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re: Anybody ever participate in a county tax sale? Paging I Love Bama
Posted on 4/10/15 at 9:47 am to yellowhammer2098
Posted on 4/10/15 at 9:47 am to yellowhammer2098
Have a guy at the office who swears by this. Said he's obtained three properties by doing so, and has never lost a dime.
Seems to good to be true.
Seems to good to be true.
3
Posted on 4/10/15 at 9:53 am to Coach Guidry
I've talked to a few guys in my office about it too.
One guy owns a couple lots in a residential subdivision. He also purchased some commercial properties that were paid off almost immediately.
Basically he said some downsides were:
It took the county 3 months to pay get him his money back after the taxes were paid off (3 months after tax sale). So even though he got 1% return a month for the 3 months it took a total of six months and he only got 3% return.
You can obviously get fricked if you spend a good amount of money to pay taxes/lawyer on a property that has some environmental problems or something of that sort.
He purchased a very large sum tax bill (huge commercial property) hoping it'd be immediately paid off.. he ended up having to pay the 2nd year as well which was another 75k cash (number may be incorrect can't remember exactly)
One guy owns a couple lots in a residential subdivision. He also purchased some commercial properties that were paid off almost immediately.
Basically he said some downsides were:
It took the county 3 months to pay get him his money back after the taxes were paid off (3 months after tax sale). So even though he got 1% return a month for the 3 months it took a total of six months and he only got 3% return.
You can obviously get fricked if you spend a good amount of money to pay taxes/lawyer on a property that has some environmental problems or something of that sort.
He purchased a very large sum tax bill (huge commercial property) hoping it'd be immediately paid off.. he ended up having to pay the 2nd year as well which was another 75k cash (number may be incorrect can't remember exactly)
Posted on 4/10/15 at 9:55 am to Coach Guidry
The county/parish is the tax collector so they are gonna get paid. You don't have to do the work to collect - except foreclosing if you get to that point.
I believe your friend is in the minority of gaining ownership of properties, the statistics I have seen/read are like 99.9% of the tax liens get paid off.
Think about it - who would knowingly lose a 50k+ property for several thousand in past due taxes?
I believe your friend is in the minority of gaining ownership of properties, the statistics I have seen/read are like 99.9% of the tax liens get paid off.
Think about it - who would knowingly lose a 50k+ property for several thousand in past due taxes?
Posted on 4/12/15 at 11:28 am to Coach Guidry
Oh it's very true. If you don't want to fart around with the long redemption periods hoping the guy doesn't make payment then invest in secondary tax liens which are ready to be foreclosed on. Get it then flip or keep as rental.
This post was edited on 4/12/15 at 11:30 am
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