If you're investing in tax property or thinking about it, you've got to learn to get buy property for taxes outside the auction.
If you're trying to make a living at tax sale, as you may be finding out, bargains are hard to come by and there are a lot of pitfalls.
Here's how to buy property for taxes outside the auction - often for $200 or less.
1.
Wait until nine months after tax sale, and then see who still hasn't redeemed their property.
These will be people who need to sell - and their property is probably free and clear, or lien and mortgage holders would have redeemed by now.
2.
Call the owner and see what their plan is.
They usually fall into two groups: those still scrambling to sell, and those who have moved on and decided to let the property go.
3.
Make them an offer.
Here's where you get to buy property for taxes outside the auction for $200.
If they want to sell, offer $200 for the deed and a percentage of whatever you can sell for (this leaves your eventual sale price up to you).
Or, if they've decided to just let the property go, be bold and ask if they'd mind signing the deed over to you so you can see if you can do something with it.
Offer them $200 for their time in signing the documents.
4.
Pay the taxes; or, sell quickly at a discount.
This is a no-brainer.
Either resolve the tax problem yourself - after which you can keep the property, sell it, or whatever you like - or if you can't, quickly sell to another investor by pricing the property so low that it's a steal.
You'll walk away with thousands (at least!) on your $200 investment.
This is a great way to break into the tax property investment industry - and it's great way to get property for even the most seasoned investor.