Should I buy at or before tax sale auctions? Post 149
 Mitch Goldstein | Coach Mitch | March 20th, 2010
Coach Mitch’s REFLECTIONS™
Hi Coach,
Love your stuff but I must be dense. I understand the reasoning behind trying to get a house & land prior to the tax sale and that doesn’t seem to be a problem. What I don’t understand is if I should get a quick claim deed from the owner and then pay off the lien, how do I avoid the outstanding mortgage on the house? I’m now the owner so what happens to the outstanding loan mortgage?
If I actually go to the tax sale and win the property (even though I realize it would probably cost much more money with other bidders, at least I don’t have to worry about the outstanding mortgage.
Many thanks,
Keep up the coaching, coach.
Your student,
Joe
My answer:
You’re not dense at all. You do get it. You asked the good question and you already knew the answer. You do NOT avoid any outstanding liens that are attached to the property. If you own the property, then you are ultimately responsible for the property, the mortgage, the taxes, etc. Now what?
1 – One answer is to make an alternate arrangement with the owner. If the owner cannot sell the property and is going to take a loss of $1000 per month, perhaps you take on a portion of that while marketing the property. The owner might think it better to lose $500 per month rather than $1000 per month to maintain the property while you sell it. You would pay $500 per month versus $1000.
This is a classic Subject To scenario, whereby you take ownership Subject To the existing financing, and you make the payments while the owner moves on with his life or he waits to get a small payment when you sell.
2 – Another answer is not to deal with any properties that have mortgages against them. I have said in the blogs that about 40% of tax delinquent properties going to tax sale are free and clear. The main reason I like dealing with tax delinquent property is that such a high percentage of the properties are free and clear.
3 – Another answer is to utilize the special way that I deal with properties that have mortgages. I option them using Coach Mitch’s “famous $1 Option.”™.
See Coach Mitch’s “Ridiculously Simple System…” ™ for details.
Call me. I would appreciate hearing what is going on in your area. I love talking real estate.
Git’er done,
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Ellis, you are Exciting Dear Coach Mitch,
I got the list of tax delinquent properties exactly how he explained to get it, and found the ones that didn't have any mortgages and not many liens.
I found one property I really wanted to pursue, so I drove by the house and saw it was vacant and talked to a neighbor sitting outside who had the owner’s number. I called the owner that night and asked what was her plan with the property. She signed the deed over to me for just a one dollar.
I started marketing the house that day and it was sold after two days on the market for $12,000 with me only investing one dollar.
The following week I found another property on the list of tax delinquent property that was vacant, up for auction and also free and clear of any mortgages with just a $600 lien on the property. I called the owner and asked what was her plans for the property. She stated she didn't want the property. I told the owner I would take full responsibility for the property. She asked what was in it for her? I said one hundred dollars and she agreed; I will be closing next week.
Coach Mitch’s program really works.
Ellis Davis St. Louis, Missouri
Ken – make it happen!
Hi Coach Mitch,
Thanks, that postcard template is a brilliant idea. The new strategy really puts us ahead of the curve. I can picture the seller thinking a developer has money and is willing to pay top dollar without any extensive haggle.
Yet, they most likely will still be willing to negotiate if need be. I really like your series of strategies to get the seller to lower the price if they get obstinate.
The new post card format and verbiage seems great. The sales message is very powerful.
That’s awesome work Coach Mitch!!!!
Best,
-Ken Barns, Oxnard, CA
TY Adam Coach Mitch,
This message is to say THANK YOU! Sincerely, I'm amazed by you. The time and energy you have invested in my personal growth goes far beyond anything I ever expected.
I've been wholesaling for nearly two years now and bought into so many programs by this point I couldn't even count them all. Coach, I love calling you Coach because that's what you truly are for me. I don't know if you realize this, but you just took a couple hours to role play with me and help me feel confident when talking with sellers!?!
Thank you for your commitment to my excellence in this business and as a person. It shines through in all that you do and all that you stand for. You're patient guidance through all this is changing my life, my family's life, and my new client's lives. I got into this business to do good and really make a difference for people. You are helping with an arsenal of tools for me to carry this forward. I briefly mention to other wholesaler friends what I'm doing, and no one has a clue and these are some big time guys.
What you're teaching me is a goldmine!!! Coach, thank you for guiding me through making my dreams a reality. I am a better person because I know you. You are a part of the solution. I am grateful.
ALL THE BEST!
