FUN and PROFITS in
NEWSLETTER – COURTESY OF TAX RESEARCH FOUNDATION
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of principles jointly adopted by a Committee of the American Bar
and a Committee of Publishers and Associations.)
MOTIVATIONS FOR THIS WEEK
"When you want something you've never had, you've got to do
something you've never done"
FUN AND PROFITS IN TAX FORFEITED LANDS
Suppose you want to acquire property in Arkansas. There are several ways you can accomplish this without leaving the privacy of your home.
1. NEGOTIATED SALES.
You can click of the Website for the Commissioner of State Lands. Request a list of properties available for negotiated sales. Research those properties and make your best offer
2. UPCOMING TAX SALES
Get on the Commissioner of State Lands Mailing List. They will send you a catalog of upcoming taxsales. Research the properties and bid by mail. Or obtain the names and addresses of the property owners and write the suggested solicitation letter in the Arkansas manual offering a small payment ($25.00 to $100.00 for a quit claim deed). Here is how you get the addresses. Go to the Commissioner's Website. Click on Downloads. Download the County or counties of your choice. They are all ZIPPED files. Once unzipped you can open them up using Microsoft Excel and simple import them into a database file of your choice. Once you get these into a database only look at the Delinquent year 1999. These are the properties coming up for sale this year. You can also use these files to mail merge letters to the delinquent property owners prior to the taxsales.
You can do all of this from the privacy of your home using your computer and the internet.
OBTAINING LISTS OF DELINQUENT PROPERTY OWNERS
Here are just a few examples of how to do this.
Their next tax re-sale is on the second Monday of June of this year. All of the properties coming up for sale must by statute be advertised in a newspaper in the county. If you want the lists for the entire state contact the Oklahoma Press Association and subscribe to their clipping service only for the month of May. It will probably costs you $100 but you will get all of the advertisements for all of the counties prior to the sale. You could also write to each county treasurer and ask that county treasurer to send you a list right now. They have to put it in digital format to send to the newspaper. That is a public record and you are entitled to it the minute it is prepared. Write for it under the public records statutes of Oklahoma, which are in the Oklahoma manual.
Then use the letter writing technique.
Second, all holders of a tax lien certificate in Oklahoma must advertise their application for a deed in a newspaper in the county where the property is located. This advertisement must allow the delinquent property owner sixty days to redeem after the advertisement is published. Again, you might subscribe to the Oklahoma Press Association clipping service and obtain copies of all such advertisements appearing in the state. These advertisements contain the names and addresses of the delinquent taxpayers and the legal description of the property. You could do this on a year round basis and obtain lots of properties for a minimum consideration plus the costs of redemption. Since there are only two years of taxes plus interest due on each property plus whatever you pay the delinquent property owner, you would be acquiring your properties for less than 20% of the fair market value. Is that great or is it not?
All application for tax deeds, as mentioned, above must first be
filed with the county treasurer. Once that application is filed
becomes a public record. A great technique to get these at the
possible moment would be to write to each county treasurer in the
of your choice asking for a photocopy of each such
They must furnish this to you under the Oklahoma Public Records
or be in violation of those statutes. You will have to pay a
fee, which should not be more than twenty-five cents plus the
I would enclose a return self-addressed stamped envelope and send a
not go for more than $5.00 and ask them to send you a copy of all such
applications as soon as they are filed.
You can use the Student Press Law Center Sample requests letters for this and any other state at:
Following is the last paragraph of their sample letter for Oklahoma:
"Please be advised that I am prepared to pursue whatever legal remedy necessary to obtain access to the requested records. I would note that willful violation of the law is a misdemeanor, punishable by a fine of up to $500, imprisonment in the county jail for up to one year, or both. Attorney fees may also be awarded."
Please be very specific when requesting public records. I not only try to be as specific as possible but I also go one step further and copy and paste the statute requiring that office to maintain that public record so there can be no question as to what I am requesting. Those statutes are in each state manual and are specific for that state.
WHY CAN GOING AFTER PROPERTIES WHERE THERE IS AN APPLICATION FOR A TAX DEED BE SO PROFITABLE??
Consider this. Most of the research has been done for you. The holder of the tax lien certificate probably did a lot research before investing in the tax lien certificate. That investor would not be going to the expensive of applying for a deed on a property of little or no value. If he/she is willing to invest his money for two years plus go to the expense of applying for a deed, you can be fairly certain that he is doing it with a big profit motive in mind. All you need to do is acquire the deed from the delinquent property owner, file it for record, and redeem the property. Then would be the time to go an inspect it and see just how much you have gained. A LOT OF FUN AND HIGHLY PROFITALBE, in my opinion.
A similar situation exists in Florida as in Oklahoma. All holders of a tax lien certificate must apply to the Tax Collector for a tax deed after the redemption period (2 years) has expired and the certificate has not been redeemed.
That application is a public record in the office of the County Tax Collector and is available to you many weeks prior to the actual public auction of the property. That application is transmitted to the Clerk of the District Court who must advertise and sell the property at public auction to the highest bidder. That record in the office of the Clerk of Court is also a public record and available to any member of the public the minute it is filled with that office. Write for it at both or either of those officers.
The letter writing technique can be highly profitable if you wish to acquire properties in Florida. Not only that you can research most of the properties on the internet as many Florida counties have their tax assessment roll on the internet.
TAX LIEN CERTIFICATE SALES
This technique applies to Oklahoma or any other state that first offers investors tax lien certificates at their tax sales. Oklahoma holds their tax lien certificate sales in October each year. Again, you could acquire all the notices form the clipping service or you could write to each of the county treasurers asking for the list before the sale. It matters little if the certificates are sold to an investor or become county held as result of no bids. You can still solicit the delinquent property owner and attempt to obtain a quitclaim deed. Once, you have the deed, you can either redeem or sell the property subject to the buyer paying the past due taxes and penalties. This technique can be worked from any where on the planet using your computer and the internet. In some cases you may have to use ordinary mail to get the info you need. But in many cases all of this information is available on various county and city databases.
Texas also has a redemption period but you can use that to your advantage.
Many think of Florida as being only a tax lien certificate sale
The fact is that most Florida counties have one or more tax deed sale
each month. These public auctions are judicial foreclosure sales
of tax lien certificates by the holder of a tax lien certificate
it is a person or the county. These auctions provide some
profit opportunities. Contact the clerk of the District
of each county for the auction information. It is their
to conduct the auctions.
NOTE: When you come up with other creative ideas; AND YOUR WILLING, to share them with the rest of us. You can post them at firstname.lastname@example.org
I hope this helps making your investing more enjoyable and more profitable.
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