This is getting more attention than I expected, so I created a table of contents. Some info kind of overlaps or is missed by skipping around though. Intro 0:00 Not Legal Advice Disclaimer 0:43 How Tax Deed Sales Happen 0:56 Real Tax Auction Video 2:26 How to Register for Tax Deed Auctions 3:06 Different Types of Tax Sale Auctions 4:13 My opinion which auction type to buy at 5:04 View of this property and nice location 6:43 My argument why this could be smart for 1st time home owner 7:17 Why I got into Tax Auctions 8:27 You cant start totally broke 9:42 Trespassing Warning 10:17 Boots on the Ground 10:36 You don't get the keys 12:49 You should not be broke pt. two 13:06 Responsibility for instant repairs warning 13:49 Permits 14:30 Trucks, Tools, Labor, Expenses 15:55 Garage renovation 16:27 Now I pay the taxes and Liens 17:21 Unexpected Tax Bill 18:17 Armored Combat lol 19:35 Going inside for a tour 20:01 Assess your skills and network of help 20:39 Busted window and upsairs 21:52 Maybe not getting a permit 23:46 When to borrow money vs your Tax Sale property 24:24 You're improving a neighborhood 25:48 Pro (I know) got a home for $342 and Noob probably made a mistake 26:10 Kind of a conclusion summary 26:55 Legal headaches I've seen 27:48
Wow, what an equation? Might check comps in area before bidding? Obviously you have a great location with the college next door, cash flow! 🎉 It might be cheaper to demolish and rebuild, but like you said, you need contractors and cash in place to meet deadlines. I hate buying in city limits. I know location is the money 💰 🎉❤.
These types of property tax sales should be illegal. The city/county pockets $8,500 for doing nothing on a back tax of $500 (example), If the original property owner doesn't file a claim after the auction. This is called Tax Deed Sales Surplus. Studies show that on average less than 50% of the Tax Deed Sales Surplus money is recovered by the original owner due to a lack of awareness. There should be a nonprofit that is totally dedicated to recovering 100% of the Tax Deed Sales Surplus money for the original owner.
I would 100% support that. The clarity would be clutch. In this case, no one has lived here for almost 6 years. With a hole in the side and animals living in the basement. None of the owners are coming back. I'm taking it over for a fraction of what it will be worth, but it will fix an eye sore and potentially hazardous home in this neighborhood. I don't look for property which has anyone living in it or something I know is a result of a recent hardship.
@Nova-m8d Yes I agree, I have just gotten into tax deed sales surplus to help people claim the overages of what the government may have made on the sale.
@Nova-m8d go easy on him, at least he target house that have been not lived in for years and that is an eye sore for the community. It is not like he looks for houses that people were foreclosed on or evicted recently.
I’m an RN on overnight shift for the VA. I bought four vacant lots I want to build a new home on for private use. I noticed the next adjacent lots taxes haven’t been paid and is scheduled to be on auction. I was thinking of bidding on them but was told it can be expensive to convert tax deed to a warranty deed. Still doing my research
@@TropicalTodd the idea is to cashflow the lots, the cheapest way to start cashflowing your lots is with titled and deeded tinyhomes, this allows for financing if fixed realestate. but i misread 'for private use'. If you get that lot next to you, you could get a decent monthly boost..
So is the appointment sale the same as the assignment or OTC sale which some states have different names meaning the same thing? Maryland is the assignment sale that comes after the auction but you have to register and they will send you the properties that didn't sell in the auction. Great vid btw
That sounds so goofy about the back taxes being owed separately and above and beyond the sale price at auction. Connecticut at least long ago in Connecticut the whole idea of the auction was to recover those taxes and anything above that went into the auction costs and general fund or some drama like that.
I don't know if it was because that amount was being handled by a collection agency? They gave me some line that sometimes they make mistakes and don't have all taxes accounted for in the bidding price 🤔. Either way, still worth it in the end but something I wanted to bring awareness to.
@@BachataKnight I hear you, just seems odd. May want to query the tax collector office and ask for a statement of the total taxes that were overdue. If it was an accounting error, there's at least a slight chance they owe you back the double charged amount. Always the optimist here lol, but agree with your skills to be able to do most of the work yourself, you got a pretty sweet deal there!
Thanks for the insight, if I were you i would start a channel on youtube just for this subject, when I went to your videos it was a bit off topic here, I think you could do well with a specific channel mapping out the tax process and doing rehabs? BTW what state are you in Bachata Knight?
