Investor Newsletter WEALTHROCK
Volume 1, Issue 6
Finding and Receiving Jurisdiction Tax Lists
Find or Receive Lists 1- Choose Any Jurisdiction. 2- Lien or Deed? 3- Find Taxing Authority. 4- Key Words & Searching County Website. 5- Find Your List. 6- Refine Your List and Contact the Jurisdiction. Call, write, or email 5-10 Counties or Jurisdictions. To find the email or phone numbers look in your "State Guidebook." The more counties you contact the quicker you‟ll find a user friendly county that wants to do business with you. Remember most tax property is sold through the county, or parish, or municipality, not the state website. Within that county jurisdiction the best offices to contact are the Treasurer, Tax Collector, Auditor or Sheriff. Every county or parish may use someone different, just ask. When you email the county, you can ask something similar to following message: I am a Real Estate Investor and I would like to invest in your county tax deed property. I want to have ownership of the property, not just a lien on the property. When is your next auction scheduled and could you please send me or tell me how to get a list of these parcels. If you just recently had an auction, I would like to purchase any properties you may have available that didn’t sell at the auction. If you don‟t get the response you‟re looking for, ask again a different way, or ask for the department that may be in charge. You want to develop a
because it is available on their website. Send the county a specific email giving them a parcel number and asking them if this parcel Receive as many property lists as possible. is available. Sometimes you can ask the (At least one) county for “an assignment” of that parcel. You only need one list and 5-10 parcels to That means they will assign that parcel to you get started. Start as soon as you can with the for the next 30 days to research and you are list you receive. The counties that respond to the only one during that assignment time able you quickly are "user friendly" and want your to buy that parcel if you choose. You are not business. Those are the lists you want to however obligated to purchase that parcel. review first as they are responsive and you The county might not call it assignment purcan potentially buy deeds today. Just bechase but may do this procedure and they cause they send you a list, it doesn‟t mean it call it something different. is the list you asked for. For example: You asked for properties left over and they may Understand our 20-1 Ratio Rule. have sent you the list from before the auction, As you are refining your list, compare the or the list from last year, you never know until asking price to the assessed value. Don‟t you ask the right questions. County workers consider doing any research on a property sometimes don‟t understand what you want or unless it meets this rule. For example, for don‟t understand what you need. every $1,000 you invest; make sure the property is worth at least $20,000 which is a Begin refining your list. 20 to 1 ratio. This is the key to beginning To begin refining your list, you need to know research, not to purchasing. Look for tax deed the approximate value of the property and property that is within your budget. We or the minimum bid or minimum price the suggest you begin with less expensive propcounty is asking for the parcel. Many times erty first. If you have set a goal to invest in the list that the county sends you will have a your first property of anything under $1,000 column that says “appraised value” or “fair refine your list accordingly. market value.” Remember this is only someNow your list that the county sent consists of: one‟s guess, don‟t take this as the official It’s a Tax Lien or Deed Property. value and don‟t take a website listing value It’s available to purchase today. as accurate (www.zillow.com), but it‟s a good It may be assigned to you so you may place to start. research it for 30 days. (Ask County) It meets the 20-1 ratio. The list that the county sent you may have a It’s within your budget. column saying minimum bid or asking price. Make a list of the top ten properties that With the San Diego County list it has a colmeet these five rules. Find more lists by conumn that says “Item: Total Assessed” that is tacting more jurisdictions and continue the the place to start. If the list doesn‟t have what process. You now have a working list of you need, call or email that county official properties that meet your initial investment back and ask for what you need. Don‟t over- goals. Now is the time to begin your duewhelm the county as if you ask them too much diligence. You can get information from the information too quickly, they may feel you jurisdictions website or call them. Check the are bothering them. Know when to ask and Assessor or County Recorder, or Clerk of the when to ask someone else or when to continue Court etc to find additional information on to look on your own. Make sure the property that property. Remember these properties list they sent contains property that can be are all “public records” and available to the purchased today. In other words, don‟t take public at the county office or on their website. for granted the property is available just Just ask and the county should help.* because the county sent it to you or just
Dec 12th Webinar Goals
good relationship with a key person at the proper jurisdiction.
