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Tax Sales, Tax Certificates, Tax Deeds: Due Diligence Matters!

Larry Goins — Thu, 05 Aug 2010 15:35:57 +0000

In the following sections we will review some of the areas that you must consider when researching and evaluating tax sale properties. I call them due diligence areas #1 through #5. These are not an exhaustive list but they do set out some of the areas which are typically left out of most people’s analysis.

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Self Storage Investing – By Scott Meyers, CSSM

Larry Goins — Thu, 05 Aug 2010 14:59:36 +0000

In my Home Study System, I lay out several different ways to raise the cash for the down payment on your self storage facility. But once again I will caution: I DO NOT RECOMMEND OR APPROVE OF 100% FINANCING, OR THE “NO MONEY DOWN” DEALS THAT YOU HAVE SEEN ON TV, OR HEARD OF BY OTHER AUTHORS AND SPEAKERS! In the early stages of my real estate career, most of my single family houses and apartment complexes were purchased with no money down and my entire portfolio was approached a 95% Loan to value ratio at one point. As a result, my cash flow was very tight, and when the rental market went sour after the events of 9/11, I came dangerously close to losing it all, and thought at one point that I may be heading for bankruptcy. Fortunately, by the Grace of God, and by employing the techniques I have learned and outlined in my Home Study System, I was able to turn things around and I was given another chance to learn from my mistakes. This is probably the biggest reason I have a passion for teaching others how to invest wisely, and how to avoid the mistakes that I, and so many others in this industry have made when it comes to over-leveraging their portfolio.

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Property Tax Assessment Appeals to the Rescue

Larry Goins — Thu, 29 Jul 2010 17:55:45 +0000

Property Taxes Too High? Property Tax Assessment Appeals to the Rescue Are you watching your property taxes go up while your property value goes down? Somehow it seems that even though property values are dropping, the taxes on property are still going up. If this is the case for you, then exercise your right to the appeals process; it's a fairly simple process.

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Tax Liens and Tax Deeds - Some Basics for Your Success

Larry Goins — Thu, 20 May 2010 14:24:19 +0000

Almost all states allow for a tax sale foreclosure process that allows common citizens, just like us, to purchase tax sale properties. Here's how it happens: If an owner of real property does not pay their taxes the county or the taxing entity will file a lawsuit to collect the unpaid taxes, and if such taxes are not paid, the property will be sold at a public tax auction to the highest bidder.

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Tax Deferral as an Investment Strategy

Larry Goins — Fri, 30 Apr 2010 14:54:33 +0000

Deferring taxes on your income is an investment strategy in which income taxes are paid at a later date for money invested now. The benefit of tax deferral is that it provides more money for you to invest now. For example, you are able to deduct $1000 from your taxable income this year and invest it into an interest bearing account, and in return, this deduction allows you to pay approximately $200 less in income taxes for the current year. You now have $200 more than if you had not invested the $1000. If you add the $200 you deferred in taxes to the $1000 you have already invested, you now have $1200 growing in your investment.

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File Amended Returns For Hidden Savings!

Larry Goins — Mon, 17 Aug 2009 15:06:11 +0000

In my former days of being in tax practice I literarily did hundreds of amended returns for refunds of past paid taxes because of missed deductions or strategies. Here were the results:

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Creating Permanent Tax Savings

Larry Goins — Tue, 04 Aug 2009 20:17:21 +0000

Temporary Tax Savings These are the type of tax savings where you save taxes today but must pay them later. In other words, the tax is being deferred. Temporary savings can be helpful in a tax strategy, but even better is....

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Income Tax Versus Property Taxes

Larry Goins — Mon, 13 Jul 2009 19:32:35 +0000

Like many American’s last February I went and visited my accountant to prepare and file a federal tax return. Many thoughts raced through my mind on how to spend my newly found fortune, new clothes, a well-deserved night out or possibly pay down the credit card. Although all of them sounded appealing, like many of us I used my tax return to pay my property tax bill.

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Eliminate IRS Fear By Knowing Your Rights And “Hidden” IRS Weaknesses!

Larry Goins — Wed, 24 Jun 2009 19:01:15 +0000

FEAR-OF-THE-IRS is one of the big reasons why entrepreneurs unnecessarily fork out way too much in taxes. Well, eradicate the fear because you have rights against the IRS. IRS employees can lose their jobs because of ten possible offenses, including a violation of constitutional or civil rights of taxpayers. You can sue the IRS for up to $100,000 of damages caused by an IRS employee who negligently disregards the tax law and up to a $1,000,000 if an IRS employee willfully violates the tax law.

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Understanding Corporations, Limited Liability Companies (LLC’s) and Limited Partnerships

Larry Goins — Mon, 15 Jun 2009 12:59:36 +0000

The best way to understand a corporation, limited liability company (or even a limited partnership) is to realize that each creates a special legal relationship or privilege between the business owner(s) and the government. These areas of government include: 1. State Government (including state taxing authorities and the state court system) 2. The Federal Government (specifically the IRS and the Bankruptcy court system) You may be saying, alright Darius, I still don't understand what you mean by a relationship or privilege. The best way that I can put it is this: A business entity is a legal relationship which allows for certain privileges. When teaching people about entities, I like refer to an often forgotten fact: In England during the colonial period the ability to create a corporation required an exclusive grant (i.e., permission) from the Crown (that's right the King or the Queen!). Remember a business entity is a privilege! HERE IS ANOTHER TIDBIT:

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