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Mobile Home Flipping and Tax Lien Purchasing

beg4mercy

beg4mercy

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I finished my 3rd day of my financial seminar yesterday and my wheels are spinning like a fuckin race car! For the most part, the people in there had waaaaaaaay more money than I do but I just figured I'll do what i have to, to make their million dollar deals relate to my lower thousands dollar budget. :yes:

Any way, I just wanted to see if folks had any idea's about the two things in the title of this post. They went into great detail in regards to tax liens and it seems like that's a legit way to stack some dough. You can invest at a government mandated and backed 12%+. Also if you're lucky enough and the owner/financer of the property you have purchased the tax lien against doesn't pay it, the property defaults to you. YOU ARE THE OWNER! :eek::eek: Here's a quick FAQ about purchasing tax liens. http://www.taxlienlady.com/faq.htm Not gonna go off the deep end investing in these but I'm definitely gonna at least get my feet wet in the next month or so.

They also talked about commercial and residential real estate. They showed us deals investing 5k but making million dollar profits....at the time of closing. But got damn it, let's be real. What are the fuckin odds of me doing that right now with no knowledge? But that doesn't stop me from making my own micro-million dollar (actually a thousand or two profit :lol:) deals. I'm thinking about buying mobile homes locally and either selling them out right or creating my own seller financing deals which pay out more over time but carry more risk. Here's a forum on this process just to give you an idea. http://www.biggerpockets.com/forums/30-mobile-homes-mobile-home-park-investing

Anybody have any experience with the two? Or if anybody wants to get down with the get down let's network and make it happen. :yes::yes::yes::yes:
 
tax liens can be tricky, depending on the municipal laws... do your homework on the county's laws before you buy liens
 
Yeah. I gotta do a lot of research. So far so good though. I'm not gonna do the auctions, I'm gonna buy them over the counter. Gonna get some cheaper ones just to see what's up. If I lose, lesson learned, if I win I'll continue to educate myself and get $$$.
 
I'm in Florida, anyone got the 411 on this i my ears are open and i want a cut of this action.

Let's get it 2012
 
I did them in Maryland and South Carolina and they work well BUT you better have real cash to spend,not your bill money either and get a good lawer......Hit my inbox and will give you more info if you need it
 
Saabiyr said:
I did them in Maryland and South Carolina and they work well BUT you better have real cash to spend,not your bill money either and get a good lawer......Hit my inbox and will give you more info if you need it
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Which did you do Tax Lien or Mobile?

Why Pm?.........This BGOL........share the wealth!:yes:!
 
I'm in Nevada and the redemption (time the owner has to pay the taxes before they default) period is 3 years. I honestly think the odds of you gaining a house over a 2k tax lien is slim to none but to make 12% interest in times like now is sweet.

Don't sleep one the mobile homes though. I have em selling in my city for $3500 and u can turn around and sell em for 5k the next day. That's a quick come up!
 
beg4mercy said:
I'm in Nevada and the redemption (time the owner has to pay the taxes before they default) period is 3 years. I honestly think the odds of you gaining a house over a 2k tax lien is slim to none but to make 12% interest in times like now is sweet.

Don't sleep one the mobile homes though. I have em selling in my city for $3500 and u can turn around and sell em for 5k the next day. That's a quick come up!
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Ya damn skippy that's a good come up.......over 30% return in less than a week :yes:!

Are the mobiles foreclosures/or what?
Are they on location?
 
nobleltp said:
Ya damn skippy that's a good come up.......over 30% return in less than a week :yes:!

Are the mobiles foreclosures/or what?
Are they on location?
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The mobile homes aren't foreclosures. They're just being sold for what ever reason. I kinda don't wanna get involved in the seller financing portion considering what type of people you're dealing with and there are laws and regulations involved in shit like that. But yeah, they're already on location. Take a look at these adds.

This is seller financing.
http://lasvegas.craigslist.org/reo/2823446117.html

This is a flat out sale by owner
http://lasvegas.craigslist.org/reo/2820113780.html
 
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beg4mercy said:
Don't sleep one the mobile homes though. I have em selling in my city for $3500 and u can turn around and sell em for 5k the next day. That's a quick come up!
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Curious,why wouldn't the person buying it for 5K not buy it for 3.5K like you did? Are they using financing or something? :confused:
 
I bought a couple of properties at the D.C. Tax sale a while back. It was kind of crazy, you really have to do your homework. People were in there buying manhole covers and stuff like that. Properties that the only thing they could do with it is pay taxes.

Once you buy the tax deed, you have to foreclose which can be tricky and expensive. I bought 2 tax deeds, one we got the property and the other the owner redeemed. It took about a year to a year and half to complete the foreclosure process.
 
^SpiderMan^ said:
Curious,why wouldn't the person buying it for 5K not buy it for 3.5K like you did? Are they using financing or something? :confused:
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You just gotta get em before they do. Most people can't buy em outright except for investors. Most of the investors ain't local so I'll kinda have the jump on em.
boknows said:
I bought a couple of properties at the D.C. Tax sale a while back. It was kind of crazy, you really have to do your homework. People were in there buying manhole covers and stuff like that. Properties that the only thing they could do with it is pay taxes.

Once you buy the tax deed, you have to foreclose which can be tricky and expensive. I bought 2 tax deeds, one we got the property and the other the owner redeemed. It took about a year to a year and half to complete the foreclosure process.
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After I was doin my research the biggest thing they spoke about with tax liens was doin your due diligence about the property you're paying on. Nobody is gonna pay taxes on swamp land and there ain't nothin you can do with it.
 
^SpiderMan^ said:
Curious,why wouldn't the person buying it for 5K not buy it for 3.5K like you did? Are they using financing or something? :confused:
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'Cause the average person does Not know about or where to buy a tax lien and or does Not want to wait the three years so That they can foreclose on someone else.

Most people when offered a Home for 5K will still believe it is a scam
It is easier to sell a single wide for $ 20,000 to a dummy than to sell it for 5,000.
 
I know of a few people that buy tax liens from the Courthouse steps.I heard its ALOT of investigative work but know little about it though.Are that many people really living in Mobile homes out there? Is the paperwork and legwork worth the $1500?
 
^SpiderMan^ said:
I know of a few people that buy tax liens from the Courthouse steps.I heard its ALOT of investigative work but know little about it though.Are that many people really living in Mobile homes out there? Is the paperwork and legwork worth the $1500?
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Just to clarify,the tax lien hustle is totally separate from the mobile home shit. With the google satellite search option, the investigation should be fairly simple. Remember, most liens are eventually paid off by the owner but you just wanna make sure that the property you're purchasing the lien on isn't some bullshit that nobody would want. Even if it's a fucked up house that you can only get 15k off of, you only paid 2k for it.

As for the mobile homes, yeah there's enough out here and the legwork should be fairly light. Considering I already have a full time job that pays fairly well I can pass up multiple opportunities to make fast cash but ain't no way in hell I'm passin this up. I haven't did it yet but I think it's fairly easy.
 

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