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Baltimore has announced the dates for the 2010 tax lien certificate auction.
Wednesday March 17, 2010: Listing of 2010 tax sale properties will be published in the Baltimore Sun. This listing will be updated approximately weekly at BidBaltimore.com
Wednesday March 17, 2010: Bidder registration begins at BidBaltimore.com. The cost to register is $100.00
Wednesday March 17, 2010: Last day for payments to avoid being in 2010 tax lien sale.
Monday May 10, 2010: Last day to register for tax lien auction.
Friday May 14, 2010: Final update of property listings
Friday May 14, 2010: Bid Submission begins
Monday May 17, 2010: Auction date
Good luck and watch my site for more tax lien information.
Back in July of 2008, I reported that Steve Berman had pleaded guilty to price fixing at Maryland tax lien auctions. Others were implicated at the time. Many of us active in local tax lien sales have been waiting for the other shoe to drop.
Jack Stollof has pleaded guilty to fixing bids at Maryland tax sales. His partner Havey Nusbaum is scheduled to go to trial in March. Nusbaum and Stollof were indicted in June of last year.
Jack Stollof’s plea comes after the Judge in the case threw out their defense that they had formed a “Joint Venture” and told that to the bank that was financing them. He is expect ed to be sentenced after Harvey Nusbaum’s trial. They could both receive up to ten years in prison and a fine of up to 1 million dollars.
I am already getting a lot of hits to my site for people searching for information on the 2010 MD tax sales. To get more information about tax sales and how to participate, see my past posts on tax sale investing. More on tax sales here.
Watch my site for updates. I’ll let you know as soon as I do of important dates for this years tax sales.
A 1099 is an informational return required by the IRS. Employees receive a W-2 to let them know how much income was rep0rted to the IRS. You may also get a 1099 INT from your bank telling you how much interest you received in the prior year. In a similar way businesses are required to report how much they pay other business and independent contractors.
Some small businesses are not even aware they are required to supply 1099s. A typical real estate investor may need to send them to their attorney, contractors, assistants, and Bird dogs they have paid. I am sure many investors never considered this requirement and were unaware they were risking IRS fines and penalties.
Who Gets a 1099?
You are required to give a 1099 to any Payee to whom you pay at least $600 or more in the year. This quote is directly from the 1099-MISC instructions
“At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, . . . or Gross proceeds to an attorney.”
The key words there are “other income payments”. If the income is taxable to the payee, you should send them a 1099.
There are some exceptions to the requirement.
Trade or business reporting only. Report on Form 1099-MISC only when payments are made in the course of your trade or business. Personal payments are not reportable. This does not mean you can skip this just because you didn’t make any money, or do business in your own name. If you intend to make a profit, you need to send them out.
Generally payments made to a Corporation are not reportable. Keep in mind the IRS instructions specifically say a Corporation, not an LLC or other business entity. Also you must report amounts paid to an attorney even if they are incorporated – I guess the IRS doesn’t trust attorneys either!
Payments for merchandise, telegrams, telephone, freight, storage, and similar items are not reportable. So if you buy plumbing supplies from the local hardware store you do not need to report that.
Extended Due Date for 1099 Forms
The due date for 1099 forms is Jan. 31st 2010, however since Jan 31, is a Sunday you have an extra day this year. Form 1099s are due to the recipient by Feb. 1, 2010. Reporting to the IRS is due by Feb. 28, 2010. However the due date for reporting to attorneys (box 14 10099-misc) or “Proceeds from real estate transactions” form 1099-s is Feb 16.
I found this video from the Secret on a blog I read, I’m Just Sharing. It’s not about real estate but Mitch the author does have articles about business and marketing. The video was so inspiring to me I had to share it here.
I am working on a vision for my life and honestly I am a little stuck. I found some of the phrases in the video really hit home and I quickly added them to my vision. One that really says what I want my life to be is “I live with Passion and Purpose. ”
Let me know what you think, leave a comment. If you really like it tweet it, stumble it or otherwise spread the word.
Many years ago I made a commitment to myself to donate more money to charity than the previous year. While it is still a modest amount of money I have kept that commitment every year and I will do it again this year.
