Can you make $1M from tax sale overages business?
Imagine the thrill of transforming your financial future in a single year. Making a million dollars in your overages business in your first year is not just a far-fetched dream, it’s an achievable reality.
Make $1M from tax sale overages business. It takes hard work and dedication, but the money is there to be made. Get ready to see the possibilities for you to make that money as I show you the secrets, strategies, and mindsets required to create those results for yourself. Be sure to watch till the end because I have a free minicourse for you where you can get more details and life changing information about how you can get started.
Make Money From The Overages Business
People ask me if they can make money in the overages business. The clear answer is yes.
Anyone who takes the time to learn the business and then gets into action can be successful. All they need to do is follow the system. A million dollars in revenue in your first year is achievable because the business can be learned quickly, requires a phone and internet connection and the money is there to be made.
Getting Started With The Overages Business
And to get started you don’t need an office, you don’t need any staff, and you don’t need to raise capital or borrow money. You just need to learn how and get into action. The tools needed are your cell phone and an internet connection. Overages may be a new word to you, so let me explain what overages are and how they work.
What are Tax Sale Overages?
I’m Bob Diamond, America’s Tax Sale Attorney. Overages are the funds that are left over when a property is sold at a real estate tax foreclosure auction and the property sells for more than the taxes owed. Overages are claimable by the former owner which makes sense because the government only needs the money to cover the taxes it was owed. Once those taxes are paid any money over and above that should go back to the former owner.
Why Do Foreclosures Happen?
Now you may be wondering why a property gets sold at a real estate tax foreclosure auction. Properties are sold when the owner does not pay their real estate taxes for a long time, typically three to four years depending on the jurisdiction. The local government then auctions off the property to generate the money to pay the taxes.
Tax Foreclosure’s Ins and Outs
The property is sold at a public auction and usually the sale price is far higher than the taxes owed. To illustrate, let’s consider a house in America worth of $400,000 which is pretty close to the mathematical average of home values according to the federal home loan bank. Annual real estate taxes are typically around two percent of the property value, which would be approximately $8,000 per year.
If the homeowner falls four years behind on their taxes, they would owe $32,000 in real estate taxes, plus interest and penalties, so the total amount of taxes, interest and penalties due to the government would be around $60,000.
How Government Recovers Tax money?
To recover those monies, the government will sell the property at a tax foreclosure auction. There are always lots of bidders at those sales looking for bargains, so the bidding is competitive and the highest bidder wins.
The Heart Of Overages Business
Properties typically sell at seventy to eighty percent of their value, taking into account repairs needed. Often the properties have not been maintained so on a $400,000 house there could easily be $200,000 in repairs needed.
Let’s assume the house sells for 70% of its value with $200,000 worth of repairs taken into account, resulting in a sale price of $140,000.
After deducting the owed taxes of $60,000 from the sale proceeds, approximately $80,000 would be leftover. That $80,000 of leftover money is referred to as overages and that is the money the former owner can claim. These monies appear on little known lists like these.
What Happens to These Unclaimed Funds?
If the former owner does not claim this money in a relatively short time, the government will keep it. Most of the money is never claimed simply because people don’t know about the money. And they cannot apply for money they don’t know about.
And we are talking about a lot of properties. More than three thousand properties are sold at tax foreclosure every day, bringing in over thirteen million dollars per day. So there is a lot of overages money available right now and being added in every day.
Why People Don’t Claim Overages Money?
I’m often asked why people don’t know about the overages money.
It’s simply not a well known fact – I bet you never heard about overages until you heard it from me! You may not have ever even heard the word Overages! Also, former owners think that the government sold their house at the tax foreclosure auction, so the government keeps the money.
After all, the government was the seller. That’s logical but incorrect. Unless the former owners know about the overages money and apply for it, the government simply keeps it. That’s where the business opportunity is.
Our Opportunities In Overages Business
You reach out to the people who have lost their homes to see if they are interested in working with you to get a large windfall they qualify for. And if you are successful you get a percentage of what you are able to recover for them. It is very simple. And, by the way, they don’t need to worry about the deal not working out, if you don’t recover any money there is no cost to them.
That combination of potential windfall and no risk makes your offer very exciting offer for a person who is so broke they lost their house at a tax sale. Potential free money windfall at no personal risk to them.
How to Get Overages Lists?
The first question most people have when considering this business is how do I get a list of the money being held? This part is surprisingly easy, as long as you know a few simple secrets. The lists are online and with the right Google search the lists appear like magic. These lists can be pulled in just a few minutes, for free, on the internet.
How Many Overages Claims Are There?
There are literally millions upon millions of dollars just sitting there waiting to be claimed. Because every county in America holds tax sales every year. Millions of dollars sitting, waiting to be claimed which will be a windfall for the people who lost their house at tax sale and desperately need some money and the basis for an amazing business for you.
How Can You Make Money From Overages?
Imagine collecting finders fees of thirty to forty percent for yourself out of these monies! That is why making hundreds of thousands of dollars a year in Overages is within reach for you!
