Posted by David Krulac on August 24, 2003 at 17:11:35:
went to a sale recently where properties were 6-20 years in arears.
The day of the sale SIX of these owners redeemed their properties. Where were they the last 6-20 YEARS?
Question for Ron Starr - Posted by Mario Sanchez
Posted by Mario Sanchez on August 23, 2003 at 22:09:43:
I’ve been reading a lot of your posts with great interest, but now I can’t find a few that I read awhile back. Do you have a link to the post in which you described your overall strategy of buying at tax sales, etc.? Also, you had another post in which you talked about your experience with Texas tax sales. Even though Texas is supposed to be one of the better states for doing this, you talked about why you no longer pursue the tax sales in Texas. I just can’t find it now (thought I bookmarked it). Any chance you have links to these posts, or maybe you can elaborate again if not? =)
Re: Question for Ron Starr - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on August 24, 2003 at 01:51:46:
Mario Sanchez-------------------
I don’t keep any kind of record of my postings. You might try a google search, putting in my name “ron starr” in quotes, along with the name of the month you think you saw it and perhaps “creonline.” Put in “tax sale” or “taxsale” also.
I had my Waco house redeemed by the former owner about three or four months after I bought it. Sure, I got the 25% return, but I lost out on a $290 a month rental which I bought for $5,000. And the house was in good shape. I don’t like having people take my houses away from me. So I buy only in OK these days. Even there there is a right of redemption up until the time the tax resale deed is recorded. I’ve had 3 of my 14 successful bids for houses redeemed right after the sale. Grrrr.
My approach is to buy houses for rental holding. Few people seem to do this. Most investors at tax sales seem to be interested in quick turnover for fast cash profits.
Just this year I added a new approach: quick turn-over. I bought about 80 vacant lots in OK at the tax resales in June, mostly in recreational subdivisions. I’m selling them off on the internet in auctions. So far sold two and gotten about 8 or 9 time what I paid for them. The third is still up and now the bid is up to a small profit. I hope it gets up higher.
Good Investing*****Ron Starr*************
We have the same problem in NJ… - Posted by Ben (NJ)
Posted by Ben (NJ) on August 24, 2003 at 06:59:02:
it’s funny how the day before final judgment they can still redeem “their” house and its ok. However, we get mighty territorial when they try to redeem a day later and now want to take back “our” house! LOL
Re: Question for Ron Starr - Posted by Mario Sanchez
Posted by Mario Sanchez on August 24, 2003 at 02:16:49:
So mainly you prefer OK because the right of redemption rules fit in better with your strategy of buying properties with the hope they won’t redeem and you actually keeping the property?
Re: We have the same problem in NJ… - Posted by IB (NJ)
Posted by IB (NJ) on August 25, 2003 at 23:24:20:
Ben I just got back from FL (St. Lucie county) where the holder of a tax sale certificate has to wait 2 years and apply for a tax deed to get the property. But wait, there’s more! The property then goes to public auction where the cert. holder has to be the winning bidder? What’s THIS all about? You mean I tie my money up for 2 years only to have someone with DEEP pockets take the house? I can see going up against the owner. But having to contend with the public over something they were obviously unwilling to invest in 2 years ago?
You got it reeeaalll good in NJ my friend 