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  • #61
    I wonder if they can pick up some Mona Vie cheap at duty free?

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    • #62
      The Tangled Websites We Weave? Part II

      Originally posted by Stevegoodey View Post
      Hi Phil/Tommy/Team,

      I'm really excited to be letting you know that I actually purchased my first Tax Deed at the Palm Beach Live Deeds Auction held today (1st July)...

      We arrived into West Palm Beach ..................

      I had one option ..............Anyway, turns out, the room full of potential competitors were all mainly along for the ride so lucky for me/us, I was the only bidder on the parcel I wanted so won the deed at $3,420.00!

      Thanks heaps, (Steve Goodey or other signature not affixed)
      This is very weird. It is my understanding that ALL county tax lien auctions in Florida are conducted on the web not in person.

      Maybe this was a private re-auctioning of tax liens from a wholesaler but something just does not quite measure up?

      If this is the case this looks like a truth in advertising complaint.

      Best: Andrew Waite

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      • #63
        Passing the "Sniff Test"

        Originally posted by Stevegoodey View Post
        Hi Phil/Tommy/Team,

        I'm really excited to be letting you know that I actually purchased my first Tax Deed at the Palm Beach Live Deeds Auction held today (1st July)...

        We arrived into West Palm Beach last night after our jaunt across the US and our flights from NZ on Monday and I managed to get some final bits of research and updates done online to prepare for the sale today and double check statuses on the ones I was interested in etc. Unfortunately for me/fortunately for the homeowners, several that I had earlier had my sights set on and done due diligence on were redeemed prior to the sale so the starting sale list of 73 got whittled down to just 9 properties by last night...

        I had one option that was in within my budget and the numbers stacked up quite nicely so headed to the sale anyway to check things out, not holding out much hope of a successful outcome. Anyway, turns out, the room full of potential competitors were all mainly along for the ride so lucky for me/us, I was the only bidder on the parcel I wanted so won the deed at $3,420.00!

        I initially thought I was purchasing a 3 bdrm/2 bthrm property with an 2008 Value of $234,000 however it turns out, the homeowner had done a "unity of title" on the adjoining plot of land he also owned so the entire parcel I bought actually also includes a 2nd property at the rear of 2 bdrm/1 bthrm. Total lot size is pretty sizable at 13,000+sqft with the two properties sizing around 4,000sqft together. I've been advised by another investor here that I met at the sale that the actual value for the whole site would be well over $560k retail basing it on the standard price for the area of $140/sqft. We're working with him to onsell it quickly though his database of investors (about 200 people) so are listing it at $350k to see if we can get some quick movement on it. In the meantime we've also met the current occupants (tenants) of the 2 properties and are going to be doing new lease agreements with them in the morning so will be collecting a monthly rent of $2,100 from them in the meantime until we onsell.

        There is a bit of a potential glitch on the horizon with the previous homeowner attempting to stir things up a bit by claiming to the tenants that "we don't own the actual property, only got the deed not the real property ownership etc etc and is threatening them that he will try and shortsell it out from under us etc etc".

        I will be speaking to Titlemark tommorrow to double check on this and get them on the case to expediate the title clearance asap so hopefully things will run smoothly for us from there.

        Anyway, wish us luck eh?! Will be nice to head back to NZ next week knowing we have a tidy sum heading our way very soon!!! Will keep you posted... in the meantime, have also attached a few pics of the properties we purchased today.


        Thanks heaps,
        This was not a tax lien auction, but a deed auction. Florida has both.

        The lien auctions are held annually and all cities of any size do their sales online.

        The deed auctions are always live, in person, and are held monthly.

        The surprise "73 down to 9" comment is comical. Every deed auction is like that. Nine out of 73 is very typical ... but since the tutors have most probably never attended a tax deed sale (much less bought one), they wouldn't know to warn a student about the facts of limited offerings because of a high incidence of redemption. Talk about a (Air New Zealand) wing and a prayer.

        The information on the detail of what was bought sounds a little odd ... Why would an owner lose an income producing property valued at $560,000 retail for the sum of $3,420 ... when he can make almost that much in a single month's rent? This does not pass the male bovine excrement test.

        Maybe we are wrong but this can be remedied by simply producing a copy of the tax deed showing the purchase, and then the HUD 1 closing statement when the property is sold. If the numbers line up with the representation and we'll agree this program is golden and we were fools to dismiss it as bogus.

        Naturally, this is all posted minus the messy "quieting the title" stuff glossed over above. This smells like protracted litigation where a remote Kiwi investor will most likely have an uphill and expensive battle against an American homeowner.

        As soon as possible a potential success surfaces and its posted prematurely. Of course no signatures and done by a surrogate cut from the same clothe.

        It would be fun to track this story .... as all the data should be available from the West Palm Beach County Recorder's office.

        Best: Andrew Waite


        PS: Last reported Eckelman had told Trump University he had ended his relationship with the Kiwi promoter. This testimonial appears to contradict that...any one know otherwise?

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        • #64
          Originally posted by MrsT View Post
          thanks for your advice. Back to trawling trademe for cheap properties i guess..... Damn, it sounded so good!
          haha. exactly what i was starting to think!

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          • #65
            Heard a story today that confused me.

            Is it true Dean Letfus now supports this tax lien strategy and is again associated with PJ in marketing them?
            I thought both were publicly labeled as high risk and discouraged?

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            • #66
              David Whitburn went to the gurus event and then wrote about it on his website - there's a discussion on it here somewhere.

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              • #67
                Yes I have found another blog on it now which seems to confirm the rekindled affiliation rumour I heard today.

                www.thepaepae.com/
                Has all the news
                Last edited by CJ; 07-04-2010, 09:59 PM. Reason: Link to actual blog post inserted

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                • #68
                  I'm a student of Phil's course back in March last year, now off it.

                  Started with $10k, made $4000+ profit in 4 - 5 months till now, which is ok, since I never set foot in USA.

                  Better profit is made if I can go over to US though, but not enough cash to do that.

                  Can't say much about the 'support' given post course though, did everything myself, even hooked up a mentoring student in Cape Coral and learning off him now.

                  Basically there was little to no support, and most students didn't have the drive to make things happen anyways.

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                  • #69
                    As for the Tax liens? 16-18% a year is a joke mate, taking into account of taxes and currency fluctuations.

                    I'm on course to double my money (10k to 20k) in 12 months, and that still is not enough for me.

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                    • #70
                      Originally posted by whitt View Post
                      Yes I have found another blog on it now which seems to confirm the rekindled affiliation rumour I heard today.

                      http://www.thepaepae.com/
                      Has all the news
                      Quote from The Paepae:

                      'Whitburn also quotes Dean Letfus’s previous publicly-expressed disgust and criticisms of the US tax liens (“They are snake oil, complete with white shoes and wagons”, Letfus said, calling them “high risk”) and, like me, Whitburn wonders Dean? What on earth has changed?'

                      So Dean, what has changed?

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                      • #71
                        All most interesting. I have seldom seen "investments" of this nature be successful.

                        This is the way I look at such ideas: there are 300 million people in the USA which includes quite a few million smart and wealthy individuals. Additionally there are some millions of not-so-clever people who get into day trading, futures, ebay auctions etc trying to find the magical golden egg.

                        Now - with all those Americans looking for ways to make money, why do they overlook tax liens? Why is it that people on an obscure Pacific island can be more clever and raid this wonderful opportunity.....????

                        The same logic can be applied to Gold Coast apartments, Australian olive groves, vineyards etc. If an investment promoter has to come to NZ for funds, something just aint right.......

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