Good question, Rooftop, hopefully Seymour or some other knowledgeable poster will reply.
John Beck sure figured out how to profit from tax liens; he made his money selling his "secrets" to late night tv audiences...complete scam.
But yeah, I'd love to know if there was any money in legitimately buying tax liens.
John Beck sure figured out how to profit from tax liens; he made his money selling his "secrets" to late night tv audiences...complete scam.
But yeah, I'd love to know if there was any money in legitimately buying tax liens.
The thing about tax liens is that you have to know how to bid them at auction. With the economy being what it is more people are getting into tax liens. It is very competitive and you better know what you are doing. On the more lucrative liens you will more than likely be bidding against banks or other finance companies. These are professional bidders and they know what they are doing. Go to a library or bookstore and get a book on it. Don't fall for the get rich quick schemes. If done right tax liens can provide a steady stream of income. Good luck.
...and the question is: Can You Really Get Rich Buying Tax Lien Property and Tax Lien Auctions and Tax Lien Investment?
If you buy the property at the tax sale auction, generally the property owner has a couple years to "redeem." In other words, they're given the opportunity to pay them within a certain window (year or two) and they get to keep the property. Only when that window has lapsed would the taxing entity actually deed the property over to the winning bidder via a tax deed. That's the cliff notes of how it works in my area anyway.
