OfflineMy situation is this i found four properties in my area all of which are behind in taxes for three years. 2 homes are owned by one man and the other two are owned by another man that was a coincidence. I want to pay the taxes and get a lien on all four of these homes. what are my possibilities of actually owning all 4 of these houses? What interest rate should i bid on the taxes to insure i get the tax certificate and lastly i need to know every risk i'm going to take with getting a tax lien on someones house and benefits? please help i'm on a time crunch to decide. May 3rd 2008 to be exact.
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the rules and laws depend on what state your are in. there is a great book called "the 16% solution" or something very close to that. It explains everything about tax liens. You buy the cert, and if the owner does not redeem (pay the back taxes plus your interest) you get a house for pennies onthe dollar. All other liens are wiped out. If they do redeem then you get paid the % for the amount of the cert, that is backed by the gov. The only problem is it is very win a bin for a decent %.
D - DE
Don't Wish the Past, Create the Future! - DH
i want to make sure i get the property tax certificate but i also want a good percentage rate so what percent should i bid? in my state 18% is the most you can recieve.
you will find that you get no where near 18%. What state are you in. The thing I dont like about the bidding system is that is is blind. Meaning you dont know what everyone else has bid. I would probably start at 8%. But some states like Florida will have a minimum of 5% so people bid like 1/4 %, beacuse it will default to 5%. But I think...why bother for just 5%. I can loan some hard money and get up to 15%.
Thanks,
D - DE
Don't Wish the Past, Create the Future! - DH
FLORIDA. THESE HOUSES THAT I AM BIDDING ON ARE ALL BOUGHT UNDER 30,00O AND THE MARKET VALUE OF THEM NOW ARE 273,000 TO 180,000. SO I WANT TO MAKE SURE I GET THE TAX LIEN. SO WHAT YOU ARE SAYING IS THAT I SHOULD BID 8% OR 15%? I DONT WANT TO GET 5%. I KNEW ABOUT THE QUARTER BIDDING. JUST IN CASE I DON'T GET THE HOUSE FOR PENNIES ON THE DOLLAR I WANT TO MAKE A PROFIT. THANKS FOR ALL YOUR RESPONDING I REALLY NEED THE ADVICE OF A PERSON WITH A LITTLE MORE EXPERIENCE CAUSE I AM INVESTING MY OWN CAPITAL AND I DONT WANT TO LOSE MY MONEY THATS A GIVEN. SO THANKS!!!
I bid in Pasco county online starts in may. It is blind and almost every winning bid was 1/4% last year. Which defaults to a minimum of 5%. I did not win any, so that is why I say I dont think I will bother bidding this year. The site is www.bidpasco.com
D - DE
Don't Wish the Past, Create the Future! - DH
I just went to siminar last night in Phoenix, joined and was told to go to a Tax Lien masters.com website. I cant even gain access since I dont have log on usr nm and password. Anybody know if that would be somewhere in the kit that I received b/c im not seeing it...thx