Question: I am from Australia and looking to start deed investing. I have some questions – maybe someone here can answer it. When purchasing a tax deed in let’s say TX – and it has a 6 month redemption period. What does that mean in practice? 1) Does it mean that you are entitled to vacant possession of the property immediately? Is the property vacant at the time of deed sale? 2) Does it mean that the (now previous) owners of the property get to stay in the property for the next 6 months until they either redeem or not? 2) Does it mean that you couldn’t make any changes to the property for the first 6 months in case they redeem? 3) If you had vacant possession and start renting the property out to another party and then the previous owner redeems what happens then?
Vie DB: Hi Fabian Windrich, check out https://taxliencertificateschool.com/They have a whole lot of information on their page, video and deed book. Happy investing! 😀
Tax Lien Certificate and Tax Deed Training by Dustin Hahn | Tax Lien…
taxliencertificateschool.com
Fabian Windrich: Thanks Vie DB I’ll take a look
Fabian Windrich: I’ve taken a look at this and I understand what he is saying – we don’t have quit claim deeds in Australia, but I think I’ve got the idea he is looking to flip it asap to monetise the property without any recourse – but what about for instance if the property is still tenanted?
Hannelore Inman: 6 months are for vacant land (non homestead) If it is an occupied house or agri land the redemption period is 2 years
Fabian Windrich: does that mean that you couldn’t make them leave the property if they were still in it for 2 years?
Vie DB: Lease have to be done.
Fabian Windrich: So I would need to lease the property to the previous owners for 2 years?
Hannelore Inman: https://www.farahlegal.com/real…/property-tax-redemption/
Property Tax Redemption in Texas | Farah Law Firm
farahlegal.com
Hannelore Inman: This is a good explanation of how it works
Fabian Windrich: That was really helpful thanks Hannelore Inman
Hannelore Inman: No worriesGoogle has a lot of info.
Vie DB: All states have their own requirements on deeds and lien. It’s good to research the state you wish to do business in.
Sophia Donecker: Hey Fabian, Im in Australia too! Im heading over in a few months to start my tax deed adventure 😉
Fabian Windrich: Where are you based???
Sophia Donecker: In country NSW
Fabian Windrich: Ok I’m in Melbourne
Tony Di Maria: Hi guys I am in Canberra. Still stuck on the first step of getting an IRN ( our TFN equivalent) have you guys got one – if so I would be grateful if you shared howMany thanks
Sophia Donecker: Tony get an LLC set up and get an EIN. You can get both done before going to the USA. Easiest way to get your ITIN is to get a letter from a bank when you travel to the USA.
Tony Di Maria: Ok thanks Sophia!Any recommendations on who over here has the best knowledge to set up an LLC ( as I understand some states have better tax friendly laws than others)…See more
Sophia Donecker: Tony sent you a PM 🙂
Fabian Windrich: guys do yu find any banks in USA that would set up an account for you there? I have an LLC and EIN but never ended up finding a bank that could assist me whilst here in Australia.
Sophia Donecker: Only way that I’m aware of to get around traveling to the USA to open an account is getting a foreign currency account with a bank like HSBC
Hannelore Inman: Or get a business partner to buy in your company name
Хайме Фариас: Try the big banks immediately associated with the Federal Reserve. You can have foreign LLC’s own US llc’s
Хайме Фариас: Best thing to do is maybe rent it month to month bc as you mentioned, there’s a right of redemption. Plus, there can be a house on the property in TX and “only have 6 months”. Remember, it has to be homestead on the county records “at the time of the judgement”.
Israel Marques: It means that the former owner can get back the property( as soon as he pays you) in 2 years max.He must pay you all $ you spent in the house, plus 25% redemption tax 🙂
Хайме Фариас: Rent it back to them instead of evicting..lol. Or a lease to buy with the buy date being in yr 2 so you can snag the 50%