(11-08-2009 01:57 PM)klake87 Wrote:  

(11-08-2009 01:50 PM)HuskiemobileMan Wrote:  I hate to say it, but the way you accumulate wealth is to obtain it from the less fortunate. Think about it. You own a business, need to hire people, you have people as little as possible to obtain the desired results. I am a landlord and I make my money off people who can't afford to own their own house/apartment. The thing is that if you don't take advantage of opportunities, someone else will.

Do you know how the process works?

What process?

(11-10-2009 09:10 AM)HuskiemobileMan Wrote:  

(11-08-2009 01:57 PM)klake87 Wrote:  

(11-08-2009 01:50 PM)HuskiemobileMan Wrote:  I hate to say it, but the way you accumulate wealth is to obtain it from the less fortunate. Think about it. You own a business, need to hire people, you have people as little as possible to obtain the desired results. I am a landlord and I make my money off people who can't afford to own their own house/apartment. The thing is that if you don't take advantage of opportunities, someone else will.

Do you know how the process works?

What process?

I find a property. I pay the taxes that are due then what?? Does it take years to finalize? The owner pays the taxes and I get my money back, what is my interest rate? The owner does not pay the taxes, how do I take possession of the property?

(11-10-2009 09:19 AM)klake87 Wrote:  

(11-10-2009 09:10 AM)HuskiemobileMan Wrote:  

(11-08-2009 01:57 PM)klake87 Wrote:  

(11-08-2009 01:50 PM)HuskiemobileMan Wrote:  I hate to say it, but the way you accumulate wealth is to obtain it from the less fortunate. Think about it. You own a business, need to hire people, you have people as little as possible to obtain the desired results. I am a landlord and I make my money off people who can't afford to own their own house/apartment. The thing is that if you don't take advantage of opportunities, someone else will.

Do you know how the process works?

What process?

I find a property. I pay the taxes that are due then what?? Does it take years to finalize? The owner pays the taxes and I get my money back, what is my interest rate? The owner does not pay the taxes, how do I take possession of the property?

http://www.cookcountytreasurer.com/payme...opicid=254

I am not sure at what point you would take posession of the property, but that usually does not happen. If you do, just realize you would most likely take posession of all leins on the property as well. The same thing goes for a sheriff sale. You need to research the properties at the recorders office I believe.

More info:

http://www.tax-lien-certificates.com/tax...is_il.html

Interest Rate

36% for full year, on farm land 24%

Redemption Period

2 years

(11-10-2009 09:53 AM)HuskiemobileMan Wrote:  More info:

http://www.tax-lien-certificates.com/tax...is_il.html

Interest Rate

36% for full year, on farm land 24%

Redemption Period

2 years

36% nice interest rate. There was a ton of properties in DuPage County. It is better than a two year CD.

Just like to know where you are in the secured creditor list. I assume that the property has a mortgage and would not sell for the Mortgage, Taxes and other liens. Can you lose principle if the property sells for significantly below the total value of all liens?