 | | |
| The 16% Solution: How To Get High Interest Rates in a Low Interest World with Tax Lien Certificates | 
 enlarge | Author: Joel S. Moskowitz
Publisher: Andrews McMeel Publishing
Category: Book
List Price: $26.99
Buy New: $4.30
You Save: $22.69 (84%)
Buy New/Used/Collectible from $4.30
Avg. Customer Rating:  (50 reviews)
Sales Rank: 26103
Languages: English (Original Language), English (Unknown), English (Published)
Media: Hardcover
Number Of Items: 1
Pages: 208
Shipping Weight (lbs): 1.3
Dimensions (in): 9.1 x 7.3 x 0.6
ISBN: 0836280849
Dewey Decimal Number: 332.6324
EAN: 9780836280845
ASIN: 0836280849
Publication Date: November 23, 1994
Availability: Usually ships in 1-2 business days
|
| Customer Reviews:
 Don't Just Believe the Hype May 28, 2003
30 out of 33 found this review helpful
I recently finished reading this dated book (published in the early 1990's) and came away feeling confident that tax lien certificates are a good way to combat current low interest and dividend-yielding investments. And Moscowitz sure MAKES IT SOUND easy. But then I did some local research of my own here in Iowa and found out the 'real skinny' on this risky investment strategy. First of all, institutional investors and other 'insiders' often rule the day at the yearly auctions; e.g. they know which certificates to bid on to make money. As a private investor with little or no experience doing due diligence, I learned that I would be at a significant disadvantage. Secondly, there are many pitfalls that the book does not describe in much detail, namely the risk of ending up with a property that has title problems or requires extensive (and expert) clean-up due to environmental or structural problems. Worse yet, the certificate holder may not even hold the primary lien on the property, despite what is stated in this book! You may spend money at auction to buy the certificate and then have the bank take the property when the owners fail to make good on their property tax obligations. Then you get no interest and you have lost your investment for good! Finally, I heard that if you choose to play this risky investment game, it's best to do it out of state from where you reside, because the owners of the property may (unfairly) view the certificate holder as the 'cause' of their debt problems and attempt to contact you or otherwise make trouble. Buyer beware.............there is no free lunch here.
 Seriously Needs a New Edition April 3, 2003
28 out of 28 found this review helpful
The author does a decent job giving an easy to understand introduction to TLCs. However, if you really want to invest in the TLCs, you need to follow up with detailed research of the local lawbooks.Some of the information is outdated and completely incorrect. For example, Moskowitz describes the unique Louisiana features on page 157 and states that "the buyer can ask a court for immediate possession of the property." I called the Sherrif in Bossier Parish and tried to verify this. Sure, you can ask the court, but the answer will almost certainly be "no." LA CONST T7 S25(B)(1) says:
"The property sold shall be redeemable for three years after the date of recordation of the tax sale, by paying the price given, including costs, five percent penalty thereon, and interest at the rate of one percent per month until redemption." In other words, the investor has to pay the owner's taxes for three years straight before doing anything fancy like foreclosing. Unless I missed it when reading the book, Moskowitz doesn't thoroughly address what happens to the tax in subsequent years. What I gleaned from my conversation with the Bossier Tax Collector was that the investor's best interest is to pay the tax for future years so that it doesn't go into another auction, at which point the investor loses any interest and penalties and is returned the investment basis. If I'm wrong, it's because I'm not a lawyer and Moskowitz never really explained in detail what happens after I buy the tax lien. On a side note, LA RS 47:2172 and subsequent sections explains that for movable property, you can sieze the property. ... I think I bought this book for eighteen bucks. For the price I paid, I can't complain. This book is a basic overview that you should read if you know nothing about TLCs. However, I'm still looking for a good howto book that gets down to the nitty gritty and tells me exactly what I need to do. The only thing out there that I've been able to find was my local lawbooks, so I'm trying to partner with a lawyer to help me read legalese. david
good news bad news February 19, 2003
40 out of 40 found this review helpful
This book happens to be an informative intro into tax lien investing. Very good for beginers. It gives some great rules on does and dont's. The bad news is it is outdated and doesn't mention that most auctions are controled by banks and institutions willing to buy liens at VERY low interest rates. I attended Nassau CTY NY auction today (2/18/03) and the avg rate was 1.75%. Most bidding/winners were banks!. Don't get too excited. I wish the book had a 2003 version...not the one which discusses the "current" (haha) S&L failures!!!!
 TLC's are very powerful November 9, 2002
125 out of 132 found this review helpful
Not only can TLC's provide a high interest of 16%-50%, government guaranteed and secured by RE, but TLC's are the best way to get RE for rock bottom pennies on the dollar. I highly recommend TLC'and this book is a great way to learn how to invest in them.
A Good Introduction to Tax Lien Certificate October 2, 2002
15 out of 18 found this review helpful
It is a good book for introducing a special kind of investment vehicle, Tax Lien Certificate, to the readers.However one has to be well aware of the laws in different states in order to make a good investment decision. As a foreigner, I envy the Americans their good fortune of having an opportunity to invest in this wonderful "Certificate".
|
|
|
Powered by Associate-O-Matic
| | |