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Real Estate Articles By Darius M. Barazandeh
Tax Sales, Tax Certificates, Tax Deeds:Due Diligence Matters!
Tax Foreclosure Sales in Texas
Why the Stock Market Is Not Necessarily the Answer
Why the Stock Market Is Not Necessarily the Answer: The Answer Is…
By Darius M. Barazandeh, Attorney at Law / M.B.A.
Like millions of others you are probably wondering where you can attain the greatest and safest return for your money in the shortest period of time. Finding the right investment vehicle can be very difficult to say the least. The stock market can give you stable long term appreciation potential if you diversify and hold for a number years. Sadly, however one downturn in the market and years of gains can be wiped out overnight. Unfortunately, most Americans will stop looking for other ways to higher yields. They will leave their money in the stock market and must continually hope that when they are able to retire the market will stay strong and not suffer a downturn. In addition, when they are enjoying their retirement many will have the added burden of having to constantly watch the market to make sure their nest egg stays intact.
In my work as a financial consultant and in my formal study of Finance I formed the opinion that that the greatest obstacle to attaining wealth through the stock market is the efficient market hypothesis (EMH). This controversial theory is usually only discussed in academic circles but it affects each of us everyday. EMH states that it is impossible to beat the market because prices already incorporate and reflect all relevant information. Proponents of this theory state that it is pointless to search for undervalued stocks or try to predict trends in the market because the market (i.e., buyers) has already taken into account risk and growth factors, economic trends, and future income when stocks are traded. While I don’t completely agree with the theory it does present one of the unseen hurdles, when trying increase the value of a stock portfolio.
The end result is that there are millions and millions of investors with the incorrect notion that they can beat the market thereby finding a way to financial freedom. This is a very difficult task especially in the short term. What if there was a way to earn a guaranteed 10% to 50% per year on your investment? What if there was a way to purchase a high yield investment instrument which helped the community and put your dollars to good use? What if the investment vehicle was created and backed by state law and was designed to protect the investor? What if the investment vehicle allowed you to sleep easy at night because at worst you would get clear title to the valuable real estate acting as the security for your investment?
There Is Another Way: Tax Lien Certificates
There is a way to earn a guaranteed return on your investment which if consistently repeated over time would greatly improve your wealth position. The answer is investing in tax lien certificates. Tax lien certificates are a way for local government to collect the unpaid revenue from back taxes. The rates of return from tax lien certificates can range from 8% to as high as 50% within the second year.
Here’s how it works: local governments all across the United States are forced to sell the property tax liens created by property owners who do not pay their property taxes. The property tax lien will remain attached to the property and will not be removed unless the back taxes are paid. In many states even bankruptcy will not remove a property tax lien.
Even though local governments will hold a lien against the property the lien does not equal spendable revenue for the government entity unless it is sold. Remember local governments use property taxes to pay for many needed government services and running day-to-day operations (such as maintaining roadways, educating our children, providing law enforcement, etc.).
In order to get the revenue needed to fund many of these services local governments can generally do two things: 1) increase taxes, or 2) sell tax liens to private investors while issuing certificates for the lien amount. Since most politicians know that raising taxes can be very harmful for re-election efforts their first choice is typically to sell off the tax liens through tax certificates.
When the tax lien is paid off you are guaranteed the rate of interest on the certificate. Like a certificate of deposit or CD this amount is your agreed rate of interest. This rate of interest can range from as low as 8% to as high as 50% for redemptions occurring in the second year. Remember that your certificate is backed by the real estate behind it, so in the event that the lien is not paid off the real estate is yours! If you invest correctly there is no downside; you either make the agreed upon interest rate or you take over the real estate for a mere fraction of its market value.
What Effect Can Proper Investment in Tax Certificates Have?
Quite simply the effects are astounding. For example, let’s take a hypothetical investor, Investor A. Investor A places $3,000 in a retirement plan at age 30 with an average rate of return of 7% per year for the next 20 years. This investor’s money would double about once every 10 years. At the end of the investment term and at age 50 the investment would equal almost $12,000.
