Can I Buy Homes on Back Taxes For Less Than $1000?

Can I Buy Homes on Back Taxes For Less Than $1000

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Every successful real estate investor you knows that you can buy homes on back taxes; it's a solid investment. If you know the well-kept secrets of which properties to buy, and - this is key - when to buy them, you'll be head and shoulders above your competition. This property is easy to find, and easy to buy: tax sale property... bought after the foreclosure auction.

Tax sale is no place for beginners - or any smart investor, really. The competition will eat you alive. The tax sale is saturated with bidders at this point. And if you do win a bid, it's for property you've never been able to inspect. It's futile, even if you do get a deed: the owners have a year to pay off, and usually do. But there is a smarter way to buy homes on back taxes.

And that doesn't mean there aren't tons of gems waiting to be bought. About three months before the end of the redemption period, you'll approach the owners themselves. Those that can redeem, have, by this point. The ones that are left have probably decided to just let it go.

These owners' properties will be easy to purchase. The owners, oftentime heirs or landlords, don't want the burden of a second set of taxes. They just want the property to disappear. Getting these deeds is as easy as simply asking for them. Offer a few hundred dollars for their time. Once it's yours, either redeem or sell - it's that simple.

This method of buying tax property is by far the most successful. And right now is the best possible time to get involved with tax foreclosures.

If you thought that was cool, you're going to love this. 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 the poor owners usually don't know this. Since they usually are gone from the property, any mailings they get from the county go unnoticed. After a year or so, legally, the money becomes property of the government, and the owner loses it forever - even if it's $50,000.

But there is some good news. Since this money isn't held by the state, state laws capping out finder's fees don't apply. That means you can charge much more than 10% as a finder's fee - more like 40-50%. So if you collect one $20,000 overage a month, that's a six-figure income from overages alone. Combine this technique with the methods discussed in this article on how to buy homes on back taxes, and you've got a head start on your competetion

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