Posted by Blane (MI) on October 04, 2003 at 11:56:15:
Jennifer,
You could try the state website under possibly the Department of Treasury, Consumer/Industry Services, or possibly Dept. of Natural Resources. Someone else here may be more familiar than I.
As far as a sure way to make money, make sure you understand thoroughly before you dive in. The law re: tax liens changed a couple years ago. “Sure” money may be a relative thing. I see quite a few Big Guys in the tax lien business, so competition may be fierce. Also, at one point an investor told me there may be issues with getting clear title due to the law change. He thought it would eventually have to be sorted out in Lansing.
This is just my .02, not trying to scare anybody away. Again, others here may know more than I. I’d be interested in learning more from someone here myself. Just be sure you understand the good and bad before you dive in. Good luck.
>>>>>I have heard about investing in tax liens as a sure way to make money.<<<<<
I have invested in taxdeeds/taxliens/tax certificates for a number of years. Blane gave you some excellent advice…I can only add…BE ABSOLUTELY CERTAIN… you know what you are getting into before you get into it.
And: the last time I checked I was told that the only two things that are absolutely certain are, “Death and Taxes.”
Money can be made in tax investing…and…it can be lost in tax investing.
You will not find the fabulous stuff that you see on late night TV INfomercials. Does it happen…yes. You got about as good a chance at hitting the lottery as you do of getting one of those fabulous deals.
Invest, if you decide to, for the interest and penalties and NOT for the things you see on the infomercials.
I am in no way trying to tell you not to get into the business, just saying “Investigate BEFORE you invest.”