Now let’s take Investor B, who uses simply uses a strategy of investing in tax lien certificates with an average annual return of 20%. At age 30 Investor B starts with $3,000. Investor’s B’s money would double about once every 3.5 years. As a result by age 50 the initial $3,000 would have grown to over $115,000. If that investment was continued for just another 10 years that initial $3,000 would now have grown to well over $700,000! From such a small investment you can be on your way to becoming a millionaire. One scenario that is missing from this hypothetical is the effect to your return on investment if the property backing the certificate becomes yours. A single tax lien certificate could yield you a profit of $20,000, $40,000, or more if you sell the property backing the lien. This would exponentially increase your return!
Proper Information is the First Step!
As you can see investing in tax lien certificates allows you to safely use the laws of compounding to increase your investment. A well thought out and researched strategy will allow you to safely bypass the ‘yo-yo’ effect of the stock market because each certificate has an incorporated safety net. The safety net is quite simply the real estate which backs the certificate. Best of all the real estate usually equals a much greater return than the face value of the certificate itself. Do companies on the New York Stock Exchange provide a safety net like local governments provide? No they do not.
Remember there are many states which offer tax lien certificates and each state has different rules and regulations. I always recommend learning as much as you can from people who have proper experience and training. A lot of people ask me if investing in tax foreclosures is risky. The truth is that doing anything when you don’t have proper knowledge and training is risky. Seek out the experts who are willing to help you. Always continue to learn and don’t give in to negative people around you.
Keep in mind that everything you want in life takes up space. Many people fail to realize that when we want new things we have to get rid of the old things in order to make room for the new. Old thoughts, old ideas, unjustified fears all must make room for the new possibilities and limitless potential that each day has in store for us. Keep a positive attitude and learn from the experts and you will be on your way to fulfilling your dreams.
I want to wish you the best of luck in your endeavors and e-mail me if you ever need help!
Darius M. Barazandeh is a licensed attorney in the state of Texas (Bar Card Number ID 24038756) In addition to his legal knowledge he has a Masters Degree (M.B.A.) in Business Finance and brings experience from numerous fields including real estate construction, corporate finance, and business consulting. His legal knowledge combined with his diverse business background helps him understand the practical realities of real estate investment, as well as the legal and financial issues of running a small business. Darius currently serves as President of DMB Real Estate Enterprises, Inc. He is an author/lecturer and frequently appears on numerous real estate and entrepreneurship periodicals and websites. Contact Darius at taxenterprises@yahoo.com.
Tax Foreclosure Sales in Texas
By Darius M. Barazandeh, J.D., M.B.A.
The 2003 Regular Session of the 78th Texas Legislature passed some changes to tax law as it relates to tax foreclosure sales. These changes were constitutional amendments and can now be found in the Texas Constitution. The majority of these changes will have little effect on your investment strategy and your success. This is especially true if you follow the techniques provided in my course, Texas Houses for Pennies.
In order to be sure you understand these changes I will detail them in the pages that follow. Keep in mind that many of these changes were designed eliminate any confusion, injustice or inefficiency in the process of administering the sale of tax foreclosed lands in Texas. In each scenario, I will duplicate the exact text of the House Bill and then explain its significance. The changes are discussed below:
House Bill 335
Effective September 1st 2003
A person may not bid on real property at a post-judgment execution sale or tax foreclosure sale without presenting to the sheriff a certificate from the tax office verifying that the person does not owe any delinquent taxes in that county.
A person may not bid at such sales on behalf of another person. Sales conducted in violation of these provisions are void.
House Bill 335 was passed by Texas voters and became effective on September 1st 2003. The primary reason for this amendment was to ensure that bidders at tax foreclosure sale were not delinquent taxpayers themselves in the county where the sale is being held. This makes a great deal of sense when viewed from the vantage point of the county. Obviously, the county has a vested interest in placing the tax foreclosed parcel back on the active tax role. If the purchaser at tax sale also presents a risk of non-payment then the cycle of delinquency will repeat itself. You should comply with the amendment and obtain a certificate from the tax assessor located in the county where the sale will occur. This certificate will indicate that you are not currently delinquent on your property taxes. It is not a complex procedure but it nevertheless must be completed before the auction.
You may be wondering exactly how much time must allow for the completion of this form. I can tell you from experience that it is really no big deal and should be completed at least 5 days before the auction date (if you are buying at a regular sale) or your anticipated date of purchase (if you are buying tax deeds held by the county). The form will require you to list all properties that you own which lie in that county. A clerk at the tax office will verify that you do not owe delinquent property taxes, school taxes or city taxes on property you own in the county where the sale shall occur. The fee is $10, and the qualified bidder shall receive three copies of the statement. This statement is good for 90 days from the date of issuance and must be presented at the tax sale auction. If you have any questions about obtaining the certificate please call me personally at: 713-961-1134.
