Tax Lien Investing Using Overages As A Secret Weapon
If you're already into tax lien investing
, using overages as your secret weapon will likely double your income this year. If you're used to researching tax liens and properties, adding just a few hours of work to your week investigating overages will be easy for you, and the income potential from overages can't be ignored - especially in this economy.What is tax lien investing using overages? Basically, it's a combination of real estate investing methods that takes advantage of the tax foreclosure process. When someone doesn't pay their taxes, eventually the government will either sell the deed to their home, or sell a lien against their home, to recoup the back taxes. When more is bid at auction for a lien or deed, an overage is created, and that overage is generally due back to the owner.
Investing in tax liens and working overages is like killing two birds with one stone. When researching tax properties, you also get records of these overage funds. You can often find all the information in the same government office. While working on which properties you're planning to buy liens on, you can also be connecting former owners with their funds created at past tax sales. And while at the tax sale, you can make a note of which properties had a big overage created, and begin researching the rightful claimant of those funds.
Since these overages are generally not subject to state law, the finder's fee you can charge for your information about the overages can legally be 30-50% (or more, depending on the complexity of the case). So while holding your tax liens for interest, you can be creating a steady cash flow of $5,000-$10,000 a month from these same properties in the foreclosure process. Other advanced strategies such as purchasing the rights to the overages and/or purchasing tax lien property to later collect the overage can also be employed.
With the foreclosure rates skyrocketing, now is a better time than ever to get into the tax foreclosure investing industry.
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