Jan 18, 2017
Counties around the country live and die by property taxes. They rely on those taxes to pay for schools, firefighter, police, etc. When property owners have residential, or commercial, properties on which they can no longer maintain the property taxes, regional (county) and federal governments will put these properties up for auction. The reality is that property owners all over the country will default on property taxes for many reasons, and they will be unable to pay their residential or commercial property taxes. All you have to do to participate and help out the counties in need, and make some excellent returns in the process, is be able to pay all the back taxes so that the county can concentrate on its business.
Types
You can either invest in tax liens or tax deeds. With the lien, the county puts up the lien on the home up for purchase by bidders. Not every county operates the same way, but the result is similar. When this scenario includes a deed, the county offers the home for sale, not a lien, outright. In general, regardless of the 2 types, the objective is to get the residential or commercial property out of the overdue house owner’s hands and moved over to somebody that can pay what is owed and maintain upcoming tax payments.
Advantages
For a purchaser, you’re getting a residential or commercial property at a fraction of its worth. Simply think of getting a customized residential or commercial property that consists of all the bells and whistles you desire without having to pay market value. For the defaulting homeowner, a tax sale is your opportunity to get out of a home for which you can no longer pay.
Where Are They
You can do a regional search on the Internet to assist you discover out when and where the next one will be held. Frequently there are notifications in the paper about homes that are going up for auction and that there will be a tax sale. Typically, there’s an image of the residential or commercial property along with a listing so you’ll be able to see exactly in what you are preparing to invest. Be careful as some sales are held monthly, some quarterly and some yearly. In our tax lien and deed course we go over the various types, sales, resources, etc.
Be careful about rushing into this business without the appropriate knowledge and how to apply it.
Having said all of that, this remains a terrific business to pursue. You can use tax sales to obtain great quality realty for an incredibly low-cost.
The best way to make money in any environment is to follow the CARDINAL RULE and make your money work for you.
God Bless and remember…
Prosperity is the name of the game…
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