No way😮 You want to bid and they find back taxes!😅 Government cant wait to hand out tickets to make revenue but the government can't control its spending or the deficit?😮
You cant snoop around the property, but you can knock on the front, and then back door in a respectful manner. Do what you want with your eyes from there.
@@chrish42000 that is a good tip. This one had chains and locks on all the gates... which wouldn't necessarily be a deterrent. Considering what I do working for the census bureau 🤣
You need to have a weekday free to go to the Recorder of Deeds of the area the property is located. They have computers there with everything on record. Old docs are scans. New docs are more digital. You can do it online but I forget the website to use. To me it's way easier to do it on their computers. Look up the property and you'll have to backtrack and verify the entire change of ownership. I bring a pen and paper to write it all out. It's a bunch of legal stuff to read through. A great website of tons of legal terms explained is ucop.edu you'll feel like you're decoding a secret message til you get familiar with the common legal terms lol. The site is super easy to look up legal terminology. But you want to make sure you can document every time it changed ownership. Then look at the mortgages taken out by each individual. Write down every name you see associated with the property. Every mortgage, you look through all the docs and make sure they were paid in full. Now take all the names and you can search them specially. You're looking for court cases. Debts unpaid. Judgements and what they were. Fir example thus owner had a mechanic lean for over 20k but I dug into it and travel it back to a different property they owned. Sometimes someone doesn't pay child support, and it's gone through court and they ignore it and it becomes a lien. Liens will have records of being paid off too. I think I'm getting into a lot more than I can reply but tldr. You want to draw out an entire financial history of the place and be able to cross off everything paid off and decide with the liens outstanding, do you want to assume immediate responsibility for them. They don't allow pics or video in the Recorder of Deeds, but maybe I can try to make a vid. Oh. And after it all. I also go and look and make sure the deed transfer is now in my name :)
so 9 k (winning bid) + 4 k (back taxes) + 2k (quiet title) + 6 K (truck) + 16 K (foundation) + 1.2 k (annual property taxes) + 232 (school taxes) + garage fix up...anything I missed? If you had let the city tear it down, would they charge you for the tear down? Can you explain why that other noobie at the auction is way over his head in debt with 3 properties? Why didn't you just tear it down immediately (wouldn't pay 1 k fine for hole in foundation and that 16 k you are putting toward the old foundation could go towards a new build)?
@kbenk108 that is correct, the total so far. I do need to redo most of the interior. I plan on saving a lot by doing it myself with a friend when I need an extra hand. Let's say someone already owned a truck but no tools, it could be a few thousand for those. That's probably the most arbitrary expense of them all. If they tore it down, I would be responsible as far as I know. That is going by word of mouth. The noobie seemed very inexperienced when talking to him. I researched every one of these properties and i know one was in deplorable condition. He didn't have any remodeling experience himself. I didn't see him networking with anyone. Contrary to myself, I got 5 new phone numbers of people who were also builders. I've b.s.ed with a few of them just for being friendly so we now know each other when we're at the Auctions. Actually one was going to do this foundation if I hadn't got the crew I do now. Let's say even if the noobie doesn't have any immediate expenses, he's got a lot to start taking care of. He kinds seemed not to know what I meant when I asked if they had any mortgages.... at the Adjournment sale where they may very well be attached still. I should have just said all that in the vid. Just seemed like he heard you can get a home for a few hundred dollars and came and did that. He could also just be wealthy. He may also be buying for someone else. Some buyers are going to pay cash for a place even without it going thru a quiet title but I think that's kinda rare. I think this place is more suited to get rebuilt, as it's practically ready just to redo the interior, compared to completely tearing it down and starting over. Thanks about the kight fighting and ballroom dancing. That's cool you noticed the dancing :)
@Aaronblkgt I think that's a perfect amount to try this, just be cautious :) I went down to the Tax Revenue office in town to get a print out list. You can also print our county list off the internet via their website, but I don't own a printer lmao
Someone owes 9k on a 170k home the town makes sure they loose there house the town makes a huge profit don't worry there is plenty of room on the streets for all the poor people to live
@fisherman5845 it is a totally b.s. thing that you can lose a house over taxes. I'm 1000% for repealing property taxes. I don't look for anything inhabited. If I can get to a higher quantity of rentals, I also will be more inclined to charge rent for less than the average costs. I'm looking to make $$ but don't also have a goal to be more affordable than others.
How did the town make sure they lost their house? The town didn't make a huge profit. They get a portion of the county's revenue. The town would much rather that people keep up their homes. So that they attract more upstanding folks to their town. You've got it all twisted, cornflake.
