Here’s another motivational message from my friend Arnfried from Be Motivated Today:
Monitor your progress regularly to determine whether you are on track to achieve your goals. Things don’t always work out according to plan. Then it’s time to evaluate and make adjustments.
Adjust your plans if you need to. It is better to change a deadline than to get despondent and give up on your goal. Constantly evaluate and adjust your plans according to the situation. The economy, your family responsibilities or your health may require a change of pace or plan. Don’t abandon the goal, just move the deadline.
Adjust your lifestyle. Consider habits which could be hindering the outworking of your plans. For example. Your television watching habits could be adjusted to give you more time in the evenings.
I want to thank everyone who attended my first Tax Lien Workshop and Conference. Thanks to you it was a huge success!
I’d like to especially thank our sponsors, Powerhouse Wealth Strategies, Tax Sale Resources, and Tax Title Services, and our speakers Kate Dougherty of Comian Investment Group, Charles Sells of Platinum Investment Properties West, and Attorney Tim Berry. Thanks to all who made this conference a great learning and networking experience! A special thanks to my sisters Susan Holden and Dina Caivano who helped with the administration, video, and technical stuff.
But most of all I’d like to thank the participants for making this such an incredeble networking event! I know that some profitable deals and working relationships were forged at the conference. Some of the participants are already accomplished investors, experts in tax lien and tax deed investing in their own right. And I was flattered and delighted when they told me that they learned a few things that they didn’t know before. Here’s what a couple of experienced investors had to say about the workshop and conference:
For others that attended, this was their first real exposure to tax lien investing and they learned a lot. Here’s what a couple of newbees that attended the conference had to say:
Collusion can get you jail time and huge fines….. Don’t Do It!
It seems innocent enough, you go to a tax sale and notice that there is a discussion among the bidders before the tax sale about which properties they are going to bid on. The tax sale starts and the interest rate is not bid down on many of the properties. Most liens are won at the maximum interest rate. This might seem good to you, after all you’ve been told that you can get the maximum rate on tax liens, but it’s illegal. Collusion at a tax sale in most states is a felony and can result in jail time along with hefty penalties.
In the last couple of years there have been ongoing investigations in the states of Maryland and New Jersey, with a few tax lien investors being indited for collusion at tax sales. Because of this, it is getting more difficult to get tax liens at those high rates of return. Some of the institutional buyers are now bidding down everything, just so they won’t be accused of collusion.
Another thing that is getting tougher for tax lien investors in NJ is getting liens at the maximum rate if you are the prior lien holder. Some tax collectors consider it collusion just to announce that you are the prior lien holder when bidding and won’t allow it. Continue reading →
Last year one of my tax liens redeemed that I had held since 2002. I made over $3,700 in profit on that lien on only a little more than $4,000. And I had put that money in over the course of 7 years and then did nothing for 3 more years. During that time the money I had invested kept earning interest. My initial investment was only around $450 and I kept adding to that each year for the first 7 years paying the subsequent taxes (in this case it was a utility lien so I was paying the subsequent utility payments). And then I decided to force redemption by sending pre-foreclosure letters to the owners and lien-holders of the property. The mortgage holder then paid off the lien, and I practically doubled my money in – investing a little each year.
My point is, if you have a little money to invest, start small and start now, later it will pay off!
Here’s a motivational message from my friend Arnfried of Be Motivated Today that talks about the importance of taking those small steps towards your goal:
Meet the speakers for our Tax Lien Investing conference at Shawnee Inn on April 14!
Prepare For What’s Ahead By Investing In Profitable Tax Liens
The entire morning of the conference will be a tax lien investing workshop and I will be the only speaker for the morning sessions. I’ll be giving a workshop on the 5 steps to buying profitable tax liens. And showing you how to automate your tax lien investing. But I have some great speakers lined up for you in the afternoon. Continue reading →