written by reader Nick Hodge’s Latest Gimmick? – Early Advantage

By archivist, November 10, 2012

Thanks to an overlooked 2010 government dictum…
YOU have the chance to
bank 35k by year’s end.
If you have $1,000 and can fill out a single form…
You could take advantage of this ”loophole” to
bank an extra five figures over the next few months
And it has nothing to do with stocks
==================================================
Has anyone checked this out? Any opinions?

Dave

This is a discussion topic or guest posting submitted by a Stock Gumshoe reader. The content has not been edited or reviewed by Stock Gumshoe, and any opinions expressed are those of the author alone.

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Rob
Member
Rob
November 10, 2012 12:27 pm

He’s referring to Tax Lien and Tax Deed Investing. It’s where you acquire property for the delinquent property taxes owed at the local county level. I’ve done these myself. 5% chance of buying property for 2cent-10 cents on the dollar. Most times you earn 8%-25% on your money guaranteed by the state government.

fourr
Member
fourr
November 16, 2012 11:45 pm

Help me get the form I want to invest

👍 1
tructor
Member
November 24, 2012 9:27 am

If these are Tax Lien properties for sale by municipalities, Nick’s claim that you can do it “anywhere” is dangerous: in most cases, you’ll need to be at the public auction, have an attorney check the deed for other liens against the property, and wait 10-20 days for the “upset bid” period to expire without a higher bid. Then you may have to correct code violations and repair the property before it’s saleable. And, unless you are a realtor, you’ll have to list it with one at 5-10% commission…

👍 7
Jess
Guest
Jess
November 26, 2012 10:31 pm

Has anyone spent the $139 for this? I’m curious, but it’s non-refundable so I don’t want to waste money if it’s something that can simply be found elsewhere. Tax liens are definitely not new and not as easy as he makes this deal sound. Any more insight on this would be helpful. Thank you!

Audley McConnell
Guest
December 10, 2012 7:40 pm
Reply to  Jess

YES ! I damned foolishly spent the $139 ! Kick my self in the dumb ass ! DON’T do it !!! I thought just maybe someone found just a small little holy grail as to sip a freedom from ! My ass ! He is a damned thief , a thief I say ! I emailed his ass , no good . Look , it is just city properties and lots that I have always known about , but who the hell wants a old city house falling down in boofer town ? It ia all bullshit without the seeds ! Nothing growing here ! , just a six pack of lies . Old crap info with no where to go , all he did was take my dough the bastard ho ! Flimflan Man , skizzler, skullduggery , schiester snake oil salesman like his great grandaddy was selling his great grannies ass . I will punch this man in his untruthful mouth if I was to ever see him . Yes so all of save your money

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misterht01
Member
misterht01
January 17, 2013 2:30 pm

“But as the price is set at a mere $139, I’m confident you’ll put that money back in your account within your FREE three months of Early Advantage access.”
It sure is skullduggery..what a boondoggle..scumbag ripping off people..

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"Radical Rod"
April 19, 2016 12:34 pm
Reply to  misterht01

I do not know which state and county you live in, or what your states laws are there for buying tax liens there, in but do know the laws vary be state and also individual counties within that state. Call you county trasures office and get pointed the right direction for where you live for a starter.
I recommend that if you want to get into trying to buy tax delinquent properties, start in the county you live in and know best, so you can actually do your “due diligence” in that local area yourself; examine the property, ask a lot of questions of the local county treasures office personal, and local realtors ,so that you do not get “stung” buy something that looks good on paper, and yet has so many other hidden cost associated with it can make a “good” deal to expensive to ever buy; an expensive headache to you as well.
Hidden cost are, and/ or can be a disaster; things like having to pay 5 years back home owners and weed abatement fees on the propety, for $1000/ year for instance, and or in addition to a $15,000 per lot building fee per lot for road, water , power, utilities and sewers that were never completed and, or put in before you could ever build; on the lot you bought because you didn’t know about it before hand and because you didn’t or couldn’t do your due diligence near well enough before you bought it. (and for what ever reasons, including being to far away from the property to have or get local knowledge).
Be aware of the fact that many counties have now gone to on line bidding, to rid themselves of the tax delinquent propertiesand generate more money for the county that way because they can get so many more more potential buyers (suckers?) that way, and ultimately more money for their tax delinquent properties than the ever got or would get through an actual, on the ground, publicly attended tax sale : properties that could have never been sold to a local knowledgeable buyer ( or a potential buyer) who did his “due diligence” on the property; ; property that looks good on paper only but not on the ground or in reality.
I know of one commercial property, in California, right next to the interstate that looks good on paper, but has millions of dollars of hazardous waist clean cost associated with it before it could ever be built on again, and those cost certainly not obvious to an on line bidder or buyer.
In short all that glitters is not gold, but on the other hand treasure hunting can be a lot of fun and sometime even profitable.
While you are learning the game, if all possible start localy and attend an actual live sale with real people and bidders that you can here and see. You will learn a lot and have some fun also, and it sure beats watching T.V.! (take your spouse and kids to a live sale; my dear old dad Walt did and I am glad he did! )

