So I get the following spam today:
**Date:** Mon, 7 Jan 2002 20:06:09 +0800 > **To:** lhrghufhky@neo2.neotraffix.com (that ain't me) > **Reply-To:** supertime@neo2.neotraffix.com > **Subject:** Secrets you aren't supposed to know!
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Okay, so occasionally I'll check out a spam, and using Lynx (no way am I going to even attempt looking at this site with IE) I view the site. To my surprise it's readable and it seems that the Big Secret is … Tax Liens! To learn even more, send some money to us and we'll send you this book yada yada yada.
Well, I think, if it's such a good idea, why sell the information on doing it? Why not keep it quiet and keep making money? Or, if you are feeling altruistic, give the information away.
Off to Google [1] to research this. Of the few pages I read, I think I get the idea behind this: the owners of the property become late in paying taxes on said property, the local government (county or state) will then aution off the tax debt. The action is based on the interest rate, which starts at the highest rate the local government can charge for late taxes (one example was 14%) and then goes down. When you win the auction, you pay off the tax debt right there, and then get to collect the payments from the owners at the interest rate you won the auction at (that, at least, is one method—there are several more but they're variants on that).
But the big payoff is when the property owners default on the taxes—if that happens, you then own the property! Real estate, pennies on the dollars! Hype hype hype.
The idea seems solid, and the information you get is usually listings of when and where the auctions are being held, as well as some advice, but I did find this on Google which I doubt will make any of those books:
Infomercial makers and Internet hucksters are promoting investing in unpaid property tax bills as the latest road to wealth. Purportedly, buying so-called tax-lien certificates yields fat interest checks or even ownership of the distressed property.
What could be wrong with that?
For one, it doesn't work in California.
There's no money to be made buying tax liens [2]
I just love Google.