Who Knows About Tax Leins In Chicago?!?

I am aggressively saving money to begin a REI career. I think the small amount of capital I do have could be put to work in a tax lein situation. I live in chicago and am wondering if anyone knows how to find out about tax lein opportunities in this area. Thnx for all your help!

Comments(2)

  • pejames28th January, 2004

    You need to do the research on the state statutes and then on the county procedures for the processing of tax liens. You can find the information at the Law library. Start the search in the tax assessors office and ask where you can get this info. They should be able to help. I would also recommend looking at other counties in the area, as I have also heard the competition is fierce in Cook County. Unless you have unlimited funds available, or you just wait until the big dogs get done feeding and pick up the leftovers. Good luck

  • mrmark15th October, 2004

    Hi,
    In cook county the bidding at the sale is not cheap even for "marginial" props.
    More people are concentrating on vacant
    lots in the city, especially cause of the new zoning in effect in Nov. this year. For a Marginal prop. expect to expend at least 10K, to buy lien + legal + city costs for each www.prop.There are a few "Sellers"
    who remarket what's bought up at sale, BE VERY CAREFUL OF THESE! There
    are serveral parties who go in and buy
    serveral thousand liens- nothing much
    left .Then pick the best for themselves
    and resale the rest. To get started:
    (in cook county) buy the listing of whats offered=$250. then post the $1,000 to
    allow you to bid. Learn the area u have interest in or it's a waste of time and money. Know & understand the city PIN code- to save time and zero in on the
    areas of interest and effort. There's profit
    if u have time & focus your efforts!
    Good Hunting at the next sale!
    Mark


    8-)

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