subject: Homes With Unpaid Property Taxes - The Shortcut To REI Profits [print this page] Homes With Unpaid Property Taxes - The Shortcut To REI Profits
Now is the time to get into investing in homes with unpaid property taxes - regardless of how much money you have in your bank account. A rich investor who doesn't know what he's doing won't be able to hold a candle to you, once you know the secrets of which properties are the best to invest in. Let's get right to the point: we're talking about tax foreclosure overages, bought after they've already been sold at tax sale.
So, why should you avoid tax sale? There are a few key reasons. With the number of competitors you'll find there, the chance of getting a property for a real bargain is slim to none. Not only that, but you have to come up with all the cash for your bid right then and there, if you do win. After all that, 95% of the time the owners pay off the taxes in time and you don't get the property anyway.
Does this mean you're out of luck? No way. You'll make a boatload of cash on homes with unpaid property taxes by simply buying from the owners at the far end of the redemption period. Most of the owners left at this point are forfeiting the property to the government - they don't want it anymore.
These owners' properties will be easy to purchase. You'll often find these owners are heirs who never wanted the property to begin with. Getting these deeds is as easy as simply asking for them. Toss in a few hundred dollars as payment for their time. Then, if you want to keep the property, just pay the taxes and it's yours! Otherwise, sell immediately and take your profits.
Ever heard of a better technique for getting homes with unpaid property taxes for $200? There's never been a better time to start buying tax property.
Here's another big tip... when bidders overpay for a property at tax sale, that extra money over the taxes owed are usually held for the original owner. Most owners don't realize this, since in many states, the money just goes right to the government. Since they usually have moved on from the tax sale property, they don't get notices of the overage. And guess what happens next? If they don't collect it in time, the government gets to keep it.
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. So you can find these owners and charge up to a 50% finder's fee for your information and collection service. These overages are regularly $20,000 or more. Could you make a living on $10,000 paydays each month?
