Ok, so my husband is a "get rich quick" scheme kinda guy, yes, embarassing, i know. So he has his mind made up that his life is going to include buying propertry by means of winning it at a tax lien auction. I just doin’t think it’s as simple as all that. i mean, the list out shows property for anywhere bewteen 200 dollars up to the thousands, but i know it’s just not as simple as that. can someone please tell me what it’s like to go to an auction and what realistic expectations one should actually have of tax lien property.
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I really need some financial advice so I’m calling out to all the Financial Wizards out there!!!
I am a divorced 47 year old woman, permanently disabled, and receive 83/mo from Social Security Disability Insurance (SSDI) as my only source of income (80 - .40 for Medicare) .
It’s a long story, but I had to cash out my pension for living expenses while waiting for SSDI and Long Term Disability Insurance to be approved. It was long-ago spent, thus I have no pension other than a lump sum of approximately ,000 from a medical disability settlement.
I own my home and my mortgage is about 0 and includes insurance and taxes. In 2009 my house is appraised, for tax purposes, at 3K, in 2008 it was 2K, and 2007 was 9K. I currently owe ~ 6K. I cannot currently re-fi it due to a tax lien (another long story).
So, since I’m operating under the assumption that I alone will be responsible for myself and my finances until I die, I am trying to figure out the best way to invest this money. I realize this is a terrible market right now and won’t earn a lot. I can’t have all the money tied up so I couldn’t access it within, say, 30 days, in case of an emergency.
Are any money and retirement savvy folks out there who can give me their opinions? I realize I must make the final decision but some "If it were me, I would ___" scenarios would be greatly appreciated.
Thanks,
Karen
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•We are attempting to build a central location for all the information tax lien/deed investors need to easily and successfully produce a good return on equity. It currently included all the information for attending auctions, but we are also working on an online supermarket for investors to purchase liens/deeds "over the counter" directly from counties and/or other members. We would like to learn from other investors how to make our site better for you. Please visit http://tax-lien-database.com/ and let us know. Thanks!
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DETAILS: Basically, I’ve really taken to real estate investing and have read about 8 books now (7 more to go! ouch), so have some good "book knowledge" but zero experience. My question is this: When you’re reading, eg, a foreclosures.com-type of website data on a PRE-foreclosure, which numbers should the investor (aka "credit saver") be evaluating in order to make an intelligent OFFER to the buyer? I know the basics like I’ll have to pay the back payments, back taxes, etc (PLUS any stated or hidden liens etc), but do I use these to present a deal:
Improvement value / Land value / Taxable value (Ar these 3 important in my offer or instead use:
Last sale price…(I know this one)
zestimate (I know this one)
Transfer value (what is this?)
Default value…(I know this one)
In other words, I want to make an intelligent offer on the preforeclosure. Please, someone with experience, what’s the math? And are there any missing numbers?? (eg loan balance, equity). Sincere thanks.
small typo sorry: <<above "Improvement value", please add the word "how" so reads "but HOW do I use these to present a deal?:">>
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I'm trying to get started in investing in tax-lien certificates using money in my self-directed IRA. I'd like to try participating in online auctions for county tax sales, but many of them require you to deposit some sort of "down payment" as good faith money. Does anyone know if/how I can get the money from my IRA for my deposit, so that my IRA completely holds the entire interest in these assets? Thanks in advance for your help.
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