MONEY - Posted by Mark Richardson


#1

Posted by JIM KOSS on October 26, 1998 at 08:49:26:

TIM, I KNEW THAT TLC’S ARE NOT SOLD IN CALIFORNIA. THAT IS WHY I SUGGESTED THAT DOING THIS TYPE OF INVESTING COULD BE DONE IN OTHER STATES, I THINK ABOUT 38 STATES SELL TLC’S OR DEEDS. IN THE PAST 2 YEARS I HAVE PURCHASED 7 TAX LIEN DEEDS HERE IN HARRIS COUNTY AND ONLY 2 HAVE BEEN REDEEMED. 4 OF THEM WERE NOT REDEEMED AND I TOOK POSSESSION OF THEM AND SOLD THEM FOR A 200 % PROFIT AND THE ONE REMAINING EXPIRES IN DEC. SO I MAY TAKE POSSESSION OR GET THE INTEREST ON IT. I WILL START BUYING DEEDS IN BRAZORIA AND MATAGORDA COUNTIES BECAUSE THE COMPETETION IS FIERCE HERE IN HOUSTON WITH CLOSE TO 200 TAX LIEN DEEDS GOING TO AUCTION ON OCT. 6TH. I HAD THE MONEY TO BID UP BUT IN THE SMALLER COUNTIES,I GET A BIGGER BANG FOR THE BUCK. REGARDS, JIM KOSS


#2

MONEY - Posted by Mark Richardson

Posted by Mark Richardson on October 21, 1998 at 17:58:02:

Hello. I guess I am just like everyone else coming to this site. I saw Carlton Sheets ad on tv and his phone number has been sitting on my desk for 2 weeks now. I am trying to research whether or not this is the right path for me. I am 24 years old, in the military, with (obviously) very little credit or capital to begin with. I am extrememly interested in RE investing, so if someone could just take a minute and point me in the right direction, I would extremely appreciate it. I live in Southern California and want to get started immediately. Is there anywhere else I can get some important research information? Anyone have a timeline of their success path? Thanks for any and all help. My email address is Mark.Richardson@edwards.af.mil.


#3

Re: MONEY - Posted by Tim Pannabecker

Posted by Tim Pannabecker on October 26, 1998 at 07:52:23:

Mark,

I too live in S. CA. I started buying property when I was 19 yrs. old, with no money and no credit. I say all this to assure you that it can be done. (not to toot my own horn). A good opportunity for a beginner (or experienced) investor is a HUD auction, this does require some money but there can be good buys available. Remember, whatever you do not have can be provided by others. Do not let the lack of money deter you. If you learn about creative RE financing you will not need much money, You can flip (wholesale, or sell your position) property to an investor. This method is ideal for some - no ownership/management hassels, no rehab costs, no closing costs on either end.
As far as education, there are many great books in the bookstore. When I go, I select a half dozen books, sit down and review them, and buy the ones I really like. Some good starters are No Money Down For The 90’s by Allen, Quick Turn Fast Cash Real Estate by LeGrand, courses offered from this site and many others.
Feel free


#4

Scott(AK): Can you help this guy? - Posted by Hal

Posted by Hal on October 24, 1998 at 08:05:45:

Mark,

Nothing you mentioned should stop you from a lifetime of successful investing. In fact, one of the tremendous advantages you have are your early age at starting and your stable job. Don’t be discouraged. Take some time to learn the business. When you are ready, start.

In the meantime, read everything here, borrow books from the library, and consider investing in a course. Sheets is a good, intro course. You will probably want to invest in others that give more detail of specific techniques.

There is a guy here who is in exactly your situation. His name is Scott, he is in the military, and he was recently transfered from Oregon to Alaska. He also has just gotten into re investing in the last couple of years, and his success should prove to be an inspiration to you. Scott is a class act; if he sees this post, he will respond.

Good luck Mark.

Hal


#5

Re: MONEY - Posted by JIM KOSS

Posted by JIM KOSS on October 22, 1998 at 19:29:26:

MARK, I WOULD SUGGEST THAT YOU LOOK AT TAX LIEN DEEDS, OR TAX LIEN CERTIFICATES. YOU CAN INVEST IN THESE OUT OF YOUR HOME STATE OF CALIFORNIA. YOU DON’T NEED ANY CREDIT TO GET STARTED AND IN MANY CASES, YOU DON’T NEED MUCH MONEY. YOU CAN WORK ACROSS STATE LINES OR ACROSS TOTAL STATES. I WOULD SUGGEST YOU GET IN TOUCH WITH ROY STUBBLEFIELD OF MANVEL,TEXAS AND HE WILL SELL YOU A 3.5 INCH DISKETTE OF ANY STATE THAT SELLS TAX LIEN CERTIFICATES OR TAX LIEN DEEDS. HIS PROGRAM COVERS ALL THE BASES AND DOES MORE GOOD FOR THE INVESTOR THAN TED THOMAS OR CARLTON SHEETS WITHOUT THE COMEON FOR BUYING MORE MATERIALS. HIS EMAIL ADDRESS IS roys@wt.net HE ALSO SELLS A TRUST DISKETTE. I BOUGHT THE TAX LIEN SALES DISKETTE AND IT PRINTED OUT TO ABOUT 110 PAGES AND IT WAS JUST FOR THE STATE OF TEXAS WHICH I ONLY WANT TO BE INVOLVED WITH AT THIS TIME BECAUSE OF THE 25% INTEREST ON MY MONEY. LATER I MAY GET INVOLVED WITH INDIANA AND ARIZONA. AS I SAID, YOU DON’T NEED MUCH MONEY TO START. I HAVE SEEN TAX LIEN DEEDS SALES THAT WENT FOR $583.00 THIS PAST AUCTION HERE IN HOUSTON ON OCT. 6TH. THAT IS LEVERAGE. NO TENANTS TO WORRY ABOUT. NO HEALTH INSPECTORS. NO REAL ESTATE TAXES TO PAY. NO LEAKY ROOFS, NO STOPPED UP TOILETS, NO SKIPOUTS IN THE MIDDLE OF THE NIGHT. HEY PAL, I DON’T CARE ABOUT THE DOW JONES AVERAGE. I CONTROL MY INTEREST INCOME, THE CORPORATIONS DO NOT CONTROL MY LIVELIHOOD. ASIAN CRASH? WHAT ME WORRY?
GOOD LUCK. REGARDS, JIM KOSS


#6

Re: MONEY - Posted by Tim Pannabecker

Posted by Tim Pannabecker on October 26, 1998 at 08:25:34:

Jim,

Several points that you bring up are alittle misleading.

  1. Tax Liens are not sold in Southern California.
  2. Tax Lien/Deed investing is not for the unsophisticated investor. There are many legal, title, and lien/encumbrance issues.
  3. You are right about low money invested (credit is no issue as it is a cash sale) but the real question is what value you get for your money. BTW you do not get interest on tax deed props., just tax lien certificates.
    Please do not misunderstand my intent, I do not mean to sound harsh, but you should know what you are up against. I have been investing in tax liens/deed property in CA, AZ, & TX for 4 years. I have had great returns but I usually have title problems (Title insurance is a prerequisite for financing), this increases my hold time (time is money, and these properties are financed with my cash) which usually amounts to a 9-12 month turn time. Legal costs to clear title (quiet title action) can run 2K and definately much more (if challenged). The r