1- Find your own List 2- Refine your List (RBA) 3- Research Five Properties 4- Invest in a Lien or Deed
Iowa OTC Liens Jones County Iowa Click Here: Mills County, Iowa Click Here: Ringgold County, Iowa Click Here: Iowa Rate of Return Iowa‟s rate of return is 24 percent annually, or two percent per month, with each fraction of a month counting as an entire month. Redemption Period Tax liens in Iowa are purchased with a two year right of redemption. If the property owner does not pay all delinquent taxes, interest, penalties, and fees by one year and nine months into the redemption period, the investor may begin the process of terminating the right to redeem. The lien holder must file a “90 day Notice of Right of Redemption Affidavit”. If a lien holder fails to file a 90 day notice on a certificate after a period of 3 years from the date of sale, the county treasurer may cancel the lien. State Law and Codes Code of Iowa, Title X, Subtitle 2, Chapters 446 through 448.
Rhode Island: Three Types of Tax Sales
“Faith is taking the first step even when you don't see the whole staircase.” Martin Luther King Jr.
1- TAX LIEN SALE: The collector of the city, hereby gives notice that they will sell at public auction to the highest bidder the following described parcels of real estate (for the levy upon which, notice is hereby given) or so much thereof as may be necessary to pay the taxes which constitute a lien thereon, assessed 2009, and/or prior years, together with the costs and charges incident to this sale 2- CONTINUATION SALE: Additional tax sales when the city tax collector determines another auction is necessary. This sale may be also called “Collector‟s sale of Estates for taxes and/or assessments due and unpaid” 3- TAKING FOR TAXES: Be advised that if the tax lien property in which you have a substantial interest is sold at tax sale, then you have one (1) year to
redeem it through the collector‟s office or through the tax sale purchaser by tendering the taxes paid, plus a ten percent (10%) penalty on the tax sale amount, plus one percent (1%) interest on the tax sale amount from the seventh month onward. After one (1) year, you may exercise your right to redeem through the tax sale purchaser, or, if a petition to foreclose your right of redemption has been filed in superior court, you may redeem through the court until a final decree is entered forever foreclosing your right of redemption and the city will take the property for taxes due.
Next Webinar Jan 16th 2012 8 pm Eastern WEBINAR #7 Texas & Florida Lists FIND LISTS REFINE LIST RESEARCH LIST CONTACT COUNTY MARKETING PLAN
*This information is not intended as legal advice. Rules and procedures for each jurisdiction may vary. Consult with the jurisdiction or an attorney to verify all information before you purchase.
Purchasing a Tax Lien After the Auction Book One Page 15-23
Volume 1, Issue 6 California; Understand the Different Sale Types Two Types of Property Tax Sales 1- PROPERTY TAX SALES: under California state law, the treasurertax collector may sell any or all portions of properties that have been in default for five years. The successful bidder may take possession or make use of a property acquired at tax sale after the tax deed to purchaser-at-sale has been recorded. However, most title companies will not insure the title until one year after the tax deed is recorded. Legal action to challenge a tax sale must be brought within one year of the tax deed‟s recording date. 2- TIMESHARE TAX SALE: It is the tax-defaulted timeshare interval that is being offered for sale at public auction; not the entire building nor timeshare association. Only those timeshare associations located within the state of California with ownership intervals that have been tax-defaulted for five or more years are listed.
