TV informercial ie: johnbeck(dot)tv on buying tax lien homes..is this legit?

Question

i work a full time job and looking into trying out other oppertunities to make additional income. Saw this tax lien home buying informercial created by this really old man, john Beck and want to know if anybody has tried it and what you think. If you have any knowledge about this guy and his sales pitch on the tax lien purchase either becuase you tried it or know of someone who has, PLEASE give me input and feedback or advise and suggestion. i really don't want to throw money(tight budget) into this without some research and knowledge. Thank you everybody for your time!

Answer 1

no direct experience with this outfit

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tax liens and buying homes subject to them is a specialized business whose rules differ from state to state. You MUST have the correct legal understanding for your area, or you'll lose money.

Example: In Florida [where I live] a tax lien, when it reaches its lifetime limit, is auctioned off in public. The auction is done in REVERSE from 100% downward -- lowest bidder pays the amount owed (including interest and fees) and receives an UNDIVIDED interest in the property equal to the percentage he bid.

unless the property sells at 100%, the winning bidder does NOT get clean title to the property and can not foreclose on it or manage it.

So ... if this outfit isn't directly doing business in your state ... find another or forget it.

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There are a lot more foreclosure auctions than tax liens auctions.

An unknown but probably large proportion of tax lien auctions are vacant property which may have little or no use or value [same for buying the tax lien in the first place].


LOTS to learn if you're really interested.

Which is why it is usually done only by interested relatives, immediate neighbors, and professional investors.


GL

Answer 2

It may be legitimate, but you really need to know the real estate market, and probably have to do a great deal of work to get the house ready for resale. Remember, there is probably a very good reason that the person who owns the property is not paying the taxes.

The other thing to consider is; if it is that easy and lucrative, why is john beck doing these infomercials rather than spending his time just buying and reselling tax lien properties? The answer: He makes a lot more getting gullible people to pay him to tell them how to do it than he would ever make buying these distressed properties. And with no risk!!!

Answer 3

Save your money. While there is money to be made via foreclosures, tax liens, sheriff's sales, etc. on real estate, the process varies from state to state. You must DEFINITELY know the market in which you intend to do this, as well as all the legal aspects of doing so.

As an example, in some states, when you buy 'sheriff's sale', you get the property AND any mortgages attached to it.

This is not a business for you in which to engage on the TV advice of John Beck or anyone else. You will learn nothing from him that you cannot learn on your own.

Answer 4

The fastest route to bankruptcy is to follow ANY plan pitched buy an infomercial. What they teach may be true, but they NEVER teach even half of what you need to actually make money.