Friday, Jul 10, 2009
18% on someone else's misfortune
Market Oracle: How to Earn 18% Interest From the Government
A bit off subject - but does include house prices, foreclosures, US housing market, auctions and property tax so please be kind.
What are peoples thoughts on this - especially in mind of California
Posted by matt_the_hat @ 12:59 PM (594 views) Add Comment
4 Comments
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1. jonb said...
The usual disclaimer about things sounding too good to be true applies here.
What if the bank can't sell the foreclosed property at even $1? Head north to Detroit and that is exactly what's happening.
2. goweresque said...
You're not getting 18% interest from from the govt, you're getting 18% interest from the delinquent taxpayer. Its his money that will be paying your interest. Either when he pays up voluntarily, or when his assets are sold to pay his debts. So you are taking a risk on that individual having sufficient cash/assets to pay up.
3. Semafu said...
WARNING, YT has some reports from the USA of sheriffs not carrying through foreclosures - they won't turf ppl onto the street if they got nowhere to go.
4. Dt said...
What if they are not evicted and that bank doesn't care - for example the gov. pay them off.