@@donarcher5555Even if someone reading your comment didn't already know better, as soon as they read your baseless insult at the end your entire comment is de legitimized
@donaldperson948 I've been up for 36 hours. Im going to sleep for 10 hours. Wake up and have an Armored MMA fight at 1pm 😆 idk I just go sometimes. Not always though.
Truth!! BUT these gurus make it seem sound like you can do this for $50. Just trying to spread some awareness that you could really dig yourself into a hole of debt very quick especially if you get a 90 day repair notice for something major.
Ah!! I do tele but it's a cardiac and stroke unit. I've been specialized so long that I probably know as much as the cardiac and neuro doctors 🤣 . That would make my original plan to go back to school to be an NP (and get with a cardiac group) much easier but then I considered how I am going to hit another salary cap. Hopefully this venture will break that ceiling... or have no ceiling.
This is getting more attention than I expected, so I created a table of contents. Some info kind of overlaps or is missed by skipping around though.
Intro 0:00
Not Legal Advice Disclaimer 0:43
How Tax Deed Sales Happen 0:56
Real Tax Auction Video 2:26
How to Register for Tax Deed Auctions 3:06
Different Types of Tax Sale Auctions 4:13
My opinion which auction type to buy at 5:04
View of this property and nice location 6:43
My argument why this could be smart for 1st time home owner 7:17
Why I got into Tax Auctions 8:27
You cant start totally broke 9:42
Trespassing Warning 10:17
Boots on the Ground 10:36
You don't get the keys 12:49
You should not be broke pt. two 13:06
Responsibility for instant repairs warning 13:49
Permits 14:30
Trucks, Tools, Labor, Expenses 15:55
Garage renovation 16:27
Now I pay the taxes and Liens 17:21
Unexpected Tax Bill 18:17
Armored Combat lol 19:35
Going inside for a tour 20:01
Assess your skills and network of help 20:39
Busted window and upsairs 21:52
Maybe not getting a permit 23:46
When to borrow money vs your Tax Sale property 24:24
You're improving a neighborhood 25:48
Pro (I know) got a home for $342 and Noob probably made a mistake 26:10
Kind of a conclusion summary 26:55
Legal headaches I've seen 27:48
would love to see progression updates on this as time goes on 😄
@qaqa84121 ok :) just might be some time between vids since I'm kinda going on my own pace. But I will make more content as I go!
Great business plan. 10 houses and you wouldn't have to work again. 🎉😊 Just maintenance, but each house is a money tree.❤
Looking forward to seeing the updates, congratulations on the auction
Wow, what an equation? Might check comps in area before bidding? Obviously you have a great location with the college next door, cash flow! 🎉 It might be cheaper to demolish and rebuild, but like you said, you need contractors and cash in place to meet deadlines. I hate buying in city limits. I know location is the money 💰 🎉❤.
These types of property tax sales should be illegal. The city/county pockets $8,500 for doing nothing on a back tax of $500 (example), If the original property owner doesn't file a claim after the auction. This is called Tax Deed Sales Surplus. Studies show that on average less than 50% of the Tax Deed Sales Surplus money is recovered by the original owner due to a lack of awareness. There should be a nonprofit that is totally dedicated to recovering 100% of the Tax Deed Sales Surplus money for the original owner.
I would 100% support that. The clarity would be clutch. In this case, no one has lived here for almost 6 years. With a hole in the side and animals living in the basement. None of the owners are coming back. I'm taking it over for a fraction of what it will be worth, but it will fix an eye sore and potentially hazardous home in this neighborhood. I don't look for property which has anyone living in it or something I know is a result of a recent hardship.
@@BachataKnight None of that matters because someone DID own the house.
Maybe save it for the relatives if they want it.
@Nova-m8d Yes I agree, I have just gotten into tax deed sales surplus to help people claim the overages of what the government may have made on the sale.
@Nova-m8d go easy on him, at least he target house that have been not lived in for years and that is an eye sore for the community. It is not like he looks for houses that people were foreclosed on or evicted recently.
After renovation, 1000, a bedroom, awesome. 🎉
I’m an RN on overnight shift for the VA. I bought four vacant lots I want to build a new home on for private use. I noticed the next adjacent lots taxes haven’t been paid and is scheduled to be on auction. I was thinking of bidding on them but was told it can be expensive to convert tax deed to a warranty deed. Still doing my research
Have you found a builder? My company builds TinyHomes and rentals nationwide.
