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Hey guys welcome to another video from Corey and Josh with tax lien certificate school we're super pumped today to be coming at you on your television screen slash video screen, and we're today we're going to talk about Florida tax liens and going to try not to waste any of your time we like to ramble sometimes it already went right into if it's do a Joshua starting yeah so when we did the QA call the other day we had tons of questions about Florida and everybody seems to want to know where can I buy over-the-counter tax liens or tax deeds let's talk about Florida is a tax lien and tax deed state, so you're actually going to be getting the best of both worlds you'll find high interest rates which is eighteen percent, and you can also acquire property at auctions for potential fractions of the cost so tax liens in Florida the certificate sale they're actually held in June or just before June in each year but in some cases you may be required to preregister in May, so it's always good to call just to make sure to check online, and we're going to show you some websites where you can check online for that, so the interest race starts at 18 percent in Florida but what happens at the auctions of the tax lien auctions is the bidders will bid down the interest rate from eighteen percent, and you can bid in increments like for instance eighteen seventeen and three-quarters seventeen and a half seventeen and what happens is it'll get bid down to whatever the lowest interest rate that someone wants to bid is and if it gets bid down to let's say three-quarters of a percent there's a minimum penalty of five percent so even if it gets bid down all the way it'll minimum lee jump up to five percent unless someone bid 0%, and then they get it for zero and then there's no penalty, and then you just have a tax lien for zero percent which is kind of ridiculous in my mind but anyway most of the time what it is it's a time so many students you guys want to know how interest is calculated so let's look at some real numbers here so for example let's say you get a tax certificate for eighteen percent like an over-the-counter wicked deal right so let's divide that by twelve months you know there are 12 months in a year, so that's 1.5 percent per month so let's say the homeowner redeems, and they pay the taxes in 3 months, so that's going to be 3 times 1.5 percent, so that's 4.5% interest but remember you're always going to get a minimum of 5% if it's not zero, so you'll be getting 5% instead of 4.5 and that is the insured minimum it isn't that is that true if they were deemed in one month like if it retains the next day yeah 5% unless the zero less if it's zero cool great sweet now if the tax lien certificate is not redeemed within two years then this is where it gets tricky an application for a tax deed needs to be filed and then the property goes to a tax deed sale where it will be sold to the highest bidder, so this is where things get kind of tricky because people...
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