How Does a Tax Lien Foreclosure Work in Real Estate?
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- Опубликовано: 8 авг 2024
- How does a tax lien foreclosure work? Learn how you can profit from them: tedthomas.com/ytl-8074/
Key Moments In This Episode
00:00 Intro & Summary
02:09 What Are The Differences Between A Mortgage Foreclosure And Tax Lien Certificate Foreclosure?
03:09 What Happens If Property Owners Don't Pay Property Taxes
04:36 How Much Are Tax-Defaulted Properties?
05:16 Benefits Of Investing In Tax-Defaulted Properties
06:04 How Tax Lien Foreclosures Work And How You Can Profit From Them
07:56 How The Financial Market Crash Affected Real Estate Investors
10:48 How To Make Money Investing In Real Estate
11:40 Examples Of How To Make Money With Tax Lien Certificates
13:19 Disadvantages Of Investing In Foreclosure Properties
How To Buy Real Estate At Foreclosure Auctions
• How To Buy Real Estate...
Learn more about Ted Thomas
Ted is an American Original - teaching people just like you for over 30 years how to buy houses in good neighborhoods for 30% to 50% of their market value. He teaches how you can sell properties fast for thousands in profit, and how you can ‘rinse and repeat’ this process over and over again - just like his students have - and make your financial dreams a reality.
Ted Thomas is America´s Tax Lien Certificate and Tax Deeds Authority. As an international speaker, Ted has dedicated himself to finding and teaching the best, and safest, investment strategies. He teaches how to create wealth with minimum risk with easy-to-learn methods. Ted’s strategies developed over decades of successful real estate investing can help everyone. From regular hard-working families, to senior citizens, to young families and professionals.
Ted chose to teach Tax Lien Certificate and Tax Defaulted Property investing because it is Certain, Predictable, and Secure. He is a specialist at teaching Advanced Tax Lien Certificate and the Tax Defaulted Auction processes and concepts to investors and professionals. Industry insiders consider Ted Thomas to be America’s Tax Lien Certificate and Tax Deed Authority. In the past three decades, he has pioneered many new techniques and strategies for Investors and Professionals.
#TaxLienForeclosure
#Foreclosures
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Good video - thanx. An interesting video would be to hear about the history of property taxes, including the law behind it going back to 200 years (as you stated). I bought your course when it was on VHS tapes… about 100 years ago - lol
Haha! Great video suggestions thanks - Ted Thomas Team
So important to understand! Thanks!
Glad it was helpful!
Thanks for Awesome Content 😊
My pleasure 😊
Great Video, thank you
Glad you liked it!
Awsome video!!!!
Thank you! Make sure to get your FREE list of upcoming auctions here: tedthomas.com/freeauctionlist
Great Video, you seem to have a process now whether it works for me is something else!
Thank you!
Hi Ted, I'm in San Diego, California! In your example of the person who spent $11,000 for a tax lien certificate in Arizona, he ended up getting the property because the owner didn't pay him back the $11,000 plus 16% interest. Did he have to bid again after two year he purchased the tax lien certificate? Did that property have no mortgage? Thank you for the great information!
Thanks for your question. When you buy a tax lien and its unpaid you foreclose on the tax lien. When the foreclosure is completed, it wipes out the mortgage. Here is a free mini course for you... tedthomas.com/gifts
Love this guy!
Thanks!
Hello Ted, I would love to received this information about Tax Lien Foreclosure in my state Orange County CA. Thank you for the video!🤗
Here is a link to get free auction lists: tedthomas.com/freeauctionlist
Hi Ted, thanks for the video. I was hoping that you would had explained a bit more about how does a tax lien foreclosure work. I am actually in the middle of it and doing it myself in Arizona. I am getting my info directly from the county and following the steps according to the articles. I imagine the process of how it works is different from state to state. I am in the first step, I sent the certified letter of intent to foreclose to the owner and the treasurer. We shall see what happens in 30 days. In the meanwhile I’m learning about the foreclosure process. That’s how I landed here.
Thanks for your question. Foreclosure is unusual. If you have done a few of them I do recommend your first one to find an attorney that has done tax foreclosure… not any attorney but one that has done a tax foreclosure. That might require some researching. Of course, you can do all this by following the rules like you are doing, expect some challenges at the courtroom because you are not an attorney. That doesn’t mean they will refuse you but believe me they will make sure the T’s are crossed and I’s are dotted. My recommendation is learn it yourself however have the attorney do it and then on subsequent ones do it yourself. - Ted Thomas
How did your foreclosure go? I'm also in AZ and would like to start the process but would like to avoid hiring an attorney if possible.
