Louisiana Proposed Constitutional Amendment
In Louisiana, a constitutional amendment is on the ballot for Nov 2 that would change the way tax sales are conducted. The ballot reads in part: "To provide relative to the bidding process for ad valorem property tax sales by authorizing a bidder at a tax sale to bid down the existing five percent penalty in increments of one-tenth of one percent; to require the payment of penalties by a bidder at ad valorem property tax sales;" My question is, what penalties to be payed by a bidder are they talking about? Anybody know more background about this?
Good thought process, but most big investors hire folks to attend sale and have staff to watch the details. Smaller ones like myself, buy using family and friends, then keep track of the details themselves.
Use business and family names for registration and either have a friend bid to learn or have family sit in seat. Buy everyone lunch and pay a token amount to the friends for helping both of us out. Win-win, they learn entire process and get paid too... Usually lasts two days, so have to get folks with flexible schedules. Some counties last 1-2 weeks...
As with all business relationships get it all in writting.
Just curious, what returns are expected on this vehicle? Next how is the competition?
Mike
Return first two years were 11%, third year at about 25% so far, and fourth year purchase at 7.5% so far... Expecting around 30% with a few properties included for both...
Competition is worth it for me, have seen some frustrated folks walk away...