All Forum Posts by: Dennis Weber

probably they are unsold tax liens which have reached redemption expiration. Illinois seems too much work to get the deed.  I'd also check what good properties are biddin down to. I think you would do better in a couple of nearby state like Iowa and Indiana. Just my opinion worth exactly 2 cents 

@Ezra Nugroho I'm setting mine up as an LLC with "check writing". It will be in my own bank. And will definitely not be commingling funds with disqualified people. UBIT is not just a tax but a lot of trouble and could have your account disallowed. I'm thinking that's the only hard part about it.

It will be nice to get out of a 401k where you take 100% of the risk and put in 100% of he funds and get 20% of the profits

@Shanequa J.  No, I was just guessing cuz I've had similar problems. 

@Shanequa J.  have you tried entering the address by just number and street excluding rd,st,ave,etc. or parcel ID without hyphens?

@David C. Thanks for this.  I plan on visiting the Harris County auction soon. 

I think I'm prepared until after the auction. Things like cleaning up title. Taking claimants calls and listening to their sad stories.

I'm in the middle of switching my 401k to a SD myself. First thing I'm doing is buy Iowa tax liens @ 24%. Next down to Texas to buy deeds @ 25%. Since I'm older than 59 1/2 , I can take a distribution w/o penalty. If redemptions are few or take too long, the illiquidity doesn't bother me. That's my plan and I'm sticking to it. 

Texas is a deed state. Sales first Tuesday of most months. Redemptions is 25% penalty. Redemption is 2 years for homestead or agriculture and 6 months commercial. Will be in Houston in September for my first taste. If you get the deed and someone is renting it, you get the rent in the redemption period. That might be all I know but you can ask. 

@Helen Kirk

  34k should get you lots of liens.  You know what Henry Ford said.

The county treasurer's website in the county you want to bid in should have all the info you want.  Make sure you read it before going. I think  Oklahoma is a deed state so you definitely want to know about redemption period and foreclosure.

Good luck to you!

Congratulations @Jay Hinrichs on your 6,000th post!  I've received so much useful info from you. A celebratory toast of Napa Valley wine to you, sir.  I remember going to Napa Valley in my younger days (but I don't remember leaving).