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The Ramsey Show Highlights

I’m Sorry Your Aunt Is a Twerp

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 7 April 2024

⏱️ 8 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

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0:06.8

Paul is with us in Cincinnati to start this hour. Hi, Paul. How are you?

0:11.5

Hey, Dave, doing better than I deserve. How are you? Just the same, sir. What's up?

0:17.0

Okay, so about five years ago, my aunt convinced my 92-year-old grandmother to change her will

0:24.4

so that only she would inherit the property that my grandma owns on a lakefront in Florida when she passes.

0:33.1

My grandma's 97 now, and her health is not very good.

0:37.4

I was wondering if it would be wise to try to acquire the property by means of a property

0:41.9

tax lien after my aunt inherits it and she inevitably fails to pay the taxes on it.

0:49.3

Okay.

0:50.5

So your aunt did talk to your grandmother into doing something where the rest of the family got cut out.

0:57.6

Is that what you're angry about?

0:59.2

Am I getting this right?

1:01.0

That's right.

1:01.9

Okay.

1:03.1

All right.

1:05.6

Well, I don't know Florida law, but that's probably not going to work. And sometimes you hear these guys,

1:15.1

and you may have seen this, that may have been what prompted your idea, these guys in the

1:19.0

real estate get rich quick world, and they say, go buy tax liens, and you can just, you know,

1:24.4

you buy people's back tax position, and then you become the owner of the

1:27.5

property, and it's just easy. You can just do it all. Listen, I've done it like six times, like when I

1:32.4

used to do real estate for a living, and I was doing foreclosures for a living, never ended up with a single

1:36.4

property because most states, including the one I'm in, have a right of redemption that is one year or two years. So let me give you an example.

...

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