Need Peoples Input
Here is my plan tell me what u guys think of it.
First I will narrow my search down to 2 counties in 2 different states, most likely colorado, arizona, or iowa. Then I will contact the county for a list of liens. (I do not want to participate in auctions, so I will choose from the over the counter liens or assignment.) Now, here is my problem, when I get that list of over the counter liens, how do I research them since I live in California and wont be able to see the property (remember I am more interested in collecting interest rather than trying for ownership).
Lastly after I have somehow researched the properties I will buy, say 4 liens , diversly in those two counites spending a total of 2- 3k. How does that plan sound and what seems to be wrong with it, or any trouble I might have? Thank You , you responses will not go unappreciated!
a reply is needed!!!!!!!!
Researching on-line and pulling everything you can from the assessor's office is a good start. It is still riskier to buy sight unseen. If you are only investing money you can afford to lose and you spread it around several properties it is a manageable risk.
Good luck
Atticus--(CA)------------------
Just pick counties with lots of information online.
You can see online aerial photos in many locations. Start doing some research on that. You can see topographic maps on the internet, use that, coordinated with assessor's plat maps to see what the terrain is like.
Be sure to talk to a lot of different tax collectors or treasurers offices on the phone before you choose which counties to buy in. You don't want to find out later that every lien on a decent property sold at the auction. Pick the counties with a history of lots of unsold liens.
You might also buy those on properties with street addresses. Then get the telephone numbers for nearby properties and call the neighbors. I use SuperPages on the internet and the CD ROMs from InfoUSA phone disk for finding telephone numbers.
Good Investing*************Ron Starr*********
when I call the nieghbors or tax collectors office, or the county, what exactly am I looking for?
1. make sure the property does not have environmental issue.
2. Make sure its not a ditch
3. what else can I really find out and what else should I find out??
Here is my solution for you. I don't know about Colorado, Arizona or Iowa but some Florida counties sell their tax liens through a online auction. They have the tax assessor's value and list if there is a mortage in place. Simply acquire liens that have a lender in place. If you perfect the security insturment (the tax lien) in the event of foreclosure or sale you will get paid first. Now with a online auction there is alot of competition. The only way to beat this is to bid down (accept alot lower rate than anyone else) the rate past all others and hope to buy any future sub's (subsequent liens that appear on the property, generally existing lien holders are given first choice on new liens on that property). With due dilligence your research should tell you the tax rate on the property and if any sub's will be worth anything. The second course of action is to buy liens of small valuations. Smaller liens are ignored by larger investors (generally $400 or less).
The advantage of the latter is they are redeemed sooner than larger liens.
Whatever you do remember to record you debt with the county clerk's office (perfecting the securty insturment). There is no use to having a debt attached to a property if it is not recorded so it comes up in a title search.
RonaldStarr,
Indicator here. I posted a couple questions for you under "What I have learned about tax sales.' sorry I missed you. New question Sir. What is a good source for overhaed pics I can see on my computer. County does not offer online shots. Most online sources I have found are fairly expensive. Thanks for any help SIR. Rick
Indicator--(MO)-----------------
I am only buying in OK state these days. So I know a free site on the internet for aerial photos there. It is the OK dept of environmental quality. After one clicks on maps, one clicks to move in closer and closer, after 7 clicks, one end up with an aerial photo of the last area of map shown. Then one can click to move in closer on that.
I'd suggest you start putting in the state name and "aerial photo" "aerial photos" "aerial photographs," etc. and see what you can find. Often it will be a govt agency or a university/college. I would not be looking for a nationwide service.
Good Investing*************Ron Starr**********