Now is the time to get into real estate investing and tax sale overages collections - regardless of how much money you have in your bank account. What you really need to comprehend fully is how to buy property, what type of property to buy, and - important - when to buy it. Here's the best way to buy the best property - tax foreclosures - for as little as $100.
If you're thinking it would be easier to just attend tax sale, consider this. Competition ensures you won't get any bargains. Not only that, but you can't inspect the property, or finance it - you have to pay for your purchase immediately, sight unseen. Even if you find a work-around for those problems somehow, expect the owners to come and pay the taxes off. They do 95% of the time.
Thankfully, this isn't the only way to get tax property. About three months before the end of the redemption period, you'll approach the owners themselves. The owners remaining at this point either don't want the property, or can't pay the taxes.
These are the owners you want to focus on. People decide to let go of properties for different reasons, but they all have one thing in common - they no longer want it! Tell them you'd like to get the deed out of their hair sooner. Offer to pay them for their time - say, $200. Once you have the deed, you can pay the taxes, or just sell before the end of the redemption period.
This is the way to get tax sale property, if you're serious about buying a lot of it. There's never been a better time to start buying tax property.
How about one more huge secret? in most counties, any amount that's bid over what was owed on the taxes on the house belong to the owner that lost the property.
But how often do you think the former owners actually know this? Since they are usually long gone from the property, they don't get any notices sent there about the money. And guess what? In most cases if they don't get the money in time, they lose it forever. A perfect oppurtunity for you to help them out, and to make some money in the process by real estate investing and tax sale overages collections.
The good news is, since this money is being held by the tax sale agency, not a state agency, it isn't subject to finder's fee limits in most cases. What that means for you is that you can charge 40-50% as a finder's fee for locating this money for owners. And that can mean some major paydays for you, since real estate investing and tax sale overages collections are often big money items.