I have seen the "pennies for dollars" infomercial on T.V. but it sounds too good to be true. I was wondering how it works. I have been told that if you buy it, the previous owners still have 1 year to get it back (depending on the state). I need to know if it's a good investment or not.
2006-06-23 10:25:30 · 4 answers · asked by Me 4 in Business & Finance ➔ Renting & Real Estate
Try this site. Just click the state you want. and go from there
2006-06-23 10:35:54 · answer #1 · answered by g3010 7 · 18⤊ 1⤋
Well, it is never as easy as it looks on T.V. Depends on the state if they do not pay the taxes and you do they pay you back at the interest rate you specify. So, usually you are making 16% a month profit or you get the property, after a year. They have a year to pay you the taxes back. So, if you have money to invest and have time to cover bases and research that you are investing in a property that is worth it (not a nuclear test site or something with a thousand and one vehicles that don't run and ......you get the point) Colorado is the best state to utilize this tool at least it is the closest to the Northwest where I am from.
If you are looking to get into investing and property, Give me a call, I have something to show you. If you are not interested then Hang up no strings attached.
Felicia
(360) 635-8898
2006-06-23 17:39:19 · answer #2 · answered by Funding Dreams 1 · 0⤊ 0⤋
You can walk into your local book store and read a book on tax sales and real estate investing. You will be better off than calling an infomercial.
That said, it is true. When the county cannot collect taxes on a property, they sell their liens. After you purchase the lien, the owners can either pay you off or you can foreclose on them. Either way, you come out a winner. I just don't like it because I'm the type that can't kick someone out of their home. There are other ways to make money in real estate and still sleep good at night.
Good Luck
2006-06-23 18:11:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I work for a title company in Ohio and I know here that they have 30 days to buy back the home. After that they can kiss it good bye. BUT, remember, liens can stay on the house even if they are not yours. Federal, CJ's, Child Support, etc...
2006-06-23 17:33:58 · answer #4 · answered by chikinbutt276 1 · 0⤊ 0⤋