I was thinking about maybe buying some tax certificates. I'm sure it isn't as easy as John Beck makes it sound, or everyone would be doing it. What should I know before I start?
2006-12-14 09:23:37 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Actually they are rather easy to do. Contact your local assessors office and ask them for information about their tax sales. It is conducted either by auction or closed bid usually.
The process is simple. Most of the time the property is highly undesireable. Once in awhile you find a good one. You will also encounter the scum of the earth at these things most of the time.
In IL you need to have two years of delinquent taxes to foreclose the property. If there is no mortgage holder then you can get the property. Actually, technically you can get it if there is but the mortgagor will almost always pay you off to protect their investment in the property and then they will foreclose it.
It pays a good rate of return and is secured but there are better ways to acquire quality real estate.
2006-12-14 10:35:44 · answer #1 · answered by Jim7368 3 · 0⤊ 0⤋
i be attentive to of a house that has taxes coming due. Its up on the marketplace at a million/5 of 2014 fee, a minimum of on the books. The county has provided to permit me to pay in basic terms one 365 days of the taxes, that are much less then a million,000. Does that propose I then improve right into a tax lien holder in this little homestead? i became thinking of doing this and then submitting an furnish to the owner for a 6 month contract. the homestead desires approximately 10 ok rehab.
2016-12-11 09:14:34 · answer #2 · answered by ? 4 · 0⤊ 0⤋