate values fall, interest rates rise, foreclosures and personal bankruptcies increase - then the dealflow on tax liens would increase.
Then again, I majored in history and not economics.
Anyone wanna know why the Holy Roman Empire was neither holy nor roman nor an empire?
My wife is at a convention right now listening to this Saen guy talk about buying Tax liens. He is charging $3,000 for his product on buying tax liens. The money isn’t the problem, but my question is his is stuff worth it? He says he has a listing of where you can buy property to earn the best return on your money, where to buy properties, etc.
Has anyone bought his stuff before and/or heard about it?
Although I am new to REI and tax liens and deed sales. I went to the seminar, bought the package, read it, listened to it…checked the internet and with the closest county offices and SENT IT BACK!
I found the material very “weak” in content and appearance, plus incorrect information regarding many states and county agencies.
I must say one thing though, some programs, training and education are worth the cost…I just don’t think this one is worth $3,000!!!
Posted by David Krulac on May 07, 2004 at 13:44:06:
never heard of this guy and I’ve been bying at tax sales for about 20 years and my partner has been buying for over 30 years.
I just went to a sale and there were more people there than ever before. This was the first sale that I went to 20 years ago and have been back every year since. The place was packed it was literally SRO, whcih had never happened before. All but 2 properties sold and the properties that I followed were bid agressively by multiple bidders. Three groups of buyers, who had never been there before bid heavily on many properties. One group bought about 25% of the properties and two other groups bought a total of 25%. So three groups, who had never been there before bought 50% of the properties for sale.
one vacant lot that is unbuildable was sold for $20,000.
a dilapidated house with several thousand tires sold for $20,000. ( Ben and IB know somebody who bought a place with a bunch of tires.)
A property that needed $100,000 of work and would be worth $150,000 when remodled sold for $50,000.
a lot too steep to build on an with no access to public sewer sold for $9,000.
a mobile home in a park sold for $7,000.
several properties were sold that last time were sold at tax sale. One was the unbuildable residual from a subdivision, which was sold for $30,000.
Bidding was at a frenzy, and lots of people were willing to spend lots of money.
What most people don’t realize is that most properties on tax sale are intentionally abandoned by their owners as an easy way of getting rid of a problem property. And sometimes with the feverish bidding you could even make some money. Most properties on tax sale are JUNK, unbuildable lots, dilapidated houses, toxic waste sites, slivers of land, under water land, wetlands, polluted lands, cliffs, steep slopes, landlocked land, title problems, and a whole assortment of other phyical and title issue problems, some of which are unsolvable, some of which are solvable but very expensive to solve, and some are not worth the effort. And if you find the 1 or 2 properties that are not in the above categories, 15 other people will run the bid up to near market value.
Ben (NJ) is ABSOLUTELY correct. I to have been buying tax liens/deeds for over ten years. I have NEVER bought anyone’s information/tapes/books/etc. It is all available for FREE on line if you just look.
As to listings of properties, every taxing jurisdiction that I know of PUBLISHES by LAW a complete list of every property that will be offered for sale. THEY MUST!..go to the county in which you wish to purchase and ASK…you can easily find out the who/what/where/when…payament plans, (CASH mostly).
And as Ben(NJ) said and Wille Nelson sung in about 1973…“Turn out the Lights, the Party’s OVER.” There are more people fighting over tax deeds now than fleas on a dog’s back.
I have never heard of Sean Higgins however I have been buying tax liens for ten years and can tell you that it has NEVER been more competitive than it is now. Common sense should tell you that when everyone and their brother has an infomercial/seminar on a topic that the party is/was over quite awhile ago.
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Do tax liens and their popularity follow the general trends in the real estate market? In the 10 years you have been doing this, is there a cycle that you can see, even in hindsight?
Nothing scientific, however as could be expected when the dotcom bust occurred, alot of those big talkers who were printing money and used to scoff at 18% interest suddenly became very interested in boring secure tax lien type returns. Combine that with interest rates at historic lows and lots of cheap money and the competition skyrockets.