Coach Mitch’s REFLECTIONS™ Aside from winning the lottery or marrying into money, investing in real estate seems to be thought of as a way that the average American can gain wealth. They are correct! Most people I speak with are fascinated by the idea of being real estate investors, but only very few actually do […] . . .
Read More: Why Don’t Wannabe Real Estate Investors Invest? Post 215
Mass Tax Foreclosure Threatens Detroit Homeowners AP March 30, 2015 Homeowners sit … waiting for their cases to be heard to avoid foreclosure from tax debts in Detroit on Jan. 29. This year, Wayne County officials sent out 62,000 foreclosure notices to city homeowners behind on property taxes. In Detroit, tens of thousands of people […] . . .
Read More: 62,000 Tax Foreclosures in Detroit. Post 214
[Ed.] This is part of a story from the Lubavitcher Rebbe Imagine a group of people contemplating a piano. They have never seen or heard of a piano in their lives, nor, for that matter, any other musical instrument – they live in a world in which the very concept of music is unknown. “It’s […] . . .
Read More: Coach Mitch’s “Golden Rule” for real estate investing. Post 213
Coach Mitch’s REFLECTIONS™ I read Mr. Landlord. Recently a good question was posed: What changes have you made in your rental business in the last three years? I list my suggestions first and have cherry picked many of the others. There’s a lot of good stuff here. When I ran a large Real Estate Investors […] . . .
Read More: Coach Mitch’s Best Landlord Ideas. Post 212
Coach Mitch’s REFLECTIONS™ Editor’s note: The below newspaper articles are related and I comment on them as a group illustrating a trend. Property Taxes create Poverty Property taxes in the US are onerous, especially in the northeast. On average, every year, about 2% of the properties in a community will go tax delinquent because people […] . . .
Read More: Property Taxes create hardship, poverty and foreclosures. Post 209
Schenectady Gazette Letter to the editor ~ March 24, 2013 In 1967, the U.S. Supreme Court ruled that, despite a city claiming that these inspections are for health and safety conditions, warrantless inspections of rental units are unconstitutional and violate landlords’ Fourth Amendment rights. Since 1981, New York courts have consistently ruled that cities and […] . . .
Read More: Rental Certificates hurt taxpaying landlords. Post 210
The Patriot News January 3, 2015 Central PA: State court voids tax sale of Perry County property Saying the law wasn’t followed to the letter, Commonwealth Court has overturned the tax sale of a Perry County property. The tax bureau first tried to notify Tufarolo that his property was targeted for sale by sending him […] . . .
Read More: Property Taxes are Cruel and Unusual Punishment. Post 208
Coach Mitch’s REFLECTIONS™ [Editor’s Note: Coach Mitch agrees with Bill Cosby.] ******************** Life isn’t tied with a bow, but it’s still a gift. And life isn’t fair, but it’s good!! I’m 83. Except for brief period in the 50s when I was doing my National Service, I’ve worked hard since I was 17. Except […] . . .
Read More: Bill Cosby says: Take responsibility for your life. Coach Mitch agrees. Post 207
Coach Mitch’s REFLECTIONS™ [Editor’s Note] A student asks about structuring a promissory note. Coach Mitch, Hypothetical scenario, when a tax delinquent homeowner agrees to transfer the property’s responsibility to me, title included, how should a promissory note be structured? Should the amount of the note be the tax amount that has been paid by the […] . . .
Read More: Use notes to buy tax sale property. Post 206
(Editor’s note) This is a typical Notice announcing a tax auction Bonner County Daily Bee July 3, 2014 NOTICE OF TAX SALE Per Idaho Code §63-1005 (1) If real property on which there is a delinquency is not redeemed within three (3) years from the date of delinquency, the county tax collector of the county […] . . .
Read More: A fable: Government’s vision of property taxes. Post 205