Four Types of Mortgage Sales
the court may…vacate the order of confirmation and order a 1- COUNTY SURPLUS PROPERTY resale of the property…if the SALES: The real estate division of property is resold, the defaulting the county's department of general purchaser is liable to the estate services sells property at auction for damages… the terms “surplus,” “surplus prop4- SHERIFF SALES: The Sheriff's erty,” “surplus real property” colDepartment Court Services Bulectively shall mean any county reau provides security services owned real property that (i) is iden- for the superior courts and the tified and deemed to be in excess county administrative center of the county needs; and (ii) is not (CAC). The bureau handles procrequired for any foreseeable esses such as temporary restraincounty use. ing orders, evictions, wage gar2- REAL PROPERTY SALES: Prop- nishments, bank levies, summons, erties sold at this event are from claims, real and personal propconservatorship and decedent eserty levies and sales.* tates administered by the counties public administrator/public guardian the successful bid at the auction will be subject to court confirmation. The bidding will start with the appraisal in the brochure. The minimum acceptable bid is 90% of appraised value. 3- RESALE PROPERTY: If, after the confirmation…the purchaser fails to comply with the terms of the sale,
Waco City, Texas Tax Property
Over-the-Counter Purchases Low Maintenance Long-Term Growth
“Shoot for the moon. Even if you miss, you'll land among the stars.” Andrew Carnegie
How you can buy property that Waco City holds in trust because of tax foreclosure. Sealed bid auctions are held periodically based on numbers of request for city property. Usually 25 to 30 properties are offered at a time. If there is a particular piece of City-held property you are interested in, phone 750-5669, and inform the City of Waco's Property Manager of your interest. When an auction is scheduled, it will be announced on our web page, in the Waco Tribune-Herald, on Waco's cable TV government access channel, and with a limited number of signs on the property. A recent big change is that residential structures as well as vacant lots are now also sold through the City of Waco Housing and Community Development Services Department. Click for Waco City Sales
#6 Mon Dec 12 „11 #7 Mon Jan 16th „12
Finding Student Selected Lists Texas & Florida Lists
You choose the list we‟ll find it Students Choose
2012 Schedule will be posted on the Website, before Jan 1st Check Here:
Archived Webinars 1-6 Outlines Webinar #1 “Why Tax Liens & Tax Deeds” 1- The Strategy of Investing from Home. 2- Why Liens and Deeds? The Safe and Smart Investment. 3- How to Earn 12% or more Interest in your IRA. 4- Utilizing your Tax Lien Advantage Manuals. 5- Using the Tax Lien Advantage Website and Tools. 6- Deciding between Liens and Deeds.
Webinar #4 “OTC Strategies” 1- Review Ratio, Budget, Availability (RBA), Risk, and Title. 2- Business Structure. 3- Invest Where? 4- OTC Strategies 1-14. 5- Investing Results. 6- Repeat the Process.
Webinar #2 “Finding Tax Property Lists” 1-Finding Your Own List. A. Decide on a Lien Or Deed State. B. Call, Write, or email 5- 10 Jurisdictions. C. Find user-friendly jurisdiction. D. Receive your list. 2- Begin Refining Your List. A. Value vs. Investment. B. Assignment/Option to Buy. C. Understand our Ratio Rule. D. Stay within your budget. E. Prioritize Your Top 5. 3- Find Virginia Lists. 4- Find Kentucky Lists. 5- Understanding Auctions. 6- Register for a Demo Auction.
Webinar #5 “Auctions Live & Online” 1- Why Auctions? 2- Understanding Types of Auctions. 3- Practice Auctions. 4- Lien Auctions. 5- Deed Auctions. 6- Foreclosure Auctions. 7- In-Person Liens or Deeds.
Webinar #3 “Due-Diligence” 1- Review Liens vs. Deeds/OTC. 2- Review Finding and Refining your Lists. 3- Beginning Due-Diligence. 4- Understanding Risk. 5- Validating your Research with our Web Resources. 6- Finding Titles to Confirm Research.
Jurisdiction Lists discussed in Webinar #6 1- Providence City, RI; Lien 2- District of Columbia; Lien 3- Maricopa County, AZ; Lien 4- State of NJ; Liens 5- Shelby County, TN; R Deed 6- Hawaii County, HI; Deed 7- Riverside County, CA; Deed 8- Macomb County, MI; Deed
“Criticize the act, not the person.” Mary Kay Ash www.wealthrock.com
Webinar #6 “Finding Student Selected Tax Lists 1- Choose Any Jurisdiction. 2- Lien or Deed? 3- Find Taxing Authority. 4- Key Words & Searching County Websites. 5- Find Your List. 6- Refine Your List and Contact the Jurisdiction.
Finding Student Lists View the Archived #6 Webinar Click Here:
*This information is not intended as legal advice. Be sure and consult your own legal advisor before you bid or purchase.
Michigan: Auction Dates Tax sales may be conducted after the third Tuesday in July. Most sales take place in the months of August and September. Tax Authority The County Treasurer. State Law and Code Michigan Compiled Laws, Chapter 211, Section 211.60.
