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Profit by Investing in Real Estate Tax Liens: Earn Safe, Secured, and Fixed Returns Every Time
Books: Text Books: Investing: Item 7
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Profit by Investing in Real Estate Tax Liens: Earn Safe, Secured, and Fixed Returns Every Timeby Larry B. Loftis
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233 of 240 people found the following review helpful: Inspiring descriptions,but don't get your hopes up, June 1, 2005 Reviewer:D. Michael Elkins "D. Michael Elkins" (Valrico, FL USA) - This book gives a great description of the procedural nuts and bolts of purchasing tax certificates, with a lot of emphasis on my own home state of Florida. Unfortunately I learned this week from attending a local auction that it is extremely difficult for the average investor to compete with the institutions in actually purchasing certificates, much less in obtaining anything greater than the absolute minimum available rate of return. After reading this book, I attended the first day of my own county's auction with high hopes. Unfortunately I found that there were approximately 125 or so other persons attending it. In our State the maximum rate of interest is 18% and bids can go all the way down to 0.25%, with the statute providing that when redeemed, the purchaser is still paid at the rate of 5%. At our auction whenever a certificate was offered, at least half of the people present would immediately raise their buyer cards and shout out their willingness to accept the absolute minimum rate of 0.25%. Frankly I did not know how the auctioneer could legitimately determine which of the 50 or so people had actually bid first, but I did see that many of the certificates seemed to have been awarded to those sitting in the seats closest to the auctioneer. After returning home in total disgust, I decided to review the day's results online. I discovered that in only the first hour, approximately 100 different buyers had been awarded certificates. One might assume that there had been a fair distribution of the available certificates among everyone who had been present. However, when reviewing the mailing addresses of these 100 different buyers, I discovered that about 70 of them shared only six or seven different mailing addresses. Each of the entities sharing those six or seven addresses had sent up to 15 individuals to bid on their behalf. You do the math and you can see that one lone individual has very little chance of even getting a certificate under such a scenario, not to mention ever getting a higher rate of return than the bare minimum. The proceeding that I attended hardly justified being called an "auction" and it certainly didn't seem fair.
Robert J. Bruss, nationally syndicated columnist.
"On my scale of one to 10, this well-written, well-researched book rates an off-the-chart 12"
Robert J. Bruss, nationally syndicated columnist
Chosen as one of Robert J. Bruss' 10 best real estate books of 2005!
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