One charity I have donated to consistently to is So Others May Eat (SOME). I like SOME because their mission is not simply to feed people, it is to help them grow.
We help break the cycle of homelessness by offering services, such as affordable housing, job training, addiction treatment, and counseling, to the poor, the elderly and individuals with mental illness. – From SOME’s mission statement
You know the saying, “teach a person to fish and they eat for a lifetime.” I am against handing people fish, teach them to fish and that is something I can really support.
Help Me Pick a Charity
This year I have decided to add a new charity to my list. You, my readers, get to help me decide. Let me know about your favorite charity. Tell me how it is both for a good cause and how they are effective at serving that cause.
So here are the rules. Simply leave a comment with the reason you think I should donate to your favorite charity. The charity that receives the most compelling reason as to why they are the best will get a donation this year.
Scroll down to leave a comment. If you don’t see the comment box click here and scroll down.
PS: Help a charity out and Tweet, Stumble, DIGG, or otherwise promote this post.
It is a sad day. Jim Rohn, one of the foremost motivational speakers died today Dec 5, 2009. Almost every well know speaker in the success field today will admit to being influenced by Jim. One of todays best know speakers, Tony Robbins, reportedly got his start in the motivational field working for Mr. Rohn.
Jim Rohn Quotes
Here are a couple of my favorite quotes from him. Jim, was a big proponent of reading for personal growth.
“Poor people have big screen TVs. Rich people have big libraries.”
“Don’t just read the easy stuff. You may be entertained by it, but you will never grow from it.”
If you are not familiar with him I suggest you get some of his materials and learn for yourself why he was so influential in the self development field. Here is a tribute from the Jim Rohn Website.
I really like a good quote. If a quote makes the point in a clear, clever, and convincing way and also aligns with my own philosophy, well that really makes my heart sing. I’ll be sharing some of my favorite quotes with you. It won’t be daily, it won’t even be on a regular schedule but it will be the best quotes that really say something important. Today’s quote:
“Opportunities multiply as they are seized!” – Sun Tzu
I have certainly found this to be true in my investing. It is about taking action. The more I am out and about taking action the more opportunities I run into.
Happy investing,
Ned
PS: Thanks to Rubeina for her retweet of a Tony Robbins post.
One book I recommend in the wealth building category is the popular Rich Dad, Poor Dad by Robert Kiyosaki. In his book he talks about the Cash Flow game. The game is a blast and you will feel like a tycoon as you build your financial portfolio.
It is designed as a financial teaching tool. It will help you learn to evaluate and maximize your investments. It will also guide you as to what is important and what will trip you up on your path to wealth. The goal of the game is about getting out of the “rat race” and building enough wealth to live off your investments.
Play the Cash Flow Game
A group will be playing the Cash Flow game at the Lemon Grass Thai restaurant in Crofton MD, near the intersection of Rt 3 and Rt. 450. We will meet at 6:00 and start with dinner and networking. Remember to bring business cards. The cost is free but the restaurant will expect us to consume food and drink for providing the space. RSVP here
Reposing at his residence today, Tuesday, from 4pm to 8pm. Requiem Mass tomorrow, Wednesday, at 2.30pm in Mitchelstown Parish Church.
Fortunately as Mark Twain once said “The reports of my death are greatly exaggerated.” I am certainly alive and well.
I had earlier set up a Google alert so that whenever Google finds my name on the internet it sends me an e-mail. Imagine my surprise to open the e-mail and see my own death notice. I’ve never been dead before and I didn’t quite know how to react. I clicked through to the link above to find out it was Ned Carey from Cork Ireland. I felt better immediately. I guess my enemies will have to stop rejoicing, hopefully for a very very long time.
Google Alerts
I do recommend people set up a Google alert for their name. It’s fun to see what people are writing about you, and you might be surprised what you find out about yourself. It is a free service. You can get it here. Google Alerts
You can use it not only to track your own name but your business or a competing business, friends, enemies, political figures or your favorite sports team.
Have fun,
Ned
PS: While you are here why don’t you check out some other posts. If you are not into real estate, check out the humor topic in the sidebar.
