Basic Info For This Newbie
Hello to expert tax lien purchasers. I'm a landlord now, and am enjoying REI. I'd like a new angle though. Could someone give me the quick rundown on how this tax lien stuff works?
I'm in Idaho - any info specific to Idaho would be especially helpful.
Thanks
Governments get their income from taxes. When people don't pay them, they have to be able to get their money.
They sell a tax lien to an investor. The tax lien is for the initial amt. and it accrues interest at a decent rate (hopefully).
One of two things happen: 1) they pay the investor off in full with interest (or the mortgage holder will do so) or 2) the investor gets the home free and clear.
This can only be done in "tax lien states" (as apposed to tax deed states). I don't remember which Idaho is (Deed I think).
Rules, regulations, and laws vary from state to state. Some states are great to invest in, others are mediocre.
There's your readers digest version of tax liens.
Thanks
ldfouch--(ID)-------------
Idaho is not a tax lien state. All counties sell the properties with delinquent taxes at tax deed auctions.
You might put "idaho" into the search function for this forum. It has been mentioned in previous posts.
Good Investing*********Ron Starr************