On behalf of a client, Radford Investments purchased a number of delinquent property tax certificates. This client has a unique understanding of Colorado Water Rights and their valuation. The goal of purchasing the tax certificates was to acquire the underlying land and with it the water rights. We identified which parcels at the tax sale were in locations likely to have valuable water rights. We attended the sale, bid on behalf of our client, and handled the accounting of interest payments and payoffs. Although all the certificates paid off and we were not able to acquire any of the underlying property, the client made a good and virtually risk free return on the interest paid by the delinquent taxpayer (if the taxpayer doesn't pay, the holder of tax certificates gets the property after three years).