Even when you've never been involved with real estate before, securing property with unpaid property tax is a good option for you if you wish to transition to running a money-spinning home-based business. Here's the right way to obtain those assets with little to no money down - without even being present at the tax sale auction.
First, why not attend the tax sale? Isn't that less difficult? The reply to that is no, certainly not. Purchasing property with overdue property tax, especially if you are attempting get it for just the property tax, is nearly impossible at tax sale. Big-time investors bid the properties up to near to retail value. Plus, you can't even look this property before buying it.
However, the tax sale results will help you out, since you'll be purchasing the properties after the tax sale. Most investors haven't take the time to analyze the legislation regarding tax sale, and don't realize they can still buy property with unpaid property tax even after it has been "bought" at tax sale, in the year long grace period granted to the owners to try to pay off their taxes. The effects of the tax sale will show you which properties the massive companies thought were worth securing.
After that, you'll wait out most of the redemption phase, after which check back to view how many of these properties are still left unredeemed. This would state a number of things: one, the proprietors most likely aren't going to be capable to take care of their taxes; and two, the properties are in all probability free and clear, or the mortgage company would have paid the taxes by now.
Get hold of the owners' contact info, and give them a simple phone call asking them what they're planning to do with the property. (Do not be scared... these owners like to negotiate. You will be shocked how regularly these folks are dying to inform you everything that went wrong of their lives leading up to the tax sale, too.) Many of them might want to sell, and sell fast - and this is how you'll get your excellent deals on tax property.
Although you don't have a lot of money, you may still make the most of these properties. Make a deal with the owner to purchase his deed for $100 and a share of whatever you're able to sell it for (50/50 works well).
You'll also find a large amount of homeowners that aren't attempting to sell - they've simply decided to let the property go. Just ask them if they'd be eager to sign the deed over to you to view if that can be done something with it. Offer them $100 for his or her time signing the paperwork, and you'll be swimming in "yeses". You can apply a profit-share thing with them, as well.
With the enormous lots of foreclosures being sold now, the market is crammed with possibility. Don't let a tiny amount of start-up capital get in the way of starting your real estate investing business. Use the strategy above to "grab deeds", and you will be well in your way to joining the real estate elite.
The present foreclosures rate won't carry on forever - use it now.
First, why not attend the tax sale? Isn't that less difficult? The reply to that is no, certainly not. Purchasing property with overdue property tax, especially if you are attempting get it for just the property tax, is nearly impossible at tax sale. Big-time investors bid the properties up to near to retail value. Plus, you can't even look this property before buying it.
However, the tax sale results will help you out, since you'll be purchasing the properties after the tax sale. Most investors haven't take the time to analyze the legislation regarding tax sale, and don't realize they can still buy property with unpaid property tax even after it has been "bought" at tax sale, in the year long grace period granted to the owners to try to pay off their taxes. The effects of the tax sale will show you which properties the massive companies thought were worth securing.
After that, you'll wait out most of the redemption phase, after which check back to view how many of these properties are still left unredeemed. This would state a number of things: one, the proprietors most likely aren't going to be capable to take care of their taxes; and two, the properties are in all probability free and clear, or the mortgage company would have paid the taxes by now.
Get hold of the owners' contact info, and give them a simple phone call asking them what they're planning to do with the property. (Do not be scared... these owners like to negotiate. You will be shocked how regularly these folks are dying to inform you everything that went wrong of their lives leading up to the tax sale, too.) Many of them might want to sell, and sell fast - and this is how you'll get your excellent deals on tax property.
Although you don't have a lot of money, you may still make the most of these properties. Make a deal with the owner to purchase his deed for $100 and a share of whatever you're able to sell it for (50/50 works well).
You'll also find a large amount of homeowners that aren't attempting to sell - they've simply decided to let the property go. Just ask them if they'd be eager to sign the deed over to you to view if that can be done something with it. Offer them $100 for his or her time signing the paperwork, and you'll be swimming in "yeses". You can apply a profit-share thing with them, as well.
With the enormous lots of foreclosures being sold now, the market is crammed with possibility. Don't let a tiny amount of start-up capital get in the way of starting your real estate investing business. Use the strategy above to "grab deeds", and you will be well in your way to joining the real estate elite.
The present foreclosures rate won't carry on forever - use it now.
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Another great article by Blackie Homes. Check here for free reprint license: Purchasing Real Estate Properties With Unpaid Property Tax.
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