Did you know that you can profit from your tax lien without waiting out the redemption period? You can sell your lien to another investor. It’s known as an assignment and most counties allow you to assign your lien to someone else. Here’s how it works in states where the lien or deed is recorded in the county records….
You find a buyer for your lien and decide on a price. My recommendation is to sell it at the redemption value. Next you will have to determine a date for the sale to take place in order to get the right redemption value for that date. You may have to contact the tax collector or county treasurer (who ever was responsible for selling you the lien or deed). Let them know that you are assigning the lien, and ask them for the redemption value for the date of the assignment.
Write up an assignment contract that lists all the particulars about the tax lien, as well as who the seller is (you) and who the buyer of the tax lien or redeemable deed is. You will also need a place for a notary to witness and sign the document as well as a place for your signature as the assignor. You’ll want to keep the contract to one page, because it will have to be recorded in the county records. You can also ask the tax collector or county treasurer if they have an assignment contract template you can use.
The Benefits of Group Coaching
One of the benefits of tax lien coaching in a small group is that you get to meet other investors who are building their tax lien or tax deed portfolios. Recently after one of our group coaching sessions, one coaching client sold 2 of her liens to another new coaching client who was just starting to build his portfolio. And in our most recent coaching session I went over the assignment contract, exactly what needs to be in it, how to fill it out, and exactly what steps both the seller and the purchaser need to take. We also went over what you need to track for you liens or redeemable tax deeds.
All of our coaching sessions our recorded for coaching clients to watch at their convenience and we have 2 of these group sessions each month for coaching clients. That’s just one of the many benefits of Get Profitable Tax Liens Coaching. You can find out more about coaching with me at www.GetProfitableTaxLiens.com.
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