Research and education - search here through old posts, ask questions etc. Each state has their own set of statutes (laws) that set forth the rules you need to follow. Make sure you understand exactly what a tax lien is and how it work, redemption period, etc etc. Consult with a local attorney who has experience with tax sales. For a couple hundred you should be able to get a consultation and have them go over the basic laws in your area and answer any legal questions you have. Trying to find a mentor.
Ideally, you would want to be located close to where you would be buying the tax liens. What state do you live in, is it a tax lien or tax deed state?
This should probably be the first question you need to ask yourself -> Decide what your investment strategy will be, are you trying to make money from the interest or do you want to try to acquire property?
Research and education - search here through old posts, ask questions etc. Each state has their own set of statutes (laws) that set forth the rules you need to follow. Make sure you understand exactly what a tax lien is and how it work, redemption period, etc etc. Consult with a local attorney who has experience with tax sales. For a couple hundred you should be able to get a consultation and have them go over the basic laws in your area and answer any legal questions you have. Trying to find a mentor.
Ideally, you would want to be located close to where you would be buying the tax liens. What state do you live in, is it a tax lien or tax deed state?
This should probably be the first question you need to ask yourself -> Decide what your investment strategy will be, are you trying to make money from the interest or do you want to try to acquire property?
Research and education - search here through old posts, ask questions etc. Each state has their own set of statutes (laws) that set forth the rules you need to follow. Make sure you understand exactly what a tax lien is and how it work, redemption period, etc etc. Consult with a local attorney who has experience with tax sales. For a couple hundred you should be able to get a consultation and have them go over the basic laws in your area and answer any legal questions you have. Trying to find a mentor.
Ideally, you would want to be located close to where you would be buying the tax liens. What state do you live in, is it a tax lien or tax deed state?
This should probably be the first question you need to ask yourself -> Decide what your investment strategy will be, are you trying to make money from the interest or do you want to try to acquire property?
Thanks for the feedback. I live in Illinois and I'm looking to acquire a property.
There are some books that give you general information. Search Amazon and look for ones with good reviews. I found these to be just high level information and not specific to my area.
Go to a local auction to get a feel for the flow. Talk to people after the auction that bought properties, offer to take them to lunch to pick their brain.
How to do the research and narrowing down your best properties is the key to success in this business.
There are some books that give you general information. Search Amazon and look for ones with good reviews. I found these to be just high level information and not specific to my area.
Go to a local auction to get a feel for the flow. Talk to people after the auction that bought properties, offer to take them to lunch to pick their brain.
How to do the research and narrowing down your best properties is the key to success in this business.
2. Go to the auctions if they are in person, network, talk to people, watch the 1st time or two before you bid.
3. If the county has a basic class, take that. If not there are a few around the country...Tax Lien Lady in Ohio, Sandra in FL, Arnie in Texas. Tax lien auctions are very specific to the location, so try to attend training as close to you as possible or in a state that has the same kind of system.
4. Find a REIA in your area and find out if they have any tax lien training.
Lots of good resources here on BP. Realize it is work, nothing gets handed to you. Know what you are doing and getting before buying. All of us on here have seen plenty of newbies get killed at the auctions, so don't be that guy.
Tyler, here's some information that might help you. But it takes about 2 1/2 years in Illinois. The county has a lien against someone's property for the amount of taxes owed. The county can then sell the lien to a tax buyer, who steps in to pay the taxes to the county. Even if the property taxes are sold, the "owner" remains the property owner subject to the discussion below. The owner must “redeem,” or pay, the delinquent taxes, and penalties, plus costs, to the county clerk within 30 months of the tax sale. If they don't, the tax buyer can ask the court for a tax deed. If the tax buyer gets a tax deed, and records it with the county recorder of deeds, they become the legal owner. They can then evict the owner from their home.
Buying tax liens is risky and a long process. However, you can make large profits, IF you hit a good one. Keep in mind too, that if an owner knows he's being evicted, there's a chance they will tear the place apart, before they get evicted! I don't mean to sound negative, I'm just trying to give you some of the realities of buying tax liens. Best of luck.