Buy Property For Back Taxes Dirt Cheap
Buy Property For Back Taxes Dirt Cheap
Now is the time to get into real estate investing - regardless of how much money you have in your bank account you can buy property for back taxes. It doesn't take a fortune to invest in buying property for back taxes if you go after the right property at the right time. (Even if you have a lot of money, you should use these techniques!) We're talking about tax sale property - bought outside the tax sale, after it's been "sold" to the highest bidder.
But first, understand why investing at tax sale is such a losing proposition - especially for beginners. The competition makes it a waste of your time, bidding everything up to close to market value. And did you know you can't view the properties before buying them? You could end up owning a dump you've never seen, this way. And if you do get a deed, don't get too attached to it: the owners pay their taxes before the end of the redemption period 95% of the time anyway.
That's all fine because tax property can and should be bought in an entirely different way. About three months before the end of the redemption period, you'll approach the owners themselves. At this point, the owners that are left are probably not planning to redeem the property.
Buying from these owners will be a cakewalk. You'll find a lot of heirs, landlords, and people who just bought the property thinking maybe they'd do something with it one day. All of them no longer want the headache of maintaining the property. Getting their deeds are as simple as asking for them. Throw in $200 for their efforts. Once the property is yours, you can decide whether to keep it, or sell it.
This is the only surefire way to buy property for back taxes for $200 or less. Don't start tomorrow, or next week - get going on this now.
If you thought that was cool, you're going to love this. generally, when a property is bought at auction for more than the taxes, the extra amount belongs to the owners. Most owners don't realize this, since in many states, the money just goes right to the government.
Notifications from the government often go to the tax sale property, where they no longer live. And guess what? In most cases if they don't get the money in time, they lose it forever.
Here's where you come in - since these funds aren't held by the state, they are usually not subject to state laws about finder's fees. So if you can find the owners, you can charge up to 50% as a finder's recovery fee. And since these overages are often for high amounts, you can easily make a huge income from them.
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