@@foxrunner1570 I have a builder and I am married with 4 children. I don’t think they would be happy living in a tiny home.
@@TropicalTodd the idea is to cashflow the lots, the cheapest way to start cashflowing your lots is with titled and deeded tinyhomes, this allows for financing if fixed realestate. but i misread 'for private use'. If you get that lot next to you, you could get a decent monthly boost..
Awesome information. Nothing for free.
Great Vid! Thanks for the info! This might be your calling!
real eye opener. thank you!
Good luck brother, from mass
So is the appointment sale the same as the assignment or OTC sale which some states have different names meaning the same thing? Maryland is the assignment sale that comes after the auction but you have to register and they will send you the properties that didn't sell in the auction. Great vid btw
That is a great video. This is what I wanted to do, but I needed someone to guide me up. Please I will be very grateful if I can get more information.
@Herman_TV thanks!! Then I'm serving my purpose with the video. Anything in particular?
Ya, politicians talk about housing shortage? We need more grants to renovate existing abandoned houses.❤
That sounds so goofy about the back taxes being owed separately and above and beyond the sale price at auction. Connecticut at least long ago in Connecticut the whole idea of the auction was to recover those taxes and anything above that went into the auction costs and general fund or some drama like that.
I don't know if it was because that amount was being handled by a collection agency? They gave me some line that sometimes they make mistakes and don't have all taxes accounted for in the bidding price 🤔. Either way, still worth it in the end but something I wanted to bring awareness to.
@@BachataKnight I hear you, just seems odd. May want to query the tax collector office and ask for a statement of the total taxes that were overdue. If it was an accounting error, there's at least a slight chance they owe you back the double charged amount. Always the optimist here lol, but agree with your skills to be able to do most of the work yourself, you got a pretty sweet deal there!
Thanks for the information
Thanks for the insight, if I were you i would start a channel on youtube just for this subject, when I went to your videos it was a bit off topic here, I think you could do well with a specific channel mapping out the tax process and doing rehabs? BTW what state are you in Bachata Knight?
GREAT Video, You Should Do A Progress Video Series On This Property On This Channel, You Will Thank Me Later.
No way😮 You want to bid and they find back taxes!😅 Government cant wait to hand out tickets to make revenue but the government can't control its spending or the deficit?😮
It’s very nice property and perfect location.
You cant snoop around the property, but you can knock on the front, and then back door in a respectful manner. Do what you want with your eyes from there.
@@chrish42000 that is a good tip. This one had chains and locks on all the gates... which wouldn't necessarily be a deterrent. Considering what I do working for the census bureau 🤣
What's the actual process to research the title for liens?
You need to have a weekday free to go to the Recorder of Deeds of the area the property is located. They have computers there with everything on record. Old docs are scans. New docs are more digital. You can do it online but I forget the website to use. To me it's way easier to do it on their computers.
Look up the property and you'll have to backtrack and verify the entire change of ownership. I bring a pen and paper to write it all out. It's a bunch of legal stuff to read through.
A great website of tons of legal terms explained is ucop.edu you'll feel like you're decoding a secret message til you get familiar with the common legal terms lol. The site is super easy to look up legal terminology.
But you want to make sure you can document every time it changed ownership. Then look at the mortgages taken out by each individual.
Write down every name you see associated with the property.
Every mortgage, you look through all the docs and make sure they were paid in full.
Now take all the names and you can search them specially. You're looking for court cases. Debts unpaid. Judgements and what they were. Fir example thus owner had a mechanic lean for over 20k but I dug into it and travel it back to a different property they owned. Sometimes someone doesn't pay child support, and it's gone through court and they ignore it and it becomes a lien. Liens will have records of being paid off too.
I think I'm getting into a lot more than I can reply but tldr. You want to draw out an entire financial history of the place and be able to cross off everything paid off and decide with the liens outstanding, do you want to assume immediate responsibility for them.
They don't allow pics or video in the Recorder of Deeds, but maybe I can try to make a vid.
Oh. And after it all. I also go and look and make sure the deed transfer is now in my name :)
Thanks for the knowledge.
You will probably need a permit from the city to have a armor fight in your own yard?😮😅
so 9 k (winning bid) + 4 k (back taxes) + 2k (quiet title) + 6 K (truck) + 16 K (foundation) + 1.2 k (annual property taxes) + 232 (school taxes) + garage fix up...anything I missed? If you had let the city tear it down, would they charge you for the tear down? Can you explain why that other noobie at the auction is way over his head in debt with 3 properties? Why didn't you just tear it down immediately (wouldn't pay 1 k fine for hole in foundation and that 16 k you are putting toward the old foundation could go towards a new build)?
