Hey Dragynox:I work as an asset manager dealing with delinquent taxes on property and work with tax sale certificates throughout my day.I agree that the 16% solution by Joel Moskowitz is an excellent primer. However, it was written in 1994 and the industry has changed quite a bit since then.I work for Banks, Hedge funds, Trusts, and other institutional investors that invest in tax liens. Many of these institutional investors began their investing around that 1994 time period. Because of this institutional money, competition for the bidding is keen. Therefore, yields are down and premiums are up.I should tell you right up front that tax liens are a risky investment. Here is a thread from the Real Estate Investing board here at the Fool that provides some good basic information.http://boards.fool.com/Message.asp?mid=17661904&sort=wholeIf you have other more specific questions, ask them, and I will answer to the best of my ability.Roger
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