Adam C. Stoker St. Louis MO
Delighted by Lynn
Working with and getting mentored by Coach Mitch has been a wonderful experience. I have learned so much about real estate from him, as he has such a wealth of knowledge.
He is always accessible whenever I have a question or need clarification of any sort. He is actually one of the most accessible coaches I've ever worked with. In addition, he is willing to work through various scenarios with you. I have to say some of the ideas he comes up with in our brainstorming sessions are the best!
I have become more confident in real estate and I know I have a business partner in Coach Mitch.
Lynn Lawson
Atlanta, Georgia
Juan, you’re great! I bought Mitch Goldstein 's Tax Lien Course two months ago and found his material very complete and very detail oriented.
His support was amazing. Any questions that I have, I just call him and got his response immediately. I have worked with several Real Estate Professional Coaches before and in addition to their high cost of the material they never have the time to support you.
Mitch has a well-deserved reputation for expertise, support, and professionalism in all stages of the Tax Lien/Tax Deed process.
Just to mention my last experience with him, he just spent 1 hour and a half explaining how to use my computer in a step by step process on how to find and analyze the information from the Hillsborough Court Clerk at Tampa Florida.
I would be very happy to recommend him to anyone interested in the Tax Liens and Tax Deed Investments. His in depth KNOW HOW and support, place him in an enviable position as a Real Estate Coach.
Juan Moises Mejia
Tampa, FL
WoW! Thanks a lot Jim Coach Mitch,
I like your style. Out of all the people I've listened to talk and all the people I've thought that were going to help me, you're the one. I just love your style. I loved your answers. The other night was the first time I ever heard you and I can't say it more. I was impressed with you. You had the answers.
I was nervous because I don't want to mess up the first call. But you said, "If you mess up the first one, don't worry about it, there are plenty more leads. If you mess up the first ten, don't worry about it, there are plenty more leads, thousands more." That's when I felt more relaxed.
I'm just so excited now. With everything I've been through, I feel I can make a turnaround with my life. I'm looking forward down the road and I just wanted to say - thank you.
Jim Misiora - Taylor, Michigan
Thank You Carl, see you at the top. Hello Coach,
Just wanted to thank you for being a responsible and stand-up guy. Since I first purchased your $1 option program, you have made yourself available to answer all my questions and concerns. You have gone over and above, in my opinion, to make sure that I stayed on point to accomplish my goals.
I will not hesitate to recommend you to anyone, at any time.
Thank you for the information you sent last night.
God Bless,
Carl Smith, Maryland
TY Jim – You’re great!. OK. I've been dealing with gurus and using their techniques. This is the first one that I am so excited about...especially the $1 Option.
If I may say so, I've never seen options explained like that. A $1 Option seems a little far fetched, but when I read this thing, I realize that it is as real as the telephone I have in my hand right now. This is a very good manual. This is a fantastic manual. It is powerful, very, very powerful.
James Harrison. - Phoenix, Arizona
excerpted from Post #3
Thanks James, you’re easy to work with. Dear Coach Mitch,
When I first heard you outline your “RIDICULOUSLY SIMPLE SYSTEM”, I was literally pacing my living room in excitement!
For years I have gone to several other seminars, bought all the tapes and even done boot camps only to have limited or no success. It seems like I was always missing something?
Well, this is exactly what I have been looking for. You are available to me one on one and your teaching style is engaging and informative. This education is worth every penny. I feel like all my past efforts were leading me to this point and I am confident that having my own personal coach will prove to be the best investment I could make!
Thanks for everything!
J. S Cocoa, FL.
Gloria, I’m glad you’re glad!
Hi Coach Mitch,
Thanks for the help I have received thus so far. I'm having a life-changing, God blessed experience since receiving your material on 10/24/13.
I didn't think I could comprehend the material because I truly know nothing about REI but, you explained the material in a plain and simple manner, like teaching A,B,C.........Z in a superb manner!
Thanks for sharing this whole new world with me. I am confident that it will have a dramatic affect in my life and the lifestyle and future of my family.
Thank - you Coach Mitch,
Gloria Karungi Detroit, MI
Right On Rick! Coach Mitch,
Just a quick note. Last night I came across some of your old newsletters. You are Really "On Top" Of Your Game...especially the one from October 14, 2008. What you were saying then...is today's news Now! You might enjoy going back and looking over it again yourself.
Your friend
Rick Ward in Lubbock Texas
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