@kbenk108 good questions. I'm in the middle of my Armored MMA thing in MD, Iwill be able to answer all of that tonight 👍
you're really talented guy by the way - ballroom dancer, armored knight, nurse, and carpenter!
@kbenk108 that is correct, the total so far. I do need to redo most of the interior. I plan on saving a lot by doing it myself with a friend when I need an extra hand. Let's say someone already owned a truck but no tools, it could be a few thousand for those. That's probably the most arbitrary expense of them all.
If they tore it down, I would be responsible as far as I know. That is going by word of mouth.
The noobie seemed very inexperienced when talking to him. I researched every one of these properties and i know one was in deplorable condition. He didn't have any remodeling experience himself. I didn't see him networking with anyone. Contrary to myself, I got 5 new phone numbers of people who were also builders. I've b.s.ed with a few of them just for being friendly so we now know each other when we're at the Auctions. Actually one was going to do this foundation if I hadn't got the crew I do now. Let's say even if the noobie doesn't have any immediate expenses, he's got a lot to start taking care of. He kinds seemed not to know what I meant when I asked if they had any mortgages.... at the Adjournment sale where they may very well be attached still. I should have just said all that in the vid. Just seemed like he heard you can get a home for a few hundred dollars and came and did that. He could also just be wealthy. He may also be buying for someone else. Some buyers are going to pay cash for a place even without it going thru a quiet title but I think that's kinda rare.
I think this place is more suited to get rebuilt, as it's practically ready just to redo the interior, compared to completely tearing it down and starting over.
Thanks about the kight fighting and ballroom dancing. That's cool you noticed the dancing :)
I am only interested in getting vacant land and then flip it
It's alot of upfront money 💰 before you can cash flow.😢
Dude iv been wanting to do this so bad I just got 50k inheritance I jist need to do it. How'd you find the places for sale b4 the auction
@Aaronblkgt I think that's a perfect amount to try this, just be cautious :)
I went down to the Tax Revenue office in town to get a print out list. You can also print our county list off the internet via their website, but I don't own a printer lmao
I bought a 1986 mobile home on a acre and I've almost got done with it
@@morganruest1803 AWESOME!! That's also a nice sized lot
Great video.
🔥🔥
Someone owes 9k on a 170k home the town makes sure they loose there house the town makes a huge profit don't worry there is plenty of room on the streets for all the poor people to live
@fisherman5845 it is a totally b.s. thing that you can lose a house over taxes. I'm 1000% for repealing property taxes. I don't look for anything inhabited. If I can get to a higher quantity of rentals, I also will be more inclined to charge rent for less than the average costs. I'm looking to make $$ but don't also have a goal to be more affordable than others.
I think this guy is kind of a piece of garbage taking advantage of people like this
How did the town make sure they lost their house? The town didn't make a huge profit. They get a portion of the county's revenue. The town would much rather that people keep up their homes. So that they attract more upstanding folks to their town. You've got it all twisted, cornflake.
@@donarcher5555Even if someone reading your comment didn't already know better, as soon as they read your baseless insult at the end your entire comment is de legitimized
@@BoDiddlydodah It's funny how you think you've said something.
How can you work 12 hours 3days in a row? You would be dead tired for the next 4 days!
@donaldperson948 I've been up for 36 hours. Im going to sleep for 10 hours. Wake up and have an Armored MMA fight at 1pm 😆 idk I just go sometimes. Not always though.
You could sale and make a profit
Same old thing! You have to have money to make money!
Truth!! BUT these gurus make it seem sound like you can do this for $50. Just trying to spread some awareness that you could really dig yourself into a hole of debt very quick especially if you get a 90 day repair notice for something major.
What type of nurse are you ICU Tele. you look like an ED nurse
Ah!! I do tele but it's a cardiac and stroke unit. I've been specialized so long that I probably know as much as the cardiac and neuro doctors 🤣 . That would make my original plan to go back to school to be an NP (and get with a cardiac group) much easier but then I considered how I am going to hit another salary cap. Hopefully this venture will break that ceiling... or have no ceiling.
@@BachataKnight thats awsome. I hope this venture turns out good for you. If not I guess NP school then. Lol
i go and peak in all the time
@williammccardle-mb7zq I should just do that more lol !! Seems like it's pretty common practice
Thanks for sharing. You a real one!!!!