Tax bought property - or property that can be acquired because it
has delinquent taxes - is one of the best real estate investing
opportunities available right now. Sky-high foreclosure rates are
ensuring that tax bought property will continue to be available well
into the future with tons of inventory to choose from. But how do you
get it? And what do you do with it, once you have it?
First, if you want tax bought property you're either going to have to bid on it at tax sale, or buy it directly from the owner. You'll find buying from the owner to be a much better proposition most of the time, because of the competition at tax sale. If you want to get property for as cheaply as possible, you've got to get it from the owners.
The way to do this is to wait until after the tax sale. The properties that actually sold at tax sale tell you two things: first, that they were nice enough for someone to bid on, and second, that they probably don't have a mortgage. Mortgage companies don't let mortgage property make it all the way to tax sale. They pay off the taxes in the meantime, and foreclose themselves.
The period after the tax sale is the best time to approach the owners. Their property has been "sold," and thus selling to you for a steep discount instead will seem like a better option. Find these owners and you'll find the most motivated sellers in real estate.
What do you do with it once you've got it? Well, you can pay the taxes off and keep it to live in or rent out. Or, you can find a buyer before the redemption period is up, and let that buyer pay the taxes. Or, of course, you can do both: pay the taxes yourself, and find a buyer later.
Any of the above options will result in a nice profit for you, if you play your cards right. And there's never been a better time to break into tax property investing. Go forth and invest!
First, if you want tax bought property you're either going to have to bid on it at tax sale, or buy it directly from the owner. You'll find buying from the owner to be a much better proposition most of the time, because of the competition at tax sale. If you want to get property for as cheaply as possible, you've got to get it from the owners.
The way to do this is to wait until after the tax sale. The properties that actually sold at tax sale tell you two things: first, that they were nice enough for someone to bid on, and second, that they probably don't have a mortgage. Mortgage companies don't let mortgage property make it all the way to tax sale. They pay off the taxes in the meantime, and foreclose themselves.
The period after the tax sale is the best time to approach the owners. Their property has been "sold," and thus selling to you for a steep discount instead will seem like a better option. Find these owners and you'll find the most motivated sellers in real estate.
What do you do with it once you've got it? Well, you can pay the taxes off and keep it to live in or rent out. Or, you can find a buyer before the redemption period is up, and let that buyer pay the taxes. Or, of course, you can do both: pay the taxes yourself, and find a buyer later.
Any of the above options will result in a nice profit for you, if you play your cards right. And there's never been a better time to break into tax property investing. Go forth and invest!
Next, read the Deed Grabber's "Tax Sale Property Insider's Guide." It's free - click here now: http://Deed-Grabber.com
Or, click here: http://Hooked-On-Overages.com to learn to profit from these properties WITHOUT owning them.
Ms. Dawson is a Chicagoland area real estate investor and "found money" pro.
Or, click here: http://Hooked-On-Overages.com to learn to profit from these properties WITHOUT owning them.
Ms. Dawson is a Chicagoland area real estate investor and "found money" pro.
Article Source:
http://EzineArticles.com/?expert=Maggie_Dawson