The second provision of this House Bill is also relevant to the investor. The new rule states that one cannot bid via proxy (i.e., on behalf of another). The practical significance of this amendment is that the sheriff can only make the deed out to the party who is bidding at the sale. Therefore if ‘John Smith’ is the bidder then the sheriff’s deed must be made out to the order of ‘John Smith’. It is likely that this was done to reduce the risk of a delinquent taxpayer purchasing tax defaulted property since the presence of ‘proxy’ bidders (those bidding on behalf on another) can create some confusion and difficulty when trying to verify who the final owner of the parcel will be.
Once question that I am repeatedly presented with is the effect of this amendment on those who are bidding on behalf of their own company. For example:
Example 1: Albert is the President of his own corporation, ABC Corp. Albert attends a tax sale in Texas and is not sure if he can bid on a parcel. Albert’s name will not be on the sheriff’s deed but the name of his company, ABC Corp. will be on the deed.
Can Albert still bid on behalf of his company?
Yes, Albert can bid on behalf of his company since he is an agent of his company in his role as President. In addition, his company, ABC Corp. is also not ‘another person’ according the language of the Bill. In summary remember that the law does not apply to corporations, partnerships, limited liability companies, charities, or agencies. These entities can have another bid on their behalf. If you have followed my suggestions then you should already have a business entity which is used to purchase your tax deeds. As a result the net effect of this rule is zero. What if you don’t have a company formed yet? In that case you can still bid and buy tax deeds but you must be present at the auction and you must do the bidding yourself.
An Additional Suggestion
Another area to consider is whether or not Albert should obtain two certificates of non-delinquency from the county: one for himself and once for his company, ABC Corp. Although this appears to take the scope of the Bill a bit far I recommend that you perform this step. Since this is a new law one cannot be sure how it will be interpreted by those who administer the process (i.e., the sheriff, the constable, the recorder’s office, etc.). I think you should obtain a certificate which indicates that you and your business entity are not delinquent regarding any property taxes in the county where the auction is held. Regardless of whether or not your entity owns any property in that county you should take this additional step.
Redemption Period for Mineral Interests
House Bill 1125
Effective September 1st 2003
The tax foreclosure redemption period on mineral interests is extended from six months to two years
House Bill 1125 was passed by Texas voters and became effective on September 1st 2003 . This amendment seems like it would be quite significant for tax sale investors since it effectively creates another redemption time period for properties with a ‘severed’ mineral interest (don’t worry I will explain what I mean by ‘severed’). In reality it does not really have much impact for most investors.
In order to understand this Amendment we must first acquire an accurate picture of the ‘dual estates’ system which is effect in Texas. In Texas, each parcel of property located in the state is really made up of two estates which can each be owned by separate individuals or entities. More specifically there is a ‘surface estate’ and a ‘mineral estate’. The surface estate is the land that you see when you examine a property and it generally begins at the surface and proceeds upward to the sky. On the other hand the mineral estate begins below the surface and extends (at least in theory) to the core of the earth. These two estates, the surface estate and the mineral estate, are considered one unless they have been separated or severed by a conveyance or grant to another party. That is to say that unless these estates have been split, the general rule is that if you purchase the surface you also obtain all rights to minerals lying under the surface as well.
However if the mineral interest has been granted or conveyed to another through a mineral deed, for example, then the estates are considered severed. If the estates are severed and the surface estate is sold at a tax sale then the mineral interest owner will have 2 years to redeem their interest regardless of what the redemption time period is for the surface estate. Let’s look at an example:
Example 1: John purchases a tax sale property located in a rural area in Texas. The property has no homestead exemption filed on behalf of the owner, however the mineral interest was sold to ABC Minerals, Inc. John’s tax sale property will actually have two redemption periods under the new amendment. The ‘surface estate’ will have a redemption time period of 6 months (since no homestead or agricultural use exemption was filed). The ‘mineral estate’ held by ABC Minerals will have a 2 year redemption period
As you can see this amendment has created an extended period for the owner of the mineral interest to redeem the parcel. Confused? Well don’t worry this really will not impact most of you who follow my recommendations. In my course, Texas Houses for Pennies, I make sure that you eliminate risk from the equation. I have always advocated focusing on residential properties located in subdivisions. Unless you are focusing on ranch land or large undeveloped parcels of land it is doubtful that this will affect your strategy at all since city restrictions prevent exploitation and use of subsurface minerals.
