I’m writing this from the Clarion Hotel in Shreveport Louisiana. I’m here with my son Peter for USA Weightlifting’s National Collegiate Championships. Since this is Pete’s first year in County College, this is his first Collegiate Championships. This is his second national contest this year. He won his class at the National Junior Championships back in February for the 4th year in a row, and last December he attained his first gold medal in the American Open.
Also with us is Peter Roselli, who has been my weightlifting coach and mentor, who is also my son’s coach since he was 10 years old. My son Pete is now 18 and one of the top young weightlifters in the country. He got to where he is through dedication and hard work, my watchful eye, and the expert coaching that he received from Mr. Roselli. So what has this got to do with you? And what has got to do with tax lien investing?
Success in tax lien investing is similar to success in a sport in that it takes work and dedication to be successful and it also helps to have a mentor or coach to help you. Mr. Roselli designed all of Pete’s workouts. His workouts were designed to help him reach certain goals.
As a tax lien investor, you also need a plan to help you reach your goals. First you need to know what your investing goals are and where you stand today. You can’t get from point A to point B without knowing where point A is and where point B is. In other words, you need to know where you’re starting from and where you want to end up.
So what are your goals for investing in tax liens?
Where do you want to end up?
And Where are you starting from?
What is your plan to get from where you are now to where you want to be?
If you don’t know how to get from where you are now to where you want to be, that’s when you need some expert help. It could be as simple as purchasing a book or a course to show you the way. Or it could be spending some time with someone that you know that has done what you want to do. Can you see how this applies to anything that you want to do, whether it’s excelling at a sport or being a successful investor?
What are your goals?
What is your strategy for getting there?
Leave you’re questions or comments below.
By Clarence April 9, 2011 - 5:54 pm
Hello Joanne, I have been interested
In doing tax liens for a long time now.
Would you please help me to get started.
I am presently on a fixed income and retired.
I do have a few dollars left in my savings that
needs replenishing asap. I am 65 yes. Young
and have lots of time to do this business.
All I need now is you to teach me the skill!
My ph.# is 770-714-8797. Thanks Clarence
By Joanne April 11, 2011 - 2:01 pm
Hi Clarence,
You can find a lot of information to help you on this blog. Also you get my free video course at http://www.TaxLienLady.com/freevideos. However I have to caution you that this is an investment, not a way to get quick income. It is a good way to invest the money in your retirement account safely.
By Gilbert April 8, 2011 - 10:17 pm
Joanne:
I’ve been investing in Tax liens in New Orleans since 2009, because of the three year period for redemption, the majority of my liens have been redeemed. Do you have any advice for finding some good keepers in New Orleans based upon Louisiana’s current laws.
By Joanne April 9, 2011 - 1:57 pm
Hi Gilbert,
Tax Lien Investing is not a good way to get property for pennies on the dollar. It is a way to get double digit returns on your money without the risk of the stock market. You can look for out of state or out of country owners and bid on those properties, but that is no guarantee that the lien will not redeem and you will get the property. Also keep in mind that in Louisiana, you are bidding down the ownership interest in the property and even if the owner doesn’t redeem and you get to foreclose, you may not be able to get clear title to the property or to sell it if you do not own 100% of the property.
If it is property that you want I suggest that you look into nearby Texas. In Texas they sell redeemable deeds not liens. This is the best of both worlds. Because the amount of the deed is bid up at the tax sale and the property owner would have to pay the investor 25% of the bid price, it is not as easy to redeem a tax defaulted property in Texas as it is in Louisiana. And add to that the redemption period on non-homesteaded properties is only 6 months. Now you have a recipe for getting property for let’s say “dimes on the dollar.” But remember because you are bidding up the price of the deed, you need more money to bid in Texas than in Louisiana.