@@HillsideHomesteadOG I did the foreclosure myself but as suspected, the owner paid the taxes in order to avoid the foreclosure. However, the county did NOT pay me the 16% so now I may sue the county.
@Her Soul Vacation Sorry to hear that! Hopefully the county pays you.
Hi Ted, great video! Thank you! Question: I have a Tax Lien in Coconino County, AZ. It was paid 4 years ago. What would be the first step to begin foreclosure? Thanks for your help!
Hi Richard, - Woah!! Four years ago! Have the subsequent years been paid in each of the four years? If you haven’t paid the subsequent years, you are nowhere… here is a general overview, I am not an attorney and I am not giving you legal advice. My last reading of the statutes in Arizona reveals the property owner can be in default for 3 years, so if you purchased the first year now you are in place, but now you need to renew and pay for the 2nd and 3rd years. Check the county website they might tell you how to do the foreclose, if they don’t an attorney would do it for about $1,000? What is the property worth? If it is $2,000 don’t spend the $1,000 for the closing. There is no foreclosure if you haven’t paid the subsequence tax. Again, I am not a CPA, or a broker, or an attorney. Go to the county website and research.
I’m actually doing this in Cochise County. The first step is to send a certified letter of intent to foreclose to the owner and the treasurer. I consulted with an attorney but the cost/value is not there for me. I want to make money, not pay to someone for a process I can do myself.
Can you please guide on foreclosing costs on tax lien certificates after expiry of redemption period! Thanks
Hi Pratt, Thank you for your question. Every state and every county will have a different number, contact the local county treasurer and they will have a written document of some kind that will explain when you purchase a certificate. If there are any fees or government expectations (and expect them all to be considerably different) I can assure you its minor compared to the income that is generated, however, some people bid tax certificates down to less than 1% and that is not a good idea. I have a free report you can check out with more information: tedthomas.com/freereport
Ted, thank you for this information. I am being pursued for taxes on my grandmother's home. I am interested in paying it but how do I get the property so I can resale it for some profit?
Thanks for asking your question. I am not an attorney, financial advisor, or a broker. I can help you with tax liens and tax deeds but your question is beyond my capability. The government doesn’t allow authors and publishers to give financial advise and I think that is what you need here. Happy to help you otherwise! - Ted Thomas
Good video. I like the idea. Help me to understand how do you get rid of the liens on a Tax Lien or Deed? 😅
Thanks for asking your question. To eliminate liens they have to be paid or negotiated off the property. - Ted Thomas
Hello Ted, This video is very interesting and have never heard about this before. I live in Canada, can this be done here or only in the USA?
Hi Joanne, this can be done only in the United States but we do have many outside investors. Here is a link to read more about it: tedthomas.com/can-foreigners-invest-in-us-real-estate/
Hey Ted, if I have a tax lien certificate that I can foreclose on, will I have to pay off all of the other holders of tax lien certs on that property once it gets foreclosed?
Thank you for your question. Yes, you would have to pay the other tax lien holders but you will be able to wipe out/delete the majority of liens on the property like the mortgage and deed of trust. - Ted Thomas
Thanks for the video. I purchased a municipal tax lien certificate in NJ. Having a tough time finding an attorney to foreclose. The ones I find want a lot of $$$. Can I foreclose myself pro se in New Jersey.
I am not a CPA or an Attorney - I recommend hiring an attorney if you are not comfortable with the process to make sure no mistakes happen.
Can you tell me about wicomico county Maryland tax lean laws and % back in return
Hi Kelsea, you can go to the county website to learn more about this specific county. If you do not understand something, call the county directly to ask questions - www.wicomicocounty.org/392/Tax-Sale-Information#:~:text=County%20Tax%20Sale%20Excess%20Funds&text=IF%20YOUR%20ANNUAL%20REAL%20ESTATE,to%20the%20June%20Tax%20Sale. ~ Ted Thomas Team
Hi Ted, @ 4:00 you mention the counties "wipes away the mortgages" on tax-confiscated properties. Don't the banks have recourse to the real estate? Is this the case across all states, California?
Hi, the banks will have the opportunity to redeem these properties as well and if they don't then the mortgage is wiped out. Some properties that go up on the tax sale also do not have mortgages. You need to check the rules with each individual county that you are interested in bidding in.
@@Ted-Thomas How long is the foreclosure process? Seems like a huge risk that could take years to work through.
I love learning from OG's in the game...
