"Best" State For Tax Lien Purchases?
Any opinions out there as to what states are the "best/steady profits" for the individual tax lien investor? I understand that the big institutional investors present challenges to the individual investor in many areas in that they find 8% returns acceptable etc. I currently reside in Chicago, so commute and/or long distance access to auctions plays a role. Thanks
I'm not sure of the Best State, but Texas is good and Florida is good and Maryland is good. Illinois is also pretty good! I would look no further than my back yard to start with. Once you learn a bit about it, then you can pread to unknown waters. I have known people who travel in Motor Homes and buy tax deeds and liens all over the place. They actually have a plan they follow and they vacation in the places they buy in!
Good luck
In addition to the above, I was recently pointed into the direction of Iowa.
It seems they have a 25%(?) interest rate, and a very short redemption period.
Does anybody have any experience there they'd like to share?
Thanks in advance.
[addsig]
This isn't experience, but from my research, I have found that Iowa can be done by mail and the internet!
pejames:
Do you know of any web site where I can take a look? ( Could use Google but when we are here...) I also wanted to ask if someone know what is Iowa exact redemption time?
I live in Iowa and it seems they will only sell the certs once per year in June. I missed this past June as I was off in la la land with another property and spaced it out.
I am planning to attend for educational purposes this year but doubt I will invest as the 24% return is unlikely and even so I like to make a much better return than that. Right now I am looking for more active investments.
where does North Carolina rank with tax leins? does any one know
In Maryland you can bid online and don't even have to come here.
In Pennsylvania, if you buy a tax lien, you get title to the property at the time of purchase. There is no redemption period.
Passing Thru,
Here's the info I was given on Penn; I must add that I have this from a 3rd party and that I don't have 1st hand experience myself.
They only do Tax Deed Sales; no tax Lien sales. It takes 2 years of delinquency for the property to to auction.
There seem to be 3 moments when you can purchase a property.
The first auction gives you title, but does not wipe out liens other then the delinquent property taxes. Properties that are not sold there, end up in a second auction, where all liens are wiped out. If the property is not sold there either, it ends up on a List(?) where in theory anyone can make an offer anytime.
To each his own I guess, but it seems to be a cumbersome procedure for an outsider.
Can someone shed some light on this?
I kinda like this thread...
PassingThru--------
Are you sure about the information you are giving out on Pennsylvania? David Krulac has stated that he has to go before a judge to get final ownership of the properties he buys at the tax sales. And the judges often refuse to give a deed if the former owners protest.
Good Investing********Ron Starr**********
MTR----------------
Everybody thinks like you do. "Where can I get the highest returbn?" Thus many people flock to IA for the annual sales. There seem to be virtually no certificates available after the auctions. And the certificates get bid down dramatically, so I have been told, at least in Polk County, which has the highest population in the state.
What you will find is that many people now attend these sales and that means there are very few bargains to be had. What you want to do is telephone around to the different counties in which ever states you are interested and ask the tax collectors or treasurer starr about recent tax sales and lien sales. Find out what has been happening in the individual counties. Then only concentrate on the ones where there is lesser competition.
Good Investing********Ron Starr************
[ Edited by katrina on Date 01/15/2004 ]