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Keith
Guest
Keith
March 26, 2013 11:34 am

Thanks for the heads up, I almost bought the bull shit.

Member
"Radical Rod"
April 19, 2016 12:34 pm
Reply to  Keith

I do not know which state and county you live in, or what your states laws are there for buying tax liens there, in but do know the laws vary be state and also individual counties within that state. Call you county trasures office and get pointed the right direction for where you live for a starter.
I recommend that if you want to get into trying to buy tax delinquent properties, start in the county you live in and know best, so you can actually do your “due diligence” in that local area yourself; examine the property, ask a lot of questions of the local county treasures office personal, and local realtors ,so that you do not get “stung” buy something that looks good on paper, and yet has so many other hidden cost associated with it can make a “good” deal to expensive to ever buy; an expensive headache to you as well.
Hidden cost are, and/ or can be a disaster; things like having to pay 5 years back home owners and weed abatement fees on the propety, for $1000/ year for instance, and or in addition to a $15,000 per lot building fee per lot for road, water , power, utilities and sewers that were never completed and, or put in before you could ever build; on the lot you bought because you didn’t know about it before hand and because you didn’t or couldn’t do your due diligence near well enough before you bought it. (and for what ever reasons, including being to far away from the property to have or get local knowledge).
Be aware of the fact that many counties have now gone to on line bidding, to rid themselves of the tax delinquent propertiesand generate more money for the county that way because they can get so many more more potential buyers (suckers?) that way, and ultimately more money for their tax delinquent properties than the ever got or would get through an actual, on the ground, publicly attended tax sale : properties that could have never been sold to a local knowledgeable buyer ( or a potential buyer) who did his “due diligence” on the property; ; property that looks good on paper only but not on the ground or in reality.
I know of one commercial property, in California, right next to the interstate that looks good on paper, but has millions of dollars of hazardous waist clean cost associated with it before it could ever be built on again, and those cost certainly not obvious to an on line bidder or buyer.
In short all that glitters is not gold, but on the other hand treasure hunting can be a lot of fun and sometime even profitable.
While you are learning the game, if all possible start localy and attend an actual live sale with real people and bidders that you can here and see. You will learn a lot and have some fun also, and it sure beats watching T.V.! (take your spouse and kids to a live sale; my dear old dad Walt did and I am glad he did! )

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flyfisher
Irregular
December 10, 2012 11:30 pm

Thanks for all the replies to the original post. It saved me some money.

tructor
Member
December 24, 2012 9:35 am

There is money to be made reselling city-owned properties – BUT, you need to be there to see them and do all diligence. Has anyone figured out what the “2010 govt dictum” is? And the “$1000 minimum on one simple form?

👍 7
rcan1015
Irregular
rcan1015
December 24, 2012 10:09 am

I’ve tried the Tax Lien investing twice and had fair results. The rules, interest rate available and timeframes vary from state to state (I purchased some good info on Ebay). Basically you have little to no chance of owning the property. The idea is to earn the high interest rate while the property owner is procrastinating paying taxes. If you choose decent properties (list is available from tax assessors office), they usually pay off their own taxes within a few months. So, I was earning 12% in Alabama–but one of the delinquent taxpayers paid his off in a couple months and the others a few months later. But I still ended up with 1% per month on a few thousand dollar safe investment. The county holds your money and receives payment from the taxpayer–so there is no interaction with the property owner. In Alabama, you would have to pay the taxes for several years, then hire an attorney for the paperwork and still wait 7 years before title could pass to you. Several states have much higher interest rates.

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martha a. mason
Guest
martha a. mason
March 15, 2013 3:38 pm

3/15/2013
Thanks for all the imput . Save me some money and will keep me away NICK HODGE
MAM

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mario ramas
Member