I have a secured visa card but needed to deposit the nominated limit on the card as security. No savings account was needed. This is not a card that is easy to obtain and several others have been rejected. I’ve had a checking account for two years and believe this is why I was approved where others have been rejected. I also have a personal loan that is helping my credit score. For this I needed to deposit the amount of the loan into a fixed deposit account as security, borrow the same amount and pay this back. I earn interest on the amount in the fixed deposit but it is less than the interest paid on the personal loan and as I only need this for six months to generate a credit score I’m not concerned about this cost of doing business . It’s run for five months now so I am almost ready to pay out the loan

The foreclosure process for Liens that you hold is entirely different to a property foreclosure.  What you are actually doing is requesting a Tax Deed Application.  This can take months or even as much as a year if the County is not pro active.  Once the process is complete the lien property will come up for sale at a Tax Deed Auction and will usually be picked up by someone and you will get all of your money and interest back.  If it is not purchased the property will fall to you whether you want it or not. If their is a mortgage on the property, you can pretty much bet the mortgage holder will purchase at the sale.   Anyone who purchases Liens should do their due dilligence through the County website and if you don't know enough to do this then find out or don't buy.

Michael, I’m buying in Fort Myers Florida. The net is 17.275% which I am very happy with. I am receiving 16.258% and 14.358% on others. I look only at single family homes, even though I know there is a better return on duplexes, as i like the stability of families. I look at homes I believe can provide what families need, always check the sex offender register and school bus routes. I am not and never will be a slum lord and try to make a home nice and fresh for families to live in. If a stove or refrigerator is less than ideal it’s replaced. I look to homes that can be resold to families and not only to investors. In my opinion, if you buy at the very bottom of the market you can only ever resell to an investor and this is a market that doesn’t like to part with more cash than necessary. I look to good pockets in lower income areas as some in this group aspire to be homeowners. In middle income areas I look at the bottom to middle type house to attract those just entering the housing market. The 17.275% house above is now the second nicest house in the street and I anticipate will be purchased, when I’m ready to sell, by someone who is comfortable in this area but wants the status of a nice home. This house is very much talked about in this street as being an ugly duckling turned into a swan. There is something very rewarding in seeing a glimmer in the eye of locals who are excited by a transformation and gives me hope that they will aspire to home ownership and pride themselves on keeping the place nice. Small things like mulch on the garden was a huge talking point and now two other gardens are sporting mulch. Giving to a community and not just being a landlord is a lesson I have learnt from Steve.

Hi Judi,

Rental returns have dropped a little but certainly nowhere near $100 per month so I believe you were misquoted from the outset.

Jay, a spruiiker is someone who comes onto a forum offering advice and once accepted as someone who knows what he is talking about comes in for the kill offering services that many take up as they believe his services will be great. It is a great way to play on the weaknesses of investors who have neither the time nor the expertise to invest on their own.

Steve McKnight is someone who is at the top of the good guy list in Australia and is very well respected. His advice is always valued and he offers far more than services and has done so for many years simply because he cares.

Jay, there are some banks and staff that are not abiding by the rules!! The US bank system of requiring quotas to be fulfilled by staff and commissions paid on the number of accounts opened leads to some staff opening accounts where they ought not. There are also a couple of banks that do not require their staff to abide by the Patriot Act but this may change at any time.

Lenny, If you go down the HSBC track, you may need to ask at several different branches to find someone who knows what they are doing. I know that many who have tried have given up but it can be done. Perhaps Giacomo will advise which Branch he used.

Jay, in Florida there currently is no redemption period on deeds and unfortunately, some of the Counties that had gone on-line for lien sales have reverted back to the old system which is not helpful for out of Country purchasers.

I have looked at many of the programs available to teach tax lien/deed purchasing and am not excited by many of them.

Very interesting commentary above but I must disagree on some aspects. I only ever buy liens that are left over (OTC) and therefore get my 18% return. There are still plenty of good ones available and the only time I have had to go to an application for tax deed has been on a single family home…so far. You do need to have a good look at the surrounding properties but this can be done using Google Maps and of course a thorough look at the past tax history and appraiser web site. I like liens but would never use this as my only strategy and think of them as my cream with other property strategies as my bread and butter.

Sparkyoz. I need to contact you URGENTLY. Please email me [email protected],au as you are marked as not receiving e.mails.

Terry, When you start looking at foreclosures you are needing a whole lot more experience and it is not something I would go into without a good deal of due diligence. Some of the Tax Deed sales offer good buys but many of these are selling for more than their value too. You cannot gain access for inspections prior to the auction and it is a bit hit and miss as to the condition of the interior. You would never want to pay more than 75% of the appraised value to give yourself a bit of leeway for repairs.