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There's a lot of hype going on with tax liens across the United States and on our television airwaves in the form of infomercials. The story is, that with tax lien certificates and tax deeds, you can own land below market value and/or get great returns! The story is true on both counts but the thing that most consumers need to know is -- do you really need to pay $3,000 for a tax lien system? The answer is no. Don't buy the $19.95 teaser rates on TV to get information on how to invest, go buy a book! Recommendation:
1. Investing Without Losing - The Beginner's Guide to Real Estate Tax Lien and Tax Deed Auctions (ISBN 0978834607)
What Are Tax Liens?
Not many people like the word "tax" in any sentence, but tax liens are actually good for the investors. Counties across the US need property taxes to build and maintain schools, police, roads, etc. If a tax payer doesn't pay his taxes, the county will be out of money. So
what the county does is invite other investors to pay for delinquent taxes. If the property owner that's late pays back the taxes, the investor gets their money back plus interest. How much interest? In Colorado this year it was 15% annually, in Florida it's 18% annually and in Arizona it's 16% annually.
WHOH! Those are big returns. What if the property owner doesn't pay their taxes? Well, in most jurisdictions, the investor can foreclose on the property and OWN the property free and clear, even superceding the mortgage.
There are pitfalls to every investment vehicle but tax lien certificates and tax deeds are definitely something you should consider when you want to diversify your portfolio. Oh and by the way, asking your financial advisor won't help you -- he doesn't get commissions on this stuff.
1. Observe a tax lien auction online or in your local jurisdiction
2. Go buy the book recommended above so you can learn how to invest
Available on all bookstores.
Investing Without Losing