Tax Lien Sales NYC: Is New York A Tax Lien Or Tax Deed State - YouTube

Welcome back. I'm Ted Thomas and we're going to  talk about New York. In this episode, the question  

is coming up is New York a tax lien state or a  tax deed state? Now, that doesn't come up very often,  

but I tell you right now, New York is both and  I'll tell you the story about that in just a few  

minutes but meanwhile I want to make sure that you  understand I'm going to give you some learning or  

some instruction I should say about tax lien  certificates and tax needs and how to make money.  

In addition to that, I'm going to show you how  to avoid the mistakes and I'll be right back.

If you're wondering who I am, I'm ted Thomas.  Most people consider me the authority on  

tax lien certificates and tax deeds. I've been  doing this for about 30 years, I started out by  

buying tax lien certificates. So, I started small, I  just expanded it out then I got into the business  

of buying tax defaulted properties. It's a funny  thing and we'll talk about it now, but in the state  

of New York, you can even do this with credit cards.  Think about that. So, New York has 62 counties. 2  

of the counties sell tax lien certificates and  those tax lien certificates are on Long Island.  

So, Nassau county and also Suffolk county, they sell  tax lien certificates. Now, the rest of the state, as  

you know, goes up along the Hudson river up to lake  Ontario and over to Buffalo. All of those counties,  

they sell tax defaulted property. Those are called  tax deeds. So, I'm going to cover both of them so  

be patient, a lot of activity in New York so, you're  going to get a lot of good information here today  

and you're going to get a lot of information how  you can make money relatively quickly. If you want  

to buy tax lien certificates, you're talking about  buying a certificate that's predictable, certain  

and secure. This is perfect if you've got gray hair  like Ted does, you're an old timer, you want to do  

it in your IRA, you want to do it your pension plan,  this is safe, secure money. You can't invest with me,  

you're going to invest with the county, you get  a check back from the county. It doesn't get any  

better than that because your money is protected  by the property tax code. Okay so, you got that so,  

that's those 2 counties out on Long Island. Now,  all the rest of the counties going up the Hudson  

river and across the Pennsylvania over to Ohio. Sll  of those counties are going to sell tax deeds. When  

the people don't pay the tax, the local county has  a big problem . We'll talk about the big problem in  

a minute, but let's understand those counties are  going to confiscate the property. So, a tax deed  

auction means that the county confiscated the  property. They're not benevolentt they're going  

to say, "You didn't pay. We're going to seize the  property." Then they sell them at auction to pay  

the taxes. Now, when they sell them at auction, they  wipe out the mortgage. The mortgage is extinguished.  

Now, that's done by state law not by Ted Thomas.  I didn't make that up all right now. All of those  

counties will have properties. The challenge for  you is there'll be a lot of abandoned properties.  

Why will it be abandoned properties in  New York? Because 250,000 people a year  

leave the state, not according to Ted Thomas but  according to the census bureau. They're leaving in  

droves. They walk from their property because the  taxes are so high. If you buy a property in New  

York, think about how you're going to sell it. Don't  buy it unless you know how you're going to sell  

that property because there's going to be plenty.  There's always an abundance. Now, the beauty of New  

York is they're going to let you buy with a credit  card if you want. So, if you want to have good  

limits on your credit cards, you could be buying  colonial houses, for example. You could be buying  

small houses, big houses. Be careful with abandoned  properties because they have been abandoned if  

they've been abandoned, it gets cold in New York.  Pipes freeze up, they break. There's water, there's  

flooding, there's all kinds of damage. So, the point  is I'm not negative on this, I just want you to be  

cautious on what you buy. So, everybody's going to  love New York for this reason. There's always an  

abundance of tax lien certificates. There's always  an abundance of tax deed properties. All right, let  

me make sure that you understand the difference.  A tax lien simply means you bought a piece of  

paper. In New York, 2 counties sell tax lien  certificates. You can earn up to 12 percent,  

all right. That's good for conservative investment,  tax lien certificates. All right the boroughs of  

New York, you know, what I'm talking about. Talking  about Manhattan, I'm talking about the Bronx, I'm  

talking about Staten Island, you get the idea,  Queens. All those places, they sell tax liens.  

But, they only sell them to institutions. They don't  sell to individuals, they sell to Charles Schwab  

or someone like that. They're not going to sell  to you so, forget about the boroughs of New York.  