Washington D.C. 4 Types of Tax Sales
2012 D.C. Tax Sales
1- DISCOUNTED TAX SALE: Beginning March of 2012 the office of tax and revenue (OTR) will hold a “discount sale, for the remaining delinquent real properties from the September 2011 or special deed tax sale. The discount sale permits OTR to sell a property for less than the total amount of delinquent taxes due. 2- ANNUAL REAL PROPERTY TAX SALE: The office of tax and revenue (OTR), holds an annual public auction of delinquent commercial and residential real properties (including penalties and interest, if applicable) for the prior tax year(s). Properties are sold for delinquent real property taxes, water and sewer charges, or other taxes, assessments or fees owed to a District of Columbia agency. All real properties are listed in square, suffix and lot, or parcel and lot, number order. The list states the amount for which each real property may be sold at the sale, and an additional $200.00 tax sale fee shall be added at the time of the sale. The stated amount for which a real property may be offered for sale can be lower than what an owner would have to pay in order to prevent the real property from being sold. Owners must contact OTR to determine the amount that must be paid in order to avoid the sale of their real properties. Purchasers must be aware that additional liabilities, which are not reflected in the total amount for which the real properties are offered at the sale, may be due and owing on real properties and such additional liabilities may include liens previously sold to a third party. A purchaser at the sale acts at his or her own risk, and must exercise due diligence in selecting real properties upon which to bid. At the sale, the purchaser acquires a certificate of sale to the real property that may ripen into title if the owner (or other party with an interest) fails to redeem. The owner (or other party with an interest) has a statutory right to redeem the real property until his or her equity of redemption has been foreclosed by the purchaser‟s lawsuit. If the owner (or other party with an interest) fails to redeem the real property, the superior court of the District of Columbia may order that a deed be issued to the purchaser after the purchaser pays all taxes, costs and expenses. 3- SPECIAL DEEDS TAX SALE: Pursuant to section 319 (special tax deed sale) of chapter 3, real property taxes, of title 9, District of Columbia municipal regulations (“dcmr”), the office of tax and revenue will hold a “special deed tax sale” of real properties bid back to the district from the July 2012 real property tax sale. Bidders must submit sealed bids, and the successful purchaser will have offered to buy properties on the list owing the greatest amount of delinquent tax. To register, visit the otr‟s walk-in center, 1101 4th street, SW, suite 270W, Washington, DC 20024 and request to meet with a tax sale unit representative. All purchasers shall submit sealed bids by September 2012 to: office of tax and revenue attention: Robert Farr – director, real property tax administration1101 4th street, SW suite 550W Washington, DC 20024 Prior to or at the time of submission of his or her sealed bid, a bidder shall have registered with otr, filed form fr-500 (combined business tax registration application), submitted a copy of treas. Form W-9 (request for taxpayer identification number and certification), and provided a deposit by certified check or cashier‟s check payable to the D.C. Treasurer that is 5 percent of the sealed bid amount, not to exceed $100,000. For additional information on the special deed tax sale, please call otr's customer service center at (202) 727-4tax (727-4829). 4- FIRST-COME, FIRST-SERVED SPECIAL DEED TAX SALE: The office of tax and revenue (otr) will be conducting a “first-come first-served special deed tax sale.” Otr will receive offers to buy any of the real properties remaining bid back from the July 2012 tax sale and appearing on the attached list. The sale is on a first-come first-served basis, and will begin in September 2012, and end 3-4 weeks later in October.
1- Discounted Tax Sale (March 2012) Bid just $300 or more for the property deed. 2- Annual Real Property Tax Sale (July 2012) Tax lien bid down interest beginning @14%. 3- Special Deeds Tax Sale (Sept 2012) Sealed bid only 4- First Come, First Served Special Deeds Tax Sale. (Sept-Oct 2012) Tax deed sale for amount of back taxes.