If you are in a predominantly rural area and the parcel has a structure that is located at the far end of town and it appears questionable, then you may wish to perform a quick search of the title index. You should simply access the grantor/grantee index (as discussed in Lien Research Guide found in Texas Houses for Pennies.). While you are looking at the records check for any sales of the mineral estate. The conveyance will be fairly easy to find if it exists and will show up on the records index as a regular deed, however the deed instrument itself will say that it is ‘a conveyance of the mineral estate’ or that it is a ‘Mineral Deed’.
In summary these changes really have little effect on tax sale opportunities in Texas. The opportunities are still very plentiful, especially in smaller to mid-size counties. In fact, just before I started writing this article I received a call from a student in Arizona who traveled to a tax sale in Travis County, Texas. The gentleman purchased a single family home near a lake resort area for $23,000. The property was recently appraised in 2002 for $235,000. While the property needed some minor work, the investor stood to make a substantial profit on the deal. I was also contacted by another investor from San Antonio who informed me that he was making a good deal of money purchasing subdivision lots in rapidly growing subdivisions. He explained to me that he purchased 5 lots at a Texas ‘resale’ auction for under $400. These same lots were then sold to another investor for $1,600 each! This illustrates that there are still some good deals in larger counties, but imagine the opportunities in many of the smaller counties where month after month properties fail to sell for lack of bidders. Use common sense, learn how to research records and contact me with your questions!
I want to wish you the best of luck in your endeavors and e-mail me if you ever need help!
Darius M. Barazandeh is a licensed attorney in the state of Texas (Bar Card Number ID 24038756) In addition to his legal knowledge he has a Masters Degree (M.B.A.) in Business Finance and brings experience from numerous fields including real estate construction, corporate finance, and business consulting. His legal knowledge combined with his diverse business background helps him understand the practical realities of real estate investment, as well as the legal and financial issues of running a small business. Darius currently serves as President of DMB Real Estate Enterprises, Inc. He is an author/lecturer and frequently appears on numerous real estate and entrepreneurship periodicals and websites. Contact Darius at taxenterprises@yahoo.com.
Tax Sales, Tax Certificates, Tax Deeds: Due Diligence Matters!
By Darius M. Barazandeh, J.D., M.B.A.
We have all heard the ‘infomercial’ and the Internet claims regarding tax foreclosed property:
- “You will own the property FREE and CLEAR!”
- “All other liens and interests are WIPED OUT!”
- “You will hold the FIRST PRIORITY security interest!”
- “The Government Guarantees these properties!”
- “All liens, interests, and encumbrances are ERASED!”
- “You can do this part-time with nothing down!”
- “You don’t need to set up a company…just get out there and make a deal!”
While this can make great marketing material it is not in accord with the reality of tax foreclosure purchases. As an attorney, I learned in law school that every rule of law has an exception. Knowing how these exceptions work will mean the difference between success and failure as a real estate investor on the grandest of scales! I don’t make that statement lightly, rather I make it with as much of the emphasis and weight that the English language will allow. Please read it again, “Knowing how these exceptions work will mean the difference between success and failure as a real estate investor on the grandest of scales!” If you intend to be successful you must be able to separate marketing fluff from well researched and analyzed fact. If you rely on marketing materials and hype your failure is nearly certain, however if you rely on well researched information formulated into a methodology then the keys to success in any endeavor are in your hands.
What Does This Mean to Me and Why Should I Care?
What this means is that you must forget about blanket marketing statements when dealing with tax foreclosed property. For every statement that is contained in the bulletted list (at the top of the page) there is an exception and just like any business what you don’t know WILL hurt you. If you have contacted me by email or purchased one of my courses you know that I absolutely believe in covering all the positive and negative aspects of investment techniques. This does not mean focusing ONLY on the benefits or making wild claims about investment techniques. It DOES mean thoroughly covering what could go wrong and a relentless approach to risk reduction.
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. For a complete list please review my course materials.
Due Diligence Area #1:
What Liens Will Survive Foreclosure?