So, go upstate if you want tax deeds. Now, there's  going to be plenty. There will be colonial houses,  

there'll be houses on 4 acres, however people  have abandoned those. Why did they abandon? Because  

New York's a high tax state. They can't afford  the taxes so they just walk away because they  

can't sell it. So, my whole business is keep you out  of risk. Let me say it again, my whole business is  

keep you out of risk . How do I keep you out of risk?  Simply know what you're buying before you buy it.  

Can you get it sold? Now, people don't think like  that because you think naturally that you went  

to an auction, you stole the property and you think  you're going to sell it and make money. I'm hoping  

you can and I'll teach you every way I can, and  my students do very well. I've made more than

100 thousand on more than one deal in New York  and I bought them with a credit card. But I know  

what I'm doing, so if you want to follow me, you can  follow me. You want to come with me and go to an  

auction? I'll take you. But the point is don't get  abandoned properties unless you know what you're  

going to do with them. You're not going to be able  to sell them. If you're an expert and you can get  

them out quickly, good. But while you're waiting,  squadrons could show up. Every conceivable negative  

could show u. My point is let's buy in New York.  Let's use our credit cards, but you need to have a  

selling strategy, okay. I have people in my office  that specialize in strategies. All right now, that  

sounds like that's very self-serving.  Folks, it's a free video. Enjoy the video.  

But I'm telling you, be very cautious if you buy  New York. So, you're kind of learning a little bit  

about the making money part of it. I teach people  buy it, low sell it low and move on. Buy it low, sell  

it low move on. If you live in New York, you want  to stay there, you want to go steal a property, this  

is your chance to do it because there's going to  be in, even the best counties, there's going to be  

hundreds of properties every year. Every county  in New York is authorized to do a tax defaulted  

auction. That means they can sell the property for  any price that they want to do that. You can buy  

those on credit card. But if the state has it out  population, you need to pay attention to that. If  

the out population according to the census is 250  thousand, don't think I'm negative, I'm just trying to  

give you the facts that you might not be  researching. We spend hours on research. I can  

teach you research using a satellite, I can teach  you where you are right now to buy and sell. I can  

show you clients that buy 30 and 40 properties a  year and they never leave their computer. All right,  

what are the 2 big mistakes? I've said them 3  times so far in the last few minutes. Don't buy a  

property unless you've seen it. The picture on the  internet isn't necessarily the true picture. Why? It  

might have been taken 3 years ago. I don't know  when it was taken. If you haven't seen the property  

or some representative of yours has not seen the  property, do not buy that property. All right, if  

you don't have a selling strategy, don't buy their  property. If this sounds too firm for you, well, you  

probably won't tune in. You won't subscribe. If you  want the real deal, I'm the real deal. I bought 9  

properties in New York. I'll show you some I made  100 thousand on, I'll show you some I got my  

butt kicked on too. So, we specialize in selling  property. When I teach my class, which I do   

every week, I have hundreds of clients. People  always want to know the same thing, "how do you  

sell?" So, let me give you a couple of quick ideas.  First of all, don't pay too much for a property.  

America always pays too much because they're  listed with a broker. A broker has no incentive  

except to hold the property line. They'll do  anything to hold the property. Why? Because  

they'll lose their job otherwise. Now, if you become  a subscriber, you will see me put my students in  

front of a camera, just like we're doing now,  and people buying for 6 cents on the dollar  

and then they sell it make 100 thousand  dollars. You'll see people paying 7 cents  

online and sell it and make 25 and 50  thousand. But my strategy is this, and it's simple,  

buy it low at the tax defaulted auction. Don't  try and get retail. The whole world wants retail.  

Am I negative on retail? No. All I want you to do is  make money. If you all make some money on the first  

deal, you're coming back for more. Buy it low and  sell low. You want to learn that stuff? I've got a  

free video for you to show you a little bit of it,  but I can't tell you everything I know so you'll  

have to subscribe for a while. Matter of fact, I'm  going to give you a free video, an absolutely free  

video, and what you need to do as soon as I finish,  there'll be a link below me. Now this is a free  

video that'll show people buying properties, people  selling property. Yhey give you the nitty gritties  

of tax liens and tax deeds. It doesn't cost you  a thing, it's free, just go below me right now.