to people into real estate

[asuna]

I just saw an infomercial about http://johnbeck.tv/
buying goverment seized or tax delinquient houses for almost nothing, anyone making any real money off this? I remember reading you can just go to city hall and see who owes taxes but don't know exactly how it works, would buying something like this be worth it?

[the Shemp]

Originally posted by asuna
I just saw an infomercial about http://johnbeck.tv/
buying goverment seized or tax delinquient houses for almost nothing, anyone making any real money off this? I remember reading you can just go to city hall and see who owes taxes but don't know exactly how it works, would buying something like this be worth it?

you dont have to buy anything.
every area has a tax sale each year. You can bid on properties that have taxes owing on them. The owner has one year to come up with the tax money, if not the highest bidder gets the property. If he does come up with the money, you get your money back, plus interest.

Contact your city hall for info....

[beemk]

its not as easy as he makes it, but you can get good deals if you know the market well and know what to look for in houses. you can check some websites for foreclosures and such.

[asuna]

Originally posted by the Shemp


you dont have to buy anything.
every area has a tax sale each year. You can bid on properties that have taxes owing on them. The owner has one year to come up with the tax money, if not the highest bidder gets the property. If he does come up with the money, you get your money back, plus interest.

Contact your city hall for info....

Thanks Shemp, I knew it was something like that, but I believe it was less than a few, like a period of 3 or 6 months depending on the amount, I'll definitly look into it!

[beemk]

opps just realized you're in canada, shemp is the man to talk to hes from canada and was a realtor.

[asuna]

Originally posted by beemk
its not as easy as he makes it, but you can get good deals if you know the market well and know what to look for in houses. you can check some websites for foreclosures and such.

Obviously it's not as good as it seems, people making $50,000+ per deal, I have some extra money to try some new ventures on, so I'll probably give this a try, but I don't want to go in empty handed, hence a lil book like what he's selling for around $40

[the Shemp]

Originally posted by asuna


Obviously it's not as good as it seems, people making $50,000+ per deal, I have some extra money to try some new ventures on, so I'll probably give this a try, but I don't want to go in empty handed, hence a lil book like what he's selling for around $40

You are talking tax sales here....that means that usually a property is 3 years in arrears before it gets auctioned off.
Say the taxes owing on a 200K property after 3 years are 10K.
A demand is made on the property owner to pay, if he doesnt the property goes to tax auction and people will bid up that 10K a bit.

Now, even after a successful bid, they give the property owner another 12 months to come up with the outstanding taxes. He stands to loose 200K for the sake of 10K.

A lot of things can happen in that year, he may come up with the money, he may walk away or he may sell the property and clear off the tax bill. If he walks you get the property. If he pays the taxes or sells, you get your bid money back plus, interest.

Very few actually loose their houses, but it does happen.

Ive laid this out pretty simple, it can get complex though, but there is a chance of picking up some property for cheap.

[asuna]

Thanks for the info, I know there must be ALOT of reading into it to really know what to look for though, I'm still going to check it out

[baddog]

I have some friends that buy repos all over the midwest, make some pretty good coin, and have been doing it for at least 20 years now