My name is Jason Payne and I am 17 years old fixing to turn 18. I was wondering if anyone has any tips on investing in properties in Oregon this way. Thanks a lot
When I was your age I was going to Oregon State College (now University) or Cow College as some people called it. I had been living on my fathers farm near Woodburn and Canby.
I've attended a couple of OR tax sales. The advice I am going to give you is general to all states, except for the financing.
Study up on tax sale investing. Read the state statutes on the collection of delinquent property taxes. Also, read websites of county tax treasurers/tax collectors. Some will have a lot of good information about tax sales. Some might not, just read other sites.
Find out when the counties plan to have their tax sales. Then prepare for them.
This is for OREGON only: you can buy properties with a down payment and the state of Oregon will carry a sales contract for you, to help you finance it.
Now, over 90% of properties sold at tax sales are vacant land, so you will be stuck with paying the financing every month if you buy vacant plats. So either buy improved properties that you can rent out to get money to make your monthly payments, or else resell the properties soon and let somebody else worry about paying the state.
Or, I suggest trying to buy from owners before the tax sale. In OR, the county takes a deed to the delinquent property tax property and the former property owner has a year to redeem the property. Only after that year is up is the property sold at the tax sale. If you can approach the property owners during that time you might be able to buy the property from them, with a quit claim deed. Then redeem the property and sell it again as soon as you can.
Thanks for taking time out of your day to help me. I have one more question to ask, how do you go about finding the properties before they go to auction? I have had success finding properties but it is always like a month before the sale. Does the county list them in the court houses? I have been told that before. Thanks again.
As far as I know, in every state the entity conducting the tax sale advertises in a legal advertisement in a newspaper of general circulation in the area where the property is located, usually one published in the county where the properties are located. The newspaper may be a "legal paper" in the larger population counties, such as the Portland Business Journal, but is just the local paper in less-populous counties, such as the Coos Bay "The World." It typically is advertised for three or four weeks in a row before the tax sale auction.
There will be some list of the delinquent properties, either in the treasurer/tax collectors office, or some other government office, perhaps even in the land records office, the county clerk or recorder. If you study the state law on the collection of delinquent property taxes, you will see what notices have to be publshed when and what notices go into official records, such as the county land office records.
I once attended a tax sale in Curry County, which is close to you. Saw a house on highway 101 sell for 2/3 of market value--too high for me to want to buy it.
Love that Bandon Cheese. Yum. Yum. Better than Tillamook, in my opinion.
Jason Payne--(OR)---------------
When I was your age I was going to Oregon State College (now University) or Cow College as some people called it. I had been living on my fathers farm near Woodburn and Canby.
I've attended a couple of OR tax sales. The advice I am going to give you is general to all states, except for the financing.
Study up on tax sale investing. Read the state statutes on the collection of delinquent property taxes. Also, read websites of county tax treasurers/tax collectors. Some will have a lot of good information about tax sales. Some might not, just read other sites.
Find out when the counties plan to have their tax sales. Then prepare for them.
This is for OREGON only: you can buy properties with a down payment and the state of Oregon will carry a sales contract for you, to help you finance it.
Now, over 90% of properties sold at tax sales are vacant land, so you will be stuck with paying the financing every month if you buy vacant plats. So either buy improved properties that you can rent out to get money to make your monthly payments, or else resell the properties soon and let somebody else worry about paying the state.
Or, I suggest trying to buy from owners before the tax sale. In OR, the county takes a deed to the delinquent property tax property and the former property owner has a year to redeem the property. Only after that year is up is the property sold at the tax sale. If you can approach the property owners during that time you might be able to buy the property from them, with a quit claim deed. Then redeem the property and sell it again as soon as you can.
Good Investing************Ron Starr***********
Thanks for taking time out of your day to help me. I have one more question to ask, how do you go about finding the properties before they go to auction? I have had success finding properties but it is always like a month before the sale. Does the county list them in the court houses? I have been told that before. Thanks again.
Duhaust--(OR)------------------
As far as I know, in every state the entity conducting the tax sale advertises in a legal advertisement in a newspaper of general circulation in the area where the property is located, usually one published in the county where the properties are located. The newspaper may be a "legal paper" in the larger population counties, such as the Portland Business Journal, but is just the local paper in less-populous counties, such as the Coos Bay "The World." It typically is advertised for three or four weeks in a row before the tax sale auction.
There will be some list of the delinquent properties, either in the treasurer/tax collectors office, or some other government office, perhaps even in the land records office, the county clerk or recorder. If you study the state law on the collection of delinquent property taxes, you will see what notices have to be publshed when and what notices go into official records, such as the county land office records.
I once attended a tax sale in Curry County, which is close to you. Saw a house on highway 101 sell for 2/3 of market value--too high for me to want to buy it.
Love that Bandon Cheese. Yum. Yum. Better than Tillamook, in my opinion.
Good Investing***************Ron Starr***********
[ Edited by RonaldStarr on Date 08/15/2004 ]