One area that really upsets me is when I hear a general rule of law blindly applied to every tax foreclosure situation with reckless abandon. Whenever you hear that the foreclosure of a tax lien ‘wipes out all over liens’ or that the property is now ‘free and clear of all other liens’ a general rule has been overstated. The general rule can be found in the property code of every state and the UCC (Uniform Commercial Code) which covers commercial transactions. The general rule can be stated as: The foreclosure of the superior lien will eliminate the rights of any junior interests in the realty or personal property. This general legal rule stands for the proposition that: that when a superior lien (one that was recorded or ‘perfected’ before all others) is foreclosed (i.e., through the state’s legal foreclosure guidelines) any junior interests will lose their interest in the property. Remember that there are exceptions to this general rule.
Let me give you an idea of some of these exceptions:
- Federal Tax Liens – Since most liens on a property will likely be liens from the state or a municipality within the state you must be aware of the possibility of a federal tax lien. You can ask your title company to search for this, however a good title company should spot this lien pretty quickly.
- State Income Tax Liens – Some states which have a state income tax may give priority to any liens for unpaid state income taxes. As the purchaser of the property or the holder of the lien you could still have these liens surviving as encumbrances on your property even after foreclosure.
- State Sales Tax Liens – Unpaid state sales taxes can result on a lien which attaches to the property of the delinquent taxpayer. You should contact an attorney to find out if your investment state has a sales tax lien which could survive foreclosure.
- Mechanics Liens and Materialmen’s Liens – Work performed on the property where improvements or repairs are made can result in a mechanics lien if payment is not made by the party who contracted for these services. You will find many different names for this type of lien, for example: mechanics liens, materialmen’s liens, artisans liens, workers liens, etc.
Don’t forget to learn more about your investment state as your state could include others or exclude some of these liens. Don’t be scared off by this list, BUT glad that you are now informed about this potential risk. Since you have the knowledge you need only perform adequate research to avoid the risks in this area.
Due Diligence Area #2:
Are Environmental Risks Associated with the Property?
In some instances you can run the risk of purchasing someone else’s environmental liability. Congress passed the ‘Superfund Act’ (42 U.S.C. 9601 et seq.) which made every landowner liable for previous environmental contamination on a property regardless of whether they caused the damage or not. There is some good news for lienholders since Congress has given them an exception from liability if you are a lienholder not considered an ‘owner or operator’. Court rules and interpretations have been changing regarding this issue so don’t risk it. I want to be sure my liability is limited therefore I believe in being extra cautious when dealing with commercial properties in the tax sale setting. If there is some question as to the area or type of business conducted on the parcel you should contact an environmental specialist and ask some preliminary questions about the area and property you are investigating.
If you want to steer clear of the whole issue then you should avoid commercial properties all together. The chances of environmental damage found on residential properties in zoned subdivisions is much less. I do tell my students to avoid commercial properties unless it’s a really good deal. Naturally if it is a good deal you can afford to do the extra research to make sure there are no environmental problems on the property.
Due Diligence Area #3:
What About Other Fees Not Included in the Foreclosure?
You should always get an idea of whether there are any other fees or dues not included in the foreclosure purchase price. I know this sounds odd but it can occur if an entity that is owed money was not included in the tax foreclosure lawsuit. If they did not get notice or did not decide to ‘join’ themselves in the collection lawsuit then the money simply won’t be added to the opening bid amount. The purchaser of the property would still be responsible to pay for these fee amounts.
Here is what I suggest that you do:
- Contact the tax collection entity or authority (typically the tax assessor)
- Ask them which entities they collect taxes for
- Then ask which entities are outside of their collection area
- Create a list of entities whose taxes are not collected by the assessor BUT may still be owed by delinquent taxpayer
- Call and ask the entity the amount of back taxes, dues or fees
- Add this amount to your bid analysis
Again, by following a simple step-by-step methodology you can greatly reduce you risk and boost your success rate ten fold. Make sure you go through this checklist of tasks with every property you consider purchasing.
Due Diligence Area #4:
Bankruptcy of Delinquent Property Owner
You must check to see if there is a looming bankruptcy associated with the property. I see very few tax sale products covering this issue. This is an ABSOLUTE MUST in your analysis of any property. You can access federal bankruptcy records through the federal bankruptcy court in your state. Some of these records may be online. There are generally two main possibilities that you must be wary of:
- A Bankruptcy has occurred prior to purchase – Sometimes you will find that a property is tied up in a bankruptcy administration while it is being prepared for tax sale. You should avoid properties which are on a tax sale list which have a pending bankruptcy suit.
