OfflineHey everyone,
I am completely new to the forum and to real estate investing. Tax deed sales and tax liens had me interested since I read that you can get a sizeable return back for your investment or you get to own the property you bought the tax deed for and is a pretty secure route to take. I live in Phoenix AZ and a lot of the investors here do buys and flips. I'm sure a handful do tax liens too, however we have a 3 year redemption period and this is too long for most investors that want a relatively quick turnaround for their money. I am interested in doing buying a tax deed in Georgia and Massachusetts because they have the quickest redemption period. Anybody in this forum have any experience with either (or both)? I would very much appreciate it. I want to do the bulk of my investing in Fulton, Gwinnett and Augusta-Richmond County. Thanks!!
Tax Deed Sales in Georgia, Massachusetts
Posted on: Tue, 03/29/2011 - 22:49
Tax Deed Sales in Georgia, Massachusetts
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thanks for the advice! Have you tried investing in other counties other than Lake mead in NV? What's your experience there?
Now when you say interest rate, the amount of the return would be the amount you paid the tax bid for + whatever interest rate you said when at the auction? For example if I bid $20k on the tax deed on a $100k property. Let's say I win the bid, now do I request a preferable amount of interest or is it already pre-determined, a flat 18% or 20% for all and any tax bids?
Also when I do get a return is it the $20k PLUS the interest? I know that if the buyer decided to completely let go of the property then I have the rights to foreclose on it and if the bank does not pick up my check for 30 days then I own it. This is a guarantee free and clear? If the owner has an IRS lien, how does that work? Does the IRS take hold of the property and pay me my money back or do they take the amount that owner owes out of my investment and give me back the rest?
Hey keb64, thanks a lot! When you say "old ones", you mean how old the taxes are due? Its better to buy a property that is 2-3 years overdue in their taxes?
How do I get ahold of those books ?
I see what you're saying. So tax deed = ownership of property, tax lien = interest on ownership. But if I buy a tax deed, then I still get back the amount I paid for + the interest for the year/s that I owned it. I know there are only 5 states that do tax deeds and MA is not one of them. AZ is not one of them either. Do you have experience with doing tax liens? How are those compared to tax deeds? Do same rules pretty much apply other than legal ownership?
Hello guys and thanks for all of the information place here. I learned something and I am thinking of trying it myself.
I have delt with both tax liens and tax deeds and if you buy tax liens you sell them for discount price or if you want full price then you have to go through the court system to get a clear title! But I have been using "Quit Claim Deed" To sell my properties! If I was going to keep them then I would probably go through the court system but I sell sell sell!But I do Like tax deeds to because they give you the property straight up! So what ever you desire is what really matters!
Thanks for all your guys' advice! I am just getting started like I said and I need all the help and tips I can get!