Welcome to the New York Tax Lien and Deed Overview

In this video, Ted Thomas provides an overview of tax lien certificates and tax deeds in New York. He explains that New York is both a tax lien state and a tax deed state, with different counties following different processes.

Understanding Tax Lien Certificates and Tax Deeds

• Ted Thomas introduces himself as an authority on tax lien certificates and tax deeds, with 30 years of experience in the field.

• New York has 62 counties, but only two counties (Nassau and Suffolk) sell tax lien certificates. The rest of the state sells tax defaulted properties through tax deeds.

• Tax lien certificates are predictable, certain, and secure investments. Investors buy these certificates from the county and receive a check back from the county.

• Tax deeds occur when property owners fail to pay their taxes. The county confiscates the property and sells it at auction to pay off the taxes owed. Buying a tax deed wipes out any existing mortgage on the property.

Considerations for Investing in New York

• Abandoned properties are common in New York due to high taxes causing people to leave the state. Investors should be cautious when buying abandoned properties as they may have incurred damage from neglect or weather conditions.

• Buying properties in New York can be done using credit cards, making it accessible for investors with good credit limits.

• There is always an abundance of both tax lien certificates and tax deed properties available in New York.

Differences Between Tax Lien Certificates and Tax Deeds

• Tax lien certificates involve purchasing a piece of paper that represents a debt owed by the property owner. In New York, tax lien certificates are sold in two counties: Nassau and Suffolk.

• Tax liens in the boroughs of New York (Manhattan, Bronx, Staten Island, Queens) are only sold to institutions and not individuals.

• Tax deeds involve the county confiscating the property due to unpaid taxes and selling it at auction. This process occurs in all other counties in New York.

The transcript does not provide timestamps for every section.

New Section

The speaker discusses the potential of making money by buying properties at auctions and shares personal experiences and strategies for success.

Buying Properties at Auction

• The speaker encourages listeners to consider buying properties at auction as a way to make money.

• Personal success stories are shared, including making over 100 thousand dollars on multiple deals in New York.

• It is emphasized that knowledge and expertise are crucial when dealing with auctioned properties.

• Caution is advised against acquiring abandoned properties without a clear plan for their use or sale.

New Section

The speaker highlights the importance of having a selling strategy when purchasing properties at auction.

Having a Selling Strategy

• It is recommended to have a well-defined selling strategy before buying auctioned properties.

• Specialized strategies for selling properties are mentioned, indicating the availability of resources for assistance.

• Listeners are reminded to be cautious when buying properties in New York due to specific challenges associated with the market.

New Section

The speaker emphasizes the advantages of buying properties in New York but warns about potential risks.

Buying Properties in New York

• Buying properties in New York using credit cards is encouraged.

• However, it is important to conduct thorough research and understand factors such as population density before making purchases.

• The speaker offers expertise in research techniques and provides examples of clients who successfully buy and sell multiple properties without leaving their computers.

New Section

The speaker introduces the concept of "buy low, sell low" as a strategy for making money through property investment.

Making Money through Property Investment

• The speaker teaches the approach of buying low-priced properties and selling them quickly for profit.

• Mention is made of hundreds of available properties each year through tax defaulted auctions in New York.

• Listeners are advised to pay attention to population statistics and other relevant factors when considering property investments.

New Section

The speaker emphasizes the importance of thorough research and caution when purchasing properties.

Thorough Research and Caution

• Listeners are encouraged to conduct extensive research before buying properties, including using satellite imagery for analysis.

• The speaker warns against relying solely on internet pictures, as they may not accurately represent the current condition of a property.

• It is reiterated that seeing the property in person or having a representative view it is essential before making a purchase.

New Section

The speaker shares personal experiences and highlights two key mistakes to avoid when buying properties.

Key Mistakes to Avoid

• Two common mistakes are emphasized: buying a property without seeing it firsthand and lacking a clear selling strategy.

• The importance of avoiding these mistakes is stressed, with an emphasis on the need for caution and planning.

• Personal examples of successful and unsuccessful deals are mentioned, showcasing expertise in selling properties.

New Section

The speaker provides insights into effective selling strategies for maximizing profits from property investments.

Effective Selling Strategies

• It is advised not to overpay for properties by avoiding listing agents who may have incentives to hold onto the property rather than sell it quickly.

• Examples are given of successful deals where properties were bought at low prices and sold for significant profits.

• Listeners are invited to subscribe for more comprehensive knowledge on effective selling strategies.

New Section

The speaker offers quick ideas on how to sell properties effectively and profitably.

Quick Ideas for Selling Properties

• One suggestion is not to pay too much for a property, as many buyers tend to overpay when properties are listed with brokers.

• Examples are given of successful deals where properties were bought at low prices and sold for significant profits.

• The speaker mentions the availability of videos showcasing students buying properties at auction and making substantial profits.

New Section

The speaker emphasizes the importance of buying properties at low prices during tax defaulted auctions to maximize profit.

Buying Low, Selling Low

• The strategy of buying properties at low prices during tax defaulted auctions is recommended.

• The focus is on making money rather than aiming for retail prices.

• Listeners are encouraged to learn more about this strategy by subscribing and accessing additional resources.

New Section

The speaker offers a free video as an introduction to their expertise in property investment and selling strategies.

Free Video Offer

• Listeners are invited to watch a free video that provides insights into property investment and selling strategies.

• Subscribing is encouraged for access to more comprehensive knowledge beyond what is covered in the free video.