4.6 • 682 Ratings
🗓️ 7 April 2024
⏱️ 8 minutes
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0:00.0 | Brought to you by the Every Dollar app. Start budgeting for free today. |
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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