Complete newbie: help me understand what I am getting into

[taxlienadvisor]

call up some of the counties in your area and ask about "Scavenger Sales"...If counties in Illinois have enough properties that are delinquent on property taxes, they will auction/sell them off at "scavenger sales" in the odd years. The starting bid should be just the unpaid taxes.

This is a real inexspensive way to acquire properties...often for 10-20-30 cents on the dolllar...get one in the right area at a great price, and you can bank some really nice monies with quick turn around. Then you can have more money to invest with

I agree with the 3rd post from AJ290...don't invest it all on your first deal $40-$50,ooo (or even less) should be enough to get first proeprty depending on the method you use to by it...if you go to a tax sale, this will be plenty...you will most likely buy a $200,000 home for around $50-$60,000...maybe slightly less or more.

Good Luck. (make sure you check the IL state statutes too see what liens or encumbrances will survive the issuance of the tax deed...then check the real title to the property too see if any of these liens are on the property.....if they are, consult a title company and get a search for around $100)