TN,
your info means that you will get 10% interest for every year you hold the lien. That 10%/12months for per month %. The 1 year is the time of redemption. That means the owner of the prop has 1 year to pay you the amount you paid plus the interest for how ever long you hold the lien. If they dont pay with in 1 yr you can "foreclose the Right of Redemption". This is when you NEED AN ATTORNEY and you get the house. The 95 is the amount of counties in your state that have tax lien auctions. Hope this helps and happy profits!!!
Thanks for the info. You said 95 of TN's counties have tax lien sales. That is good because TN only has 95 counties
Why did you say you need a lawyer? What kind of lawyer should you be looking for(some lawyers adverise their specialties. 10% return is mch better then that of any bank CD around here. I wonder why everyone isn't doing this kind of investing. Probably not very well known since I've never heard about it around here, only found out about it from reading this site.
For the people investing in Tax Liens how much did you start investing with and what is the smallest and highest amounts of money you have bought liens with? thanks in advance.
TN,
No prob on the advice. I say lawyer b/c the foreclosure process is a tricky one and if you dont follow the law to the T, the whole thing can fall out from under you and you will have lost your investment or you might have to start all over again(pay more fees). So i suggest to get a RE attny that has done foreclosures or study the law your self and make sure you follow the steps closely. More often than not the owner redeems and foreclosure's a non issue. but 10% a tr is definatley not a bad deal. Go to www.taxliens.org and read the roman numerals. very helpful!!
007
Quote:
On 2003-06-14 16:31, TNMoneyman wrote:
007,
For the people investing in Tax Liens how much did you start investing with and what is the smallest and highest amounts of money you have bought liens with? thanks in advance.
Hello TNMoneyman,
I started with whatever I could get my hands on. Just over $1K.
Smallest amount? I tried to get thread started with this subject on a yahoo group. More on strange deals than amount.
The smallest amount I have spent was $9. That included $8 for a deed. I bought a vacant lot, W20' of one actually. Who'd have thought there would be a building there? Sold it for $200 to the guy next door.
Not my highest profit but it was fun anyway.
I'd rather not say where it was. I will go back in the future. I will say that I have found deals that in every state I've looked in. Maybe not for a dollar but good deals.
This website says that TN is a tax Lien state but i got this email yesterday:
They said, "Sorry, we do not have anything on Tennessee. It is a redeem-deed state."
I said, "this site says different, are they wrong?"
They said, "Yes, they are. In Tennessee you buy the deed and if you are redeemed you earn
10% simple interest. Many companies out there are getting things mixed up.
However, we go by the state statutes and codes and these regulate tax lien sales,
tax deed sales, etc.
Tax Lien Support Division
Seventh Financial Group"
Yep sure is!
http://www.taxlienuniversity.com/tlu_statestlc.htm
My state info is here, is this good or bad, i don't really know how to interpret this.
Tennessee Tax Lien 10% 1 year 95
TN,
your info means that you will get 10% interest for every year you hold the lien. That 10%/12months for per month %. The 1 year is the time of redemption. That means the owner of the prop has 1 year to pay you the amount you paid plus the interest for how ever long you hold the lien. If they dont pay with in 1 yr you can "foreclose the Right of Redemption". This is when you NEED AN ATTORNEY and you get the house. The 95 is the amount of counties in your state that have tax lien auctions. Hope this helps and happy profits!!!
007,
Thanks for the info. You said 95 of TN's counties have tax lien sales. That is good because TN only has 95 counties
Why did you say you need a lawyer? What kind of lawyer should you be looking for(some lawyers adverise their specialties. 10% return is mch better then that of any bank CD around here. I wonder why everyone isn't doing this kind of investing. Probably not very well known since I've never heard about it around here, only found out about it from reading this site.
For the people investing in Tax Liens how much did you start investing with and what is the smallest and highest amounts of money you have bought liens with? thanks in advance.
TN,
No prob on the advice. I say lawyer b/c the foreclosure process is a tricky one and if you dont follow the law to the T, the whole thing can fall out from under you and you will have lost your investment or you might have to start all over again(pay more fees). So i suggest to get a RE attny that has done foreclosures or study the law your self and make sure you follow the steps closely. More often than not the owner redeems and foreclosure's a non issue. but 10% a tr is definatley not a bad deal. Go to www.taxliens.org and read the roman numerals. very helpful!!
007
Quote:
On 2003-06-14 16:31, TNMoneyman wrote:
007,
For the people investing in Tax Liens how much did you start investing with and what is the smallest and highest amounts of money you have bought liens with? thanks in advance.
Hello TNMoneyman,
I started with whatever I could get my hands on. Just over $1K.
Smallest amount? I tried to get thread started with this subject on a yahoo group. More on strange deals than amount.
The smallest amount I have spent was $9. That included $8 for a deed. I bought a vacant lot, W20' of one actually. Who'd have thought there would be a building there? Sold it for $200 to the guy next door.
Not my highest profit but it was fun anyway.
I'd rather not say where it was. I will go back in the future. I will say that I have found deals that in every state I've looked in. Maybe not for a dollar but good deals.
Good luck,
Steve
http://www.taxlienuniversity.com/tlu_statestlc.htm
This website says that TN is a tax Lien state but i got this email yesterday:
They said, "Sorry, we do not have anything on Tennessee. It is a redeem-deed state."
I said, "this site says different, are they wrong?"
They said, "Yes, they are. In Tennessee you buy the deed and if you are redeemed you earn
10% simple interest. Many companies out there are getting things mixed up.
However, we go by the state statutes and codes and these regulate tax lien sales,
tax deed sales, etc.
Tax Lien Support Division
Seventh Financial Group"
What gives guys?