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Home >> Stock Forums >> Tax liens

Tax liens

MakingMoney said: "Has anybody invested in them? Where do I go to do it? I think its a good idea to invest in them because there are more people foreclosing their houses so you have a good chance to keep it."

FirefighterB said: "Hmmm, this could be quite a good move. I don't know an answer to your questions, but I'm curious to hear, too."

MakingMoney said: "I see you're from Queens. There are only 4 tax liens (which I got from a website which I don't know how accurate it is) in Suffolk County which I thought there would be more."

AlfredSokol said: "You have to research the liens carefully. What happens if you get stiffed?"

MakingMoney said: "[QUOTE=AlfredSokol;61771]You have to research the liens carefully. What happens if you get stiffed?[/QUOTE] what do you mean?"

AlfredSokol said: "If they don't pay you I mean. You have to essentially evict the person and all of that unpleasantness."

Justin08 said: "This seems like a great idea!!! The tenant would have no choice but to get out eventually correct, once the bank is finally able to sell the place? I mean if the bank forcloses they would by law have to pay the tax lein off before the note correct?? Though I do have a client of mine that is with one of the larger lenders, they foreclosed and she stopped making payments over a year ago and she has been living there with a for sale sign ever since, so it could take a while to collect in this market."

AlfredSokol said: "That is the whole problem. YOU still have to liquidate the property. I'd rather own something more liquid."

Heather said: "I believe that Tax liens are auctioned off on a schedule (depending on your market.) It isn't a bad idea, I suppose that you'll want to have some assurance that the property will be sold. If the property doesn't get sold, I'm under the impression that you don't see the $$ for it. There are a lot of houses around here (I'm sure) that have tax liens on them, but if the house is left vacant (lots of them are) and becomes a public nuisance it's more likely to get dozed or boarded up."

MakingMoney said: "how are you guys investing in real estate? I live in a city in upstate new york and the houses are dirt cheap. I was thinking I could buy some property and rent it to college students (I'm in college)"

Heather said: "I believe the original poster is talking about buying tax liens on homes. This means that they pay off the tax debt on the home and when the property is sold, he collects the amount of the lien plus interest."

MakingMoney said: "[QUOTE=Heather;62229]I believe the original poster is talking about buying tax liens on homes. This means that they pay off the tax debt on the home and when the property is sold, he collects the amount of the lien plus interest.[/QUOTE] Yeah thats correct or if the home owner stops paying the mortgage then you get to keep the house after a while (not sure how long)"

MidMich said: "I'm new to the site and want to say Hi. I'm just getting started with tax liens and tax deeds. I've learned that even if a state is a tax lien or a tax deed state, a county can be what every it wants to be and with variations on the theme. I do know that foreclosures are the exception, not the rule. And a tax lien or deed puts you at the front of the line to get paid. I have found a site called TaxLienLady.com and I am learning alot from her. She does podcast and is getting started with videos too. I get alot of questions answers, like the ones here. Many counties have their info on line now. You really have to do your homework.:wave:"

sr106 said: "yes, you are right... thanks for providing information...."

MidMich said: "There is a new wrinkle going on with tax liens and deeds. With this new method it is even more important that you do your due diligence, which means you find out about the property, any liens or debts, the area, and what other properties in the area are going for. If you find the right property then you contact the home owner and ask if they want to sell to you and get out (for very little money) or if they are planning on letting the property go to auction. There are folks doing this and buying the property outright before it goes to auction for less than $500 dollars! Some then sell the property to a wholesaler for $5,000 or more. There are others that let it go to auction and then collect the excess proceeds. So as you can see, there are a lot of ways to make money fast. The folks that sell to a wholesaler get their money is an average of 6 weeks. The tip of the iceberg for this kind of profit. Look around the internet, there are people and programs out there that are starting to teach how do to this."