Effective today Oct 1, 2009 speed cameras are allowed statewide in MD near schools and highway work zones. Fines will be $40 for those that exceed the limit by over 12 MPH.
Baltimore City will start using them right away. According to the Exhibit A website, the city has already installed a camera at the intersection of Walther and Glenmore avenues. The city plans to have five mobile cameras in use next spring.
So be careful when driving in the city or you could be getting a ticket in the mail. Be Careful who you loan your car to. Their lead foot could get you an unpleasant surprise when you look in your mailbox.
The name of the book is a play on words. We’ve all heard of a “Go Getter”, a person who aggressively goes out to get what he or she wants. Being a “Go Getter” is considered a positive trait. The point of the book however is that giving or being a “Go Giver” is a better way to get more out of life.
The book is written in the style of a parable, similar to Who Moved My Cheese?, The One Minute Manager, or Fish!. In this story a man meets a mentor who introduces him to other people who each teach him one lesson. There are five lessons. I won’t give them away but you can already figure from the name that point is you get more from giving and sharing than from putting your own interest first.
This was a fun read. How fast I get through a book is an key indicator to me how good the book is. If it is interesting and chock full of good information, then I am anxious to get back to it and read more. I finished this in two days which must be a record for me. I recommend this book.
Who should read this book?
There will be three types of people who read the book. The first type will love it because it reinforces what they already believe. That is where I fall. I know these principals to be true from my own experiences. The book is a reminder to use these concepts regularly. It is easy to get out of the habit of what we already know we should do. This book is an enjoyable reminder.
The second type is someone who is open minded but hasn’t yet learned or doesn’t yet fully understand these lessons. If this is you, you have the most to gain from reading this book. You will relate to the hero of the story as he learns and applies these lessons
The third type of person is the cynic who simply won’t believe this works. That’s OK, you don’t have to believe in it, for these truths to work in your life. Sadly most cynics wont apply the lessons and they will never learn that it really does work. But if you are a hard core cynic, I challenge you to read this and apply it’s lessons.
I am currently assisting to teach a year long class on Apartment investing. A number of people have asked me if they can join. Unfortuneately, the class is too far along to join at this point. The good news is because of the demand a second class is forming in Northern Virginia.
Introducing REACH – Real Estate Apprenticeship in Commercial Housing
Would you like to learn how to invest in apartment buildings? Better yet would you actually like to DO IT?REACH is a year long class that is a great opportunity to learn more than just theory, it is a chance to actually do a deal! Class members will break up into groups of five. Each group will have a goal to purchase an apartment building during the course of the class.
You see most real estate instruction is about giving you information and hoping you will then go out and do deals. Sadly, after the excitement of a class is over, most people don’t take action. In fact many are not geared to help you learn, but to entice you into ever more expensive classes and coaching programs. This class is different. It is about helping you get real results.
Why you will succeed with this class.
There is a focus on attitude and overcoming fears
You will work with a team to motivate you and hold you accountable
Workload will be divided up among team members
You will focus on your strengths and your areas of interest, while other team members handle areas of their own strengths.
Your weak areas are covered by your teammates strengths
You will be taught by an experienced team of instructors, who are doing this business in today’s market.
The skills you will learn and the tasks you will do
Create an LLC
Write a business plan
Learn marketing and how to have a constant flow of deals coming to you
Learn to evaluate deals
Create letters of intent
Go to contract and do due diligence
Learn how to raise the money
Create syndications and learn SEC regulations
Learn how to manage the properties and maximize their profit potential.
How do I get involved
The year long class is limited to 25 People and the cost is $2950.00. More importantly than the money, you must be committed to making the effort. If you want to get involved contact us and we will send out an application.
by Robert Kiyosaki. In his book he talks about the Cash Flow game. The game is a blast and you will feel like a tycoon as you build your financial portfolio.
, 
, or 
. In this story a man meets a mentor who introduces him to other people who each teach him one lesson. There are five lessons. I won’t give them away but you can already figure from the name that point is you get more from giving and sharing than from putting your own interest first.