Thanks 😏
Seems like a no-brainer for people with money sitting in a savings account earning 0% LOL. Thanks Ted!
You are most welcome! Keep watching for more upcoming new videos each week!
live in Nashua NH what is the percentage of the tax lean Certificate
check this out: nhtaxdeedauctions.com/
I'd like to know about LaPorte County Indiana
Thank You
Here is some more information: laporteco.in.gov/residents/county-treasurer/real-estate-tax-sale/
what does the state of Oregon please
tax certificate
Hi Gerry, Oregon is a tax deed state
What does Alabama PAY for tax certificates?
Hi Xavier, 12% per year. - Ted Thomas Team
What happens to the mortgage balance when the tax lien sale happens?
Always check with the local county rules, but typically get gets wiped out!
Atlanta, Georgia
Fulton County!
Is this advice relatable to Canadians? I live in Toronto, Ontario.
Yes! Here is some more information: tedthomas.com/can-foreigners-invest-in-us-real-estate/
This is so much more interest than the bank investment and more secure than stock
Yes, indeed it is!
I"m in Texas. Can you tell me how it works here?
Hi Robert, Check out my other video on Texas-- ruclips.net/video/lSmdw6zsBQw/видео.html
would like to know the process for New Hampshire.
Thanks for the video suggestions, here is a free report to check out in the meantime: tedthomas.com/freereport
Ok, If you don't get the property, then how do you get/make money on your investment (on the tax lien foreclosure property)? I don't get it.
With a tax lien certificate you receive interest on your investment - Ted Thomas Team
I live in Arizona,Pima County ., Rules on Tax Liens ,Cert.
Hi Antonio, here is some information regarding Pima County - www.to.pima.gov/taxLienSale/
I'm in North Carolina and wonder if it's feasible to open an LLC and borrow 5000 for it to start this business
Yes it is!
Hi. Can you foreclose the home of the owner is in jail? How do you serve the paper?
Thanks for asking your question. I am not an attorney and I can not give you legal advice. What you are talking about happens all the time, prisoners can be served in jail. - Ted Thomas
Can I buy if I am Canadian?
Yes! Here is an article you might find helpful: tedthomas.com/can-foreigners-invest-in-us-real-estate/
more information please
Hi John, here is a free report you can check out: tedthomas.com/freereport
hi ted
i just retired from truck driving
i am interested in what you are talking about
i live in the Tampa bay area of florida
i would love to have something that would add to my monthly income
Great! We host a virtual workshop every two weeks, the next one coming up on Sunday. Here is the link to sign up! tedthomas.com/1dayworkshop
Tax liens in Hawaii please reply with information thank you very much.
Hi Richard, Hawaii is a redeemable Deed state. It pays 12% per year and 1 year redemption period - Ted Thomas Team
Rules in Ohio? Great video!
Thank you!
Does that work in Canada? JMH
Hi John, this type of investment if only for the United States, although people who live outside of the United States can participate in this business, here is more information: tedthomas.com/can-foreigners-invest-in-us-real-estate/
I’d like to know more
We host one-day workshops monthly if you are interested to learn more tedthomas.com/1dayworkshop
Lubbock County in Lubbock Texas
Contact the Treasurer office for more information: www.lubbockcounty.gov/
North Carolina?
North Carolina has tax deed sales and they are called "Tax Foreclosure Deed Sale" - Ted Thomas
Florida percent Duval county
Up to 18% in Florida!
Indianapolis?
Check this article out - tedthomas.com/property-flipping-business-to-tax-deeds/
like thank you
Thanks for the visit
I know nothing about this I admit but right away I feel skeptical that finding this type of real estate a tax defaulted property with no mortgage is going to be easy. Sounds like it will be rare, because if they don't pay their taxes chances are they did not pay their mortgage either. Hard to imagine a paid off property that they did not pay taxes on.
Thank you for your question. You need to watch more of these videos to understand. This system has been in place for over 200 years. it is predictable, certain, and secure. Here is some more information: tedthomas.com/freereport
Texas ?
Hi Steve, here is some more information regarding Texas - tedthomas.com/texas-tax-delinquent-properties/
Tax lien foreclosure in Texas ?
Hi Steve, I am confused on your question? Thanks!
I’ll wait until seminar on the 22nd.
Thanks
I need a house for me and my daughter. I am a single mom. We have moved many times and now my lease will end on October 15. No money.
Sorry for your distressed situation. My suggestion would be to check your local county and see if they have grants to help you out. - Ted Thomas
FLORIDA rules?
You can look up the Florida statute 197 - Ted Thomas Team