How the first purchases went.
On October 25-26, 1995 we were involved in the Jefferson County tax lien auction. We had $6,000 and purchased 6 liens for a total of around $5,200 and paid an average of 7.2% for premiums. One lien was for vacant land and was redeemed before the end of the month. A loss of $30 on this investment. A second lien was redeemed in January of 1996 the gain on this was $42. A third lien was redeemed late June 1996 (just before the first year endorsement) for a gain of $62. This translates to about a 3% return on these three properties during a nine month period, this includes the first loss.
We endorsed the remaining three properties and return will be about 13% for any redemptions that come through at this time. These three properties are also higher value properties. Average return on the entire investment is about 7% over the first year.
A Fourth Quarter 1996 Update on To Date Purchases is here.
This is a generally safe, though very long term investment. For a hard copy of the full proposal please send three dollars (to cover postage) to:
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