Tax Lien Investment Gone Bad Question:
Hello friends,
Is it me or is something fishy going on with this tax lien investment group headquartered out of S. Carolina? I've been an investor since 2006 and things seemed ok for a few years.....but now the redemption checks have stopped coming in, and the 1 property that PIP acquired for me was supposedly worth $40000+ with my $2200 acquisition investment. Yeah right. The realtor couldn't get an offer at auction at a measley $5000 AND the city of Kankakee won't even take the property as a DONATION.
So...Questions: If I owe $4800 in property taxes on a SFR that is worth only $5000 and I cannot GIVE away the property to the city...what should I do?
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#1 General Real Estate Investing Contributor
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- The Woodlands TX / Avon, CT
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#1 General Real Estate Investing Contributor
- Investor
- The Woodlands TX / Avon, CT
There is no personal liability for property taxes, nor any credit report issues. The worst is that you lose the property in a tax foreclosure.
- Don Konipol