All you need to do is learn how then go and do it! And to me the best part of this business is that you get to make a lot of money for yourself and your family AND you get to help people who desperately need money to get themselves back on their feet after losing their home to tax sale! This is a very straightforward business, and here is how it works.
Steps Of The Overages Business?
After obtaining the list of overages, gather contact information for the people owed the money, including phone numbers or email addresses. We will teach you how to do that quickly and easily right online.
Then you reach out to the claimants letting them know about the opportunity for them to receive a windfall working with you.
How Do You Approach These Claimants?
It is important to approach this conversation in the right way, as when people first hear about it they are naturally skeptical. But as skeptical as they are, they are even more interested in getting money.
Think about it – they are so broke they lost their home at tax foreclosure, so the potential to get a large windfall of money is really exciting! Your call is truly something they have been praying and hoping for! So once you work through their skepticism, you get written permission from them to claim the money. And here is how that claiming process works.
How Do We Claim Overages Money?
There are two methods to claim overages. The most common is an administrative claim where you apply to the agency holding the overages money, And the other is a judicial claim where the money is held by the court system. In most jurisdictions, the administrative claim method is used.
That is a very simple process, you contact the agency that has the money, request the necessary form, fill in the form, and turn it in. They process the claim and issue a check.
What Information Do We Need To Make Claims?
The form typically requires information such as the property address, the name of the person claiming the money, and other simple details so the government can look up the tax sale, verify that the former owner is the one asking for the money, and cut a check.
We train our students to apply for funds all the time, and with a few minutes of training, anyone can complete this form. You submit the claim, and the agency processes the claim and mails you the money. Bureaucracies aren’t fast so the process typically takes a few months.
Another Way to Submit Claims
For the alternative court claiming process, you will bring on an attorney who can do the work for a percentage or for a moderate fee usually less than $2,500 per claim. That also tends to take a few months.
How You Will Make $1M from tax sale overages business
Since the claims take time to payout, once we have the claim submitted we go work on getting the next claim. Its a pipeline of claims, we put deals in, they mature in a few months and we get paid. There is not much to do once the claim is filed, so it makes a nice workflow and the flow of monies coming out as the claims pay out is predictable.
Two claims a month in, two claims a month pay out. Four deals a month go into the pipeline and four deals a month come out. It is very simple and you can actually plan your business. And, of course, you can do as many deals as you are willing to make the effort to sign up.
This is a very profitable and rewarding business. Our average deal size is $52,000 and we charge 40%. So each deal is worth a little over $20,000 to us. You are free to charge what you want, and most people charge thirty to forty percent. Of course, there are deals of all sizes from a few thousand to hundreds of thousands of dollars.
You saw them on the lists I showed you earlier in this video, here is a quick look at the lists again. You can see the money is there for the taking.
How Much Time We Spent On a Claim?
The deals typically take eight to ten hours in total so you can even do this business on the side and make a lot of money. So you can start this as a side hustle where you pick up an extra fifty to hundred thousand over a few deals and then if you want you can go all in and have overages as your primary source of income.
How Do You Step In?
The overages money is there for the taking. And all you need to start is some education on how to do the steps, an internet connection to get the leads and a phone to reach out to people. I have been doing this business for over a decade and its truly the best combination I have ever seen of profits, low investment of time and money to get started, and the rewarding feeling of helping people who have lost their homes to tax foreclosure get desperately needed money and a fresh start on life!
Let’s ReCap The Process
This business is very straightforward and can be a quiet business on the side or a full time scaled up enterprise. The process is simple: gather a list of claimants, collect their contact information, call claimants to give them the good news of an available windfall and offer your help to get that money.
For the ones who take you up on your offer you file the claim and get paid out a few months later. The steps are easy to follow, and anyone can start this business in a few weeks.
I have lots more details about this business for you so I put together a free mini-course so you can learn all about it. The link to the free mini course is here. This can be your million dollar business.
How Much Money We’re Making From Overages Business?
We make an average of a little over $20,000 per deal. Our average claim size is $52,000 and our average fee is 40% of the funds recovered. If you did what we do, in order to make a million dollars in a year, you would need 50 deals over the course of the year. Less than five deals each month. So, yes, it is possible to make a million dollars a year in this business.
It would take effort, focus and work but the money is there to be made. Whether you make the money depends entirely upon you! I hope you found this video helpful and useful in continuing to move forward in your journey toward greatness.
You Can Also Start The Overages Business
As a business owner and attorney who has a lot of experience with small businesses, as well as tax liens, tax deeds, and an amazing business called Overages. I’m here to help you.
Why Do I Love The Overages Business?
I love the overages business because just one person with a moderate amount of training and using the phone and internet can build a powerful and profitable business helping people who desperately need your help.
Join My Overages Free Overages Course
To learn how you can have your own tax sale overages business as well as how you can buy tax liens and tax deeds as investments, I have a free mini course for you. Get it now for free by using the link in the description below, and I will be glad to show you more details about all the opportunities – overages, tax liens, and tax deeds. I hope you found this video helpful and useful in continuing to move forward in your journey toward greatness. So go get your access to my free mini course now.