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I leave in 2 days to attend the Mastermind in May. I would highly recommend having as much done way ahead of attending. The timetable looks very tight so you need all your spare time organising deals and researching rather then setting up details. The first part is getting your ITIN as it takes the longest. Unfortunately mine took 7 months to organise, the IRS can be very picky on details.
My advice would be to look at some of Tommy's stuff online and if you are in Sydney go to the Mega Conference as I am sure he will offer another course on the subject.
Ultimately a SMSF can invest in anything as long as the documents as part of the SMSF states this.
Simon, back to your original question, I was talking to a Canadian friend who obviously had Canadian Accounts, went to the US to a NHL game who were offering a NHL Credit Card. As he had a Canadian Account and NHL is big in Canada they gave him a US Credit Card. Just a thought good luck!
Adam send us an email on [email protected]
As per Steve's comments in '09 this whole experience of Liens and Deeds is fairly new for us Aussies. And as time goes on Steve and Tommy are finding a medium ground with the least amount of risk to inform us.
Yes Deeds sound appealing but I can see their point as these houses are being sold against the owners wishers hence the great chance that there is greater damage to the property, where as if you are doing your best to sell the property, you are going to keep it in reasonable condition.
Obviously Steve and Tommy's opinions are changing, they don't say it's a no go, but be warned if you are not on the ground inspecting the property the day of the tax deed auction, you can not rely on Google Earth. I am sure that if you are there the risk would be greatly reduced. If you listen to Tommy, Arun and Stu Silver they have all bought Deed's but live in Florida.
I be honest I am very interested in your experience on the Foreclosure process. None of the training that is hosted by PI really goes into the process, saying that this is last resort and not to worry too much about them.
Which state were they in? How many liens did you have on the property? Did you have to pay out the other Liens via the county or directly with the lien holders? What costs were incurred? Have they indicated how long before the Deed Sales if in FL? What type of properties are they? Homestead? Investment? SFR? Mobile Home?
Sorry for so many questions!
Jay I find your comments amazing, do you realise what forum and website you are talking on?
I have been following Steve McKnight for at least 5-6 years and followed his different investment strategies for most of this time. In regards to investing in Liens I know that he is directly investing his money into these liens as when I do my research on a particular Lien to purchase I have quite often seem Steve's name on the a different years lien on the Tax collectors website.
Yes some spruikers out there may not be trusted but I know Steve can and I am only commenting on my experience because I like to hear how other investors are going in regards to investing on Liens and as no one commented on this thread I thought I should start.
More of an update and also something I learnt from the Arizona Tax Sales.
I had 4 Liens redeem in Arizona and received the cheques today, 2 of these actually cost me $10 in fees as they redeemed straight away, 1 I received $0.60, another $3, and 2 again cost me $10 each.
Look like I prefer Florida for the min of 5%
We had 8 properties and got to a point where banks weren't liking us anymore, so wanted to look at other ways to go forward. Our revelation at the Mel Conference was the point of when to sell a property and look across our properties and made the decision to sell as many as possible as we felt that we had already received the full benefit from capital gains. And if I can get 18%+ on my money, would be better then the flat property market at the moment in QLD.
We love the fact of no tenant issues, no maintenance issues, just buy and forget and wait for the cheque to come in. We are going to look at direct housing so have allocated half of our funds to direct property. The distance is no concern for us as most of our properties are in Mining Towns and everything is done via email and phone.
After the ease of buying the initial Liens and the quick turnaround I think we might allocate more to Liens. If we do buy a property it would have to have 25%+ return to make it worth while, seeing as liens are 18%+.
Thought I would share my experience in Tax Lien investing.
After attending PI conference in Mel, we made a plan to reassess our investing strategy and liked the sound of the US and Lien investing. I then attended Tommy's course in Mel.
Finally received my ITIN in Dec and set up the LLC and Bank account with Fifth Third Bank through Tommy.
Throughout the year I was looking at the Over the Counter Liens available in Lee County and obviously as everyone else got their ITIN's started to see my list of potential Liens dwindle.
I ended up purchasing about 10k worth of Liens in Lee County. I started looking elsewhere in Florida and decieded to look at Charlotte County just above Lee County. Even though their Tax Collector and Appraisor sites aren't as user friendly compared to some counties, it was pretty good.
The process in Lee and Charlotte County was fairly straight forward, doing the research, calling the County emailing the details of the Certificates I wanted and Transfering the funds. I had already used Ozforex to transfer the funds to my US bank account and then called to Wire the funds across to the county. My only comment here is to be careful of the Wire Transfer costs. As I transfer about 10k lots across to the US and transfered the funds to the county in my first month I was stung with over $100 worth of fees from 53. I could have avoided the fees but would have needed 40k in my account at all times which I was not prepared to do. However I can ACH from this account at no charge.
I have since purchased Liens in 5 counties across 2 states,Florida and Arizona. I participated in the Auctions in Arizona and my expereinced was varied compared to the straight forward investing of OTC. As you cannot research every item at the auctions you start placing bulk bids on search options. After looking at my winnings the next day, a couple I questioned why I even bid on them. Also as bidders run out of money it is easier to win liens later in the auction at the full interest rate.
In my first month of investing in Liens I have had 3 redeemed, the quickest took 2 days, so obviously lucky there, but by using Tommy's and Steve's advice on the type of Lien to purchase has shown dividends.
I am stil looking at investing into direct property and will be travelling to FL in Sep, like everyone else on these forums would love to catch up with anyone going over then are are investing in Brisbane. My email is [email protected].
The IRS has a Phone Line that you can call to check the status of an Application. I called them maybe 2 weeks ago, and they said they don't even have it lodged yet. When I told her that it was probably lodged in June, she just laughed and said it can take 12 weeks, to be processed.
Haven't received ITIN yet, can't wait to get it.
Steve, if you are reading this I hope you can reply. I notice that one of your Tax Lien's has gone to Tax Deed Application. Just wondering how well it worked up to now? Did Ocean Glass contact you directly?Was their payment of your tax lien prompt?