taxlienadvantage.com “A man may die, nations may rise and fall, but an idea lives on.” John F. Kennedy
Government Forms of Governing County Type Government Parish Sheriff Commissioner Board of Supervisors City Type Government Township Town Municipality State Type Government State Commissioner Secretary of State State Lands
Title Search Info: vuwriter.com tapestry.fidlar.com etitlesearch.com Michigan 4 Types of Property Tax Sales
1- TAX-FORECLOSED AUCTION: The auction of tax-foreclosed real property is held incompliance with the Michigan general property tax act. The property for sale was foreclosed by the county treasurer for nonpayment of delinquent real property taxes pursuant to a judgment of foreclosure entered by the county circuit court. The auction will be conducted on the internet by bid4assets,inc., at www.Bid4assets.Com. Bids will NOT BE accepted by the treasurer or at the office of the county treasurer. The winning bidder does not acquire title and legal title is not conveyed at the time of delivery of the purchase price. Title is conveyed only upon the execution and delivery of the quit claim deed for the property. 2- FORFEITED PROPERTY: Property tax delinquency entails a three-year forfeiture and foreclosure process in Michigan. Parcels are forfeited to the county treasurers when the real property taxes are in the second year of delinquency. Real property taxes which remain unpaid as of march 31 in the third year of delinquency are foreclosed upon by the foreclosing governmental unit (FGU). The FGU is responsible for inspecting forfeited property, providing due process notifications and subsequent disposition of the tax foreclosed property. Click on the following links for more detailed information regarding the real property tax forfeiture and foreclosure process. 3- LAND BANK SALES: The Michigan land bank takes title to unsold and municipality-rejected parcels at the end of each foreclosure cycle and makes them available at a later date to be determined. 4- SALE OF LANDS: 12 Michigan counties 'opted out' of the new system, and the sale of lands foreclosed by these county treasurers is being handled by the Michigan department of natural resources. Click Here:
I just wanted to let you know that I purchased my first tax deed last night at the auction for City of Suffolk. I was excited to attend my first tax sale and told myself that I'd see how the process works first but in the end I ended up bidding on a property and won it. I bid on Lot…., xxxx Street, Suffolk, VA. The high bid, mine, was $5500. I put down 20% last night and will settle the balance at the Treasurer's office today or tomorrow. I'm very excited and don't know what to do with myself. Thanks for all your help on these bi-weekly webinars. Lani S.
“Success is going from failure to failure without a loss of enthusiasm.” Winston Churchill
15 W. Scenic Pointe Drive, Suite #350 Draper, UT 84020
Prepare for the next Webinar! 1- Find your own List 2- Refine your List (RBA) 3- Research Five Properties 4- Invest in a Lien or Deed
Webinar #7 Monday January 16, 2012 6 pm Mountain, 8 pm Eastern
New Oregon OTC Tax Deed Lists
Auction Dates Varies by county. Tax Authority Tax Collector. State Law and Code Oregon Revised Statues Section 311-12
Phone: 800-270-3357 Fax: 801-572-2724 E-mail: [email protected]
Remember! 1- Ratio Rule? 2- Budget? 3- Available?
# of Properties
Clackamas County List
Clackamas County, OR
Columbia County List
Columbia County, OR
Douglas County List
Douglas County, OR
Jackson County List 02
Jackson County, OR
Lake County List
Lake County, OR
Lane County List
Lane County, OR
Lincoln County List 02
Lincoln County, OR
Linn County List
Linn County, OR
Malheur County List
Malheur County, OR
Marion County List
Marion County, OR
Multnomah County List 02
Multnomah County, OR
Tillamook County List
Tillamook County, OR
Palm Beach County, FL Clerk Live In-Person Auctions Click Here: Date
Hawaii: 3 types of Tax Sales
1-Tax Deed Sale: All real property on which a lien for taxes exists may be sold by way of foreclosure if the lien has existed for three years. 2-Assumpsit Action Sale: When a property isn‟t sold to an investor, the county then receives the property and may sell it later for all previous liabilities. This is also a subset of foreclosures having to do with county real property tax liens. 3-Judicial and Non-Judicial Foreclosures: Generally, foreclosures are noticed in the classified ad section of the newspapers having "general circulation" in the state of Hawaii and at the circuit court within the judicial circuit where the property is located. In the state of Hawaii there are judicial and non-judicial foreclosures. The law governing judicial and non-judicial foreclosures is state law and can be found in the appropriate section of the Hawaii revised statutes. Properties foreclosed upon by banks and lenders to recover defaulted loan values.
Click Here To View
Continue your training with Mark R. Walter. Watch Module 11
“If it's not growing, it's going to die.” Michael Eisner
Opening Bid: $100.00 Bid Increment: $100.00 Pre-Auction Deposit: 5% of bid(s)
For Additional Investment Events: www.wealthrock.com Page 4