- A Bankruptcy has occurred during the redemption period – This scenario can be problematic as well. Here the property has been sold to tax sale investor but while the redemption clock is ticking the delinquent property owner has declared bankruptcy. Now a trustee has been appointed to protect the assets of the estate. The biggest risk to the tax sale purchaser is that the trustee will attempt to argue that the tax sale purchase was a ‘fraudulent transfer’. For such an activity to occur there must at least some dealing or scheme between the debtor and the purchaser such that an attempt is made to avoid liquidation of the estate by transferring property to a 3rd party. While the tax sale purchase really should not be classified as such a transfer if the trustee raises this argument it can interfere with the tolling of redemption period, your ownership rights and the final disposition of the tax sale property or lien. Keep in mind that if the trustee wins this argument you won’t lose your initial investment, but you will lose any of the anticipated profit. It is not an easy argument for the trustee to win but just be wary of this possibility.
The best thing to do is to avoid situations where you know the property is involved or will be involved in a bankruptcy. You should check in the owner’s district of residence for any bankruptcy filings. Lastly, don’t be too frightened by this issue because doing your research will help you greatly reduce your risk of being affected by a bankrupt estate.
Due Diligence Area #5:
Doing Deals in Your Own Name
This is an area that is very critical to apply and apply correctly. If I could refuse to sell my products to someone who does not have a legal business entity from which they will make these purchases, I would do it. That means that if I find out you are buying tax sale property in your own name I will come and take my course from you! No seriously…this is a very critical issue and I just want you to understand how much it worries and keeps me up at night knowing that some of you will ignore my advice and buy tax deeds as ‘John Jones’ instead of ‘Jones Real Estate, Corp.’
Why is this such a bid deal? The reason is that when you purchase a property as an individual you are now personally liable for the anything that goes wrong with the property. This could include someone getting hurt on the property (yes, even a trespasser can sue you), environmental issues with the property, liability from ‘unknown’ liens, and a myriad of other problematic scenarios.
However, when you form an entity you generally will not be personally liable for these acts, omissions, or hidden liabilities. What will happen is that the corporation, partnership, or LLC will take the hit. Now why did I say that ‘generally’ you will not be liable? I said that because if you do not maintain the entity using the proper formalities you will lose that protection. In a landmark business law case the courts determined that to “preserve equity and prevent injustice” it could “pierce the corporate veil” and hold the shareholders or owner(s) liable for the acts and/or omissions of the corporation if proper formalities were not met.
If you go to any real estate investing seminar and they tell you, “Just do a deal or two then worry about forming your company”, please run out the door! It will only take one bad deal to make you liable thereby risking everything you own. Before you attempt a deal you should find an attorney to help you determine which form of business entity will serve you:
- Corporation – C-corp or S-corp.; or
- Limited Partnership (LP); or
- Limited Liability Limited Partnership (LLLP); or
- Limited Liability Partnership (LLP); or
- Limited Liability Company (LLC)
You should then have the entity up for you and teach you how to maintain its formal status in the eyes of the law. I have helped individuals with the matter and I can tell you that you must have an attorney who will listen to your needs and spend time educating you. The reason I think education is important is that if you don’t maintain the entity correctly its the protective shield will not exist in the eyes of the law. It will be as if you never incorporated at all. What good will the slick corporate minute book and fancy company logo be if the attorney did not teach you how to keep the entity separate from your personal dealings? Unless your attorney takes the time to teach you how to maintain your entity status it will be worthless.
I want to wish you the best of luck in your endeavors and e-mail me if you ever need help!
Darius M. Barazandeh is a licensed attorney in the state of Texas (Bar Card Number ID 24038756) In addition to his legal knowledge he has a Masters Degree (M.B.A.) in Business Finance and brings experience from numerous fields including real estate construction, corporate finance, and business consulting. His legal knowledge combined with his diverse business background helps him understand the practical realities of real estate investment, as well as the legal and financial issues of running a small business. Darius currently serves as President of DMB Real Estate Enterprises, Inc. He is an author/lecturer and frequently appears on numerous real estate and entrepreneurship periodicals and websites. Contact Darius at taxenterprises@yahoo.com.
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