Posts Tagged ‘Transportation’

Purchasing Back Tax Property – How to Get it For Cheap, Or Profit Without Owning Property

November 23rd, 2022

Purchasing back tax property is not as challenging as you may think. While it has become considerably more difficult to get tax foreclosure property by bidding at auction, back tax properties are still available all over the place for a bargain – if you know how to go about finding and buying them.

If you attempt to bid at auction, you’ll find a few things are true. First, you’ll have a lot of competition, and that is likely to get worse in the future. This won’t allow you to get a great deal. Second, you’ll have to pay for your entire bid, in cash, at the sale. Third, you won’t be able to inspect the property beforehand. The only surefire way to go about purchasing back tax property cheaply is to get it directly from the owners, after tax sale.

Towards the end of the redemption period (the year or so after tax sale when the owner can still redeem), there will still be many properties left unredeemed. Purchasing back tax property from the owners of these homes, at this specific point in the process, is a gold mine. These owners are desperate and willing to negotiate a very, very low price for their properties, and sometimes are even happy to sign over the deed to you for nothing, just to be done with the ordeal as soon as possible.

If you’re considering purchasing back tax property as an investment but really hate the idea of owning property, there’s another very easy way to make a lot of money from tax foreclosure property, without ever having to own anything. When more is bid at tax sale than is owed on back taxes (same for mortgage foreclosure) the overage is held for the owner to come in to claim. Since many of these owners are long gone from the property, or for whatever reason have abandoned the situation, they often don’t know about the tens of thousands of dollars they have waiting to be collected. After a while, they lose it permanently to the government.

Buying Back Taxes – Properties For Fun and Lots of Profit in 5 No-Brainer Steps

April 13th, 2022

If you’ve been considering taking the leap into property investing, now’s the time. Buying back taxes properties is a great place to start. You can potentially buy dozens of properties a year if you know the right way to go about getting them. You should learn to buy tax property outside the auction for the best profits. Here’s how.

1. Let other investors bid at tax sale… you stay home. New tax sale investors always drive prices up – no more good deals to be had. Also, Buying back taxes properties at tax sale is risky. You can’t inspect it first, more than doing a drive-by. Even if it looks good from the outside, it could have major issues inside. You’ll be able to avoid all these pitfalls by getting your properties without going to the tax sale.

2. You’ll buy property at the end of the redemption period after tax sale. This weeds out owners that will redeem the property – they have, by this far in. This leaves owners that can’t or don’t want to pay the taxes, for a number of reasons. Keep your eye out for this situation – it’s the one you want to find, because it makes buying back taxes properties really simple!

3. Next, determine who the owners are and what their contact info is. Free searches on the web as well as paid skiptracing sites makes this step easy. When you have their contact info, give them a call or an email.

4. Buy the deed. If they aren’t planning to pay the taxes, tell them you’d love the chance to see if anything could be done with the property, and offer a few hundred bucks for their time. These owners are often glad to see you get the property, and not the tax sale bidder.

5. Sell or pay the taxes on the property. If you have enough cash on hand, you can redeem the property and rent it or sell it later for market value. You can also opt to sell right away and let the new buyer take care of the back taxes. Either way ensures a healthy profit on your investment.