Investor · Minnetonka, MN · Member since 2015 · 24 posts · 15 votes
10y
@Don EnriqueI've never bought a Tax Lien. However, I once bought my dad a tax lien book and he did some investing in Iowa with Tax Liens. I say this because it was also hick town like Renville County. He bought a tax lien. Never got paid on the taxes so he got the house instead. He kept the house as a rental for a period of time. I suspect he made his initial investment back in a few months rent. The house was worth around $35k
Weird part of the story. Dad died, mom received keys in the mail from tenant. We went down to Iowa and found the house full of mold because of a water leak. Thank God the insurance policy did not exclude mold/water damage. My mom got paid out about $30k and sold the lot for about $5k.
Maybe you know a lot about Tax Liens. I just wanted to point out that my mom and dad made more than $30k on an investment of less than $1k. This was in Fort Dodge Iowa. Literally one of the most depressing towns I've ever gone to
Investor · Minneapolis, MN · Member since 2014 · 743 posts · 927 votes
10y
The fact that I've lived in Minnesota for 25 years and never heard of Renville County tells me something-LOL Just kidding (barely) it's a place that has a more cows and tractor seats than people so be aware of what you are thinking about pursuing.
Investor · Minneapolis, MN · Member since 2014 · 743 posts · 927 votes
10y
If you are a really into corn or a corn seed expert, you would know the county seat of Olivia. I'm not kidding this time. This is considered the biggest attraction in town.
Investor · Minnetonka, MN · Member since 2015 · 24 posts · 15 votes
10y
@Don EnriqueI've never bought a Tax Lien. However, I once bought my dad a tax lien book and he did some investing in Iowa with Tax Liens. I say this because it was also hick town like Renville County. He bought a tax lien. Never got paid on the taxes so he got the house instead. He kept the house as a rental for a period of time. I suspect he made his initial investment back in a few months rent. The house was worth around $35k
Weird part of the story. Dad died, mom received keys in the mail from tenant. We went down to Iowa and found the house full of mold because of a water leak. Thank God the insurance policy did not exclude mold/water damage. My mom got paid out about $30k and sold the lot for about $5k.
Maybe you know a lot about Tax Liens. I just wanted to point out that my mom and dad made more than $30k on an investment of less than $1k. This was in Fort Dodge Iowa. Literally one of the most depressing towns I've ever gone to
Virtual Assistant · Alhambra, CA · Member since 2015 · 92 posts · 16 votes
10y
Thank you for the comment. Seems like even with mold your parents did well. I suspect you family did not have a property management company, who could have made sure the property mold could have been caught early on.
Thank you for the comment. Seems like even with mold your parents did well. I suspect you family did not have a property management company, who could have made sure the property mold could have been caught early on.
Absolutely true about a property management company. My dad invested in rural MN and this house was in Fort Dodge, IA. One unfortunate thing where I grew up was there are no property managers. Just not that much rental property. I don't know about Fort Dodge. This was back in 2003. The primary point of my original post is that Tax Liens in Podunk America can be a good thing. We could probably write a book on what happened after the tax lien was bought!