http://chicagorehabloans.com Call: 312 938-0492 Partner with Private Lending Group and help or buy properties for the delinquent real estate taxes. 084: Is It Smart or Stupid to Work With Friends and Family? (short for fieri facias – a Latin term for “cause it to be done” and also used interchangeably with TAX EXECUTION or EXECUTION) is a tax lien or writ, authorizing the Sheriff or Ex-Officio Sheriff to obtain satisfaction of unpaid taxes by levying on and selling the delinquent taxpayer’s property. Any owner that is behind on their taxes at least 2 years is on the tax sale list. This means that when you find an amazing deal – you’re the only person on earth who knows about it (which makes this approach very lucrative and powerful). The “tax foreclosure timeline” works a bit differently in every state, so it’s important to understand the rules wherever you’re working. From the Washington Statesman, Aug. 15, 1863:“To Tax Payers — The limit for paying taxes, prior to the turning over the delinquent list by the Treasurer to the Sheriff, expires How to Find Tax-Delinquent Properties. It’s called the “Delinquent Tax List” and it was ESSENTIAL to my early success as a real estate investor. Fortunately for them, you know about their situation. This little diagram gives an illustration on how it works…. Facebook Ads Made Simple (Even Your Kids Can Do It)! The property was a bad investment and they’re tired of paying for it. Let’s just think about this for a minute…. The list of delinquent properties may also be found on the tax sale website. Even in the rare cases where a property tax escrow account isn’t required, the lender is STILL going to closely monitor the status of these property taxes to make sure they don’t go delinquent. 079: How Andrew Quit His 6-Figure Job in 9 Months With His Land Investing Business, 089: How Anton Ivanov Built a 40-Unit Rental Portfolio and $12K Per Month, 088: A Seamless Solution for Buying and Selling Real Estate Notes, 087: Our Favorite Real Estate Influencers. Because of the “Top Secret” nature of this information, I’ve decided to limit access to this full blog post to those who are willing to “pay the toll” so to speak (which I suspect, will turn away a lot of readers who would only serve to saturate the market and water-down the opportunity for those who are trying to take it seriously). Learn what successful investors aren’t telling you. When I get my list, how can I know ahead of time which properties have any liens or mortgages on them (and how can I eliminate these recipients before I send out my mail)? When you have this list, you’re holding some very lucrative information because you know who needs help, and you can get to them before anyone else does. Is Your Property In A Flood Zone? Make sure they’re aware of their “situation”. b. How to find the right people at the county. How quickly could you SKYROCKET your personal wealth with this kind of information? Action for collection may include garnishment of wages; attachment of bank accounts, rental income or income tax refunds; seizure and sale of personal property by the Sheriff's Office; or foreclosure of real estate. These properties are still privately owned by their respective owners, but these people are just months (or even weeks) away from losing their property outright if they don’t act soon. Target homeowners with surgical precision using ListSource, our premier list database for direct marketers. To Obtain a Tax Sale List Part of the reason why these Delinquent Tax Lists are so effective is because they’re packed full of motivated sellers (precisely the kinds of property owners we want to talk to) and what’s even better – is that 99% of the other real estate investors in your market probably fall into one of the following camps: a. Finding Deals, Due Diligence, Land Investing, Popular, Seth's Toolbox. This is known as the Delinquent Tax List. Instead, my primary concern is simply that I’m working with the delinquent tax list, to begin with – because this largely takes care of both issues by default. Think about it…    why else would someone knowingly allow their property to go into foreclosure like this?? In accordance with §24-35-117, C.R.S, the Colorado Department of Revenue is directed to annually disclose a list of delinquent taxpayers who have owed more than $20,000 for longer than six months. Seth Williams is the Founder of REtipster.com - an online community that offers real-world guidance for real estate investors. How to Close a Cash Land Transaction In-House (Full DIY Instructions! Those taxpayers will be removed from the list … 092: Investing in U.S. Real Estate as an “Alien” – How Matt and Alicia Make It Work, My Experience at a Tax Deed Auction (Part 4): I Bid on 50+ Tax Deed Properties. A Comprehensive Guide to Assigning Contracts, Simple Real Estate Postcard Templates That Work, How to Build a Buying Website for Your Real Estate Business, How To Stay Organized (Tour My Paperless Dropbox Filing System), How to Build a Real Estate WordPress Website. Suppose you knew exactly where to find an endless supply of these deals, how to buy them quickly, for pennies on the dollar AND repeat the process over and over again… can you even fathom that kind of buying power?? When you get your hands on your county’s delinquent tax list, you’ll find that by default, MANY of the properties on this list will automatically be land (not houses, not multi-family apartments, not office buildings) and it’s not a coincidence. They want this property out of their life. Question 1: Our few advertisers help us continue bringing lots of great content to you for FREE. How to deal with lists that are difficult to organize. When a property owner fails to pay their taxes, their name will be added to this list. In order for a city, county or township to charge taxes on each property, they need to keep a detailed record of every property within its jurisdiction, including (but not limited to) the following information: All of this information is public record, which means you find this data on any property in the United States if you just know where to look. That's how my business works and yours can too. The truth is – there is an endless supply of these opportunities… and they are all over the place. The property has turned into a financial disaster and they want it out of their life. The Delinquent Tax List is an extremely effective tool when it’s used correctly (I’ve literally never had a poor response rate when using a Delinquent Tax List). Overview Properties in foreclosure are those that have tax that is more than $100 (cumulative) and is three or more years delinquent. In most cases, you can probably get it – but there are a few things you should keep in mind before you try. If someone told you about a $50,000 piece of real estate that you could purchase free and clear for five thousand bucks – you’d be all over it, wouldn’t you?? For example, Fiscal Tax Year 2018-19 runs from July 1, 2018 through June 30, 2019, and the Tax Roll Year is 2018-19. Properties are auctioned off at the county courthouse as a way to collect the outstanding debts. As a result, the vast majority of vacant land in the U.S. is owned free-and-clear with no mortgage lender involved. Interest begins to accrue on the total due at the rate of 1% per month. Here’s What Happened…, My Experience at a Tax Deed Auction (Part 3): Finding the Right Properties to Bid On, My Experience at a Tax Deed Auction (Part 2): Live Bidding War and the Aftermath, My Experience at a Tax Deed Auction (Part 1): When, Where and How to Find Deals, The Only Course You Need to Master Apartment Syndication (Plus Two Books), 091: How JT Olmstead Takes Down a Monster Land Deal. 5 Easy Ways to Generate Real Estate Leads, How I Find Motivated Sellers (And Get Them Calling Me). Why is this an important distinction? What if you could buy a $100,000 property for $15,000? Here’s why…. A property tax escrow account is generally a good thing for both the lender and the borrower. 092: Investing in U.S. Real Estate as an “Alien” – How Matt and Alicia Make It Work, My Experience at a Tax Deed Auction (Part 4): I Bid on 50+ Tax Deed Properties. Are you likely to find a lot of good deals at a tax sale? Class A, B, C and D Properties Explained! 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