Great article re: investing in tax liens

[Emmett R. McCarthy]

http://money.usnews.com/money/blogs/the-smarter-mutual-fund-investor/articles/2016-01-14/paying-off-back-taxes-can-be-good-for-investors Thought I'd share this article for those who didn't see it in US News & World Report. If anyone has questions about IL real estate tax liens/tax deeds, feel free to contact me.

[John Underwood]

Jay,

Great question.

Most of the properties I have gotten deeds to have tenants not owner occupants.

They are not surprised, they see notices attached to house.

They are happy they don't have to move. I still have some of these people years later as tenants.

One owner occupant paid rent for a while but I ended up having to evict him after I tried my best to work with him for over a year.

Another owner occupant pays like clockwork. I got a lease signed and a key via their attorney and I have never been inside of the house. I have not needed to spend a penny on repairs either. I told them I would sell it back to them after they paid on time for at least a year at 10% below market value. So we will see if they end up trying to get a mortgage to buy the house. It will already have paid off my initial investment after the first year. I made them sign a Quit Claim deed to me before I would sign a lease with them.

Getting 4 more houses that were not redeemed at the end of 2015. Just keep checking the mailbox for the county to send me the deeds! I might sell one of the houses after getting Quit Claim Deeds from previous owners (divorced, walked away from property) That will make the other 3 houses completely free.

I love Charleston too. I lived their for 9 years while I was in the Navy.

John