Re: John Beck’s Free & Clear RE System??? - Posted by Bill H
Posted by Bill H on February 22, 2007 at 15:18:00:
Do not have John’s book never read it so cannot comment on it. I too have met John and knew him when he was “small potatoes” like Rick said in the early days.
I have been very actively investing in Tax liens/tax deeds/tax certificates for a long time now.
Rick is giving you excellent advise, Charles Parrish is giving you excellent advise.
I an only add that having done this for the length of time that I have…the possibility of picking up a house for pennies on the dollar is almost as good as your chances of winning the lottery.
I do not want property, I an very happy to attend the sales, collect the interest and fees and travel where, when, at my conviences as my wife and I decide.
This ,about 15 years ago, used to be a gentleman’s game and all knew each other, did not overbid, respected each other, all were satisfied with their gains and kept our cool with each other.
Since then it has grown, almost nationwide, to a “Dog Eat Dog” competetiion. We now have financial institutions in the game investing millions of dollars, repackaging them as CD’s amd naking money on both ends.
One of the counties that I invest in most heavily has over 8,800 liens that are sold every year for over 4,800,000.00 (Yep 4.8 Million) It is all done in about 3 three days. They collect between 300 and 500 thousand in overbids each year. AND, on the overbid you do not get it back, do not get interest on it, have no recourse to reclaim it. It is gone the moment you overdid.
If you are bidding in a smaller market then by all means do your due diligence. I do not. Having been in that market for so long I know where all the properties are and what to buy and what not to bid on.
YES, you can get seriousl burned. You can buy old vacant lots, burned out crack houses, swamp land, vacated roadside strips,…you name it and it is probably up for tax sale. WHY, because 99.9 percent of it is NOT worth owning.
John Beck is sellig information…NOT SUCCESS. As Rick, Charles and I now say, GET EDUCATED, Learn what you are doing.
And, I might add DO NOT get caught up in the “Boat is Leaving and I’m not on it syndrome at the auction” I have never had a piece of property that I owned that I could not afford to part with.
Had a piece in Katrina land…wife and I had thought of building a small cabin on it…fellow kept after me until I sold it to him. Closed on Thursday, Katrina hit on Sunday/Monday…wiped him out. He was under 28 feet of water in the storm.
Old Chinese proverb, “Be careful what you wish for…you might get it.”