Appreciate the comments so far, but want to know if anyone out there has had any experience with seminars on Tax Lien Certificate programs. I attended one recently, but cost of program (nearly $3,000) seems way out of line from programs-in-a-box bought via the internet ranging from $49.95 to $495. What gives?
I suggest you find the locations of any county court houses withing 1hr of where you live/work. Go to each and ask how foreclosures and tax defaults are handled. Attend any auctions that occur. See for yourself what is going on. Talk to the people bidding. Each place handles things in it's own possibly screwed up way with it's own rules (so a course will not help you). While there check the title records for your own property, maybe someone famous lived there.If the court house has a library and friendly librarian you might consider spending some time there studing the law books for more (painfull) details. Also consider paying a local lawyer that has handled these things a few $100 for a few hours to explain it all. Note that claims of 18% fully secured interest rates on large loans are largely, but not completely, false. Mostly what you will find is smallish $50.00 defaults on sewer bills that will be paid the next billing cycle. Is it worth driving a hour for a shot at 18% on $50.00 for 3 months?BobBruss.com, JohnTReed.com, and creonline.com might interest you.
I went to a seminar that was advertised on a TV ad. The ad said, "Free seminar will teach you how to become financially independent through tax lein certificates." I went to the seminar, and all it was was a sales pitch for the "Tax Lien Certificate Course." They didn't teach me anything. The guy seated next to me bought the "course." He let me look through it, and it was a notebook, a bunch of paperback magazine type books and a few glossy pictures of people giving testimonials standing by luxury cars. Funny, the testimonials only included the first letter of their last name. There was also a fancy platic folder that held 6 cassette tapes. The whole package probably costed about $10 to make. I didn't see any "secret contacts" or "secret techniques." Usually, probably always, these companies make money from selling their get rich course, not doing the scheme from the course. I've done a few tax liens myself, and the best way to learn is to talk with people who have done them, such as the people on this board, and check with your local courthouse. They might even have all of the information you want for free online.
As Bogwan said, go to the local court house (or just call) and first ask the treasurer how tax liens are handled and what section the relevant law is found. Read it-it's usually on line, now. Then ask yourself if it's worth your time. I'm from Iowa where the legislature raised the interest on unpaid taxes to something like 24% which brought all of the bankers representatives into the mix. It's now very hard to make any money because of the competition, so I consider it a waste of time. Thetax liens start at a high rate, but are 'bid down' and most times the interest the winning bidder gets is very low. The bankers are really sharp. You will very seldom get the actual property. If the taxes aren't paid by the owner, then usually some bank with a mortgage on the property will pay it.Also be sure to look at the records of the property you're bidding for. Do your own 'mini-abstract' on what you're bidding for and drive by it to see just what it is. Here in Iowa you can sometimes wind up with the property, if the owner doesn't pay the taxes.I'll bet that sounds pretty good to you. Well, if you don't know what the property is, you might get an old paint store that dumped lead paints out back or a farmstead that dumped insecticides which are now banned in a sprayer wash pit or has a leaking underground fuel oil tank on the property. If the EPA wants the mess cleaned up, guess who gets to do this? Not the previous owners, but the current owner-who might be you!I tried buying tax liens during the 80's and actually got an empty lot across from a city park in a small town. Then I found out it was in a flood plain and in order to build I'd have move in about three feet of fill. The owners let it go because of a cloud on the title which was too expensive to fix, so their attorney told them to let it go for taxes. (The tax deed, after a certain time elapsed, did clear the title.) I was able to unload the lot for a bit of money, but I was really pretty lucky to have come out ahead. It's not as easy as the ads say or we'd all be rich!rrjjgg
I just recently attended The Millionaire Conference afterign getting an email from the David Bach mailing list. I had seen him before and enjoyed it, so I drove 2 hours away to attend this all day seminar. 4 of the 5 people who spoke were selling some kind of kit that all ranged in the thousands of dollars. David Bach was the only one not selling anything, in fact, he gave away a free copy of his book to everyone. Among the presentatons was the Tax Lien Certificate Program presented by Wayne Gray and co-sponsered/written by Saen Higgins. It was discounted from $4000+ to $1895 with a two week money back return policy. I had been thinking a lot about tax liens since I feel like I keep hearing about it from various sources (like Robert Kiyosaki, Robert Allen, etc.) I hard read Loftis's book and another book as well. So I thought why not try it out. Worse thing that happens is I pay to ship it back to them (its $20 lbs but the post office website says its $10 by media mail) and I asked what the shipping requirements were from the company, they said anything that get it there. I've now listened to all the CD's, 3 are the audio book to the enclosed book, 7 are Question and Answer sessions by Saen Higgins. There's a DVD and video is a 90 min version of their sales pitch which gives general information. There are four volumes (binders which a bunch of paper inside). 1) The book describing the basics 2) A list of contact information for every county in Tax lien states 3) A list of contact information for every county in Tax Deed states 4) Sample letters/forms you can use. Its currently being bid on Ebay for around $250. There's also a website, www.taxlienauthority.com, which has links for most county's websites. (You need a username and password to login.) The last thing is the hotline. I called the hotline twice so far. The same guy answered. He had been investing in tax liens for three years and did answer a lot of questions and was patient. I think the value I would put on the kit itself is probably around $200, and that's being generous. The book (volume 1) didn't really say anything different than what Larry Loftis said in his book. Vol 2 and 3 ad some convience to life but is information that is publically available. Vol 4 is just like 10 letters max. The real value in this kit may be the hotline since it would be a connection to people who really do this and make money from it. I'm trying to figure out of that hotline is worth nearling $2K at the moment. I have another week or so to decide. Anyway, that was a bit longer of a post then I meant to put up but hopefully someone finds it interesting to read. I'd love to hear anyone else's experience with all this.Oh, and Saen Higgins, who does the Q&A CD's in the kit has his own website with his own program at http://gettaxliens.com. (no www) Kinda fishy how he's part of two programs. Sadalbari
Arizonacat56 is right, the best way to learn is to go to some of the auctions and to talk with some of the folks there. That is how I started in 1986. I have seen many seminar pitches and even attended one, got in for free cause I am way to cheap to pay for public information, but the folks who actually do it are usually friendly and don't mind sharing some insight. Well, that seems to be changing these days cause of all the extra hype I guess, but still I think there are enough of us out there who beleive there is enoguh of this to go around. BTW arizonacat, I started when I was in Scottsdale. Maricopa is by far one of the absolute best places---and the key is not just the auction but when the books were put out on the counter ~April.
Robert Allen himself sells a course for $20 - an e-book download. I have just purchased it. I have also found that eBay has many resources on for discount.
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