A lot of beginning investors aren't sure exactly where they should start when it comes to tax sale investing. They usually have an idea, but typically want some sort of step by step process on what to do before the auction takes place. As much as I would love to give you the step by step list that I use, it takes hours and hours to properly teach it to you. Instead, in this article we're going to give you the five major things that you must do before a tax sale auction.
Step #1: You must get a tax sale list. It's pretty obvious that you need to know which properties are for sale in order to invest. There are plenty of people out there that treat tax sale lists as if they're some sort of mysterious object, confidential to only the entitled ones that have the super powers of accessing them. That's a load of garbage!
Tax sale lists are 100% free and are obtained very easily. The best way to access a list is a simple phone call to the department responsible for conducting tax sales in the area you're interested in. They will certainly be happy to provide a copy of the list or send you in the right direction to get one. We must all remember that they want to sell these properties (and return them to the tax roll) just as much as you want to buy them!
Step #2: You must research that tax sale list. This is the most important step of any successful tax sale investment. It's imperative that you understand this. There is nothing more important in this entire business than research.
Although I wish I could tell you otherwise, research is not easy for a beginner. It is intimidating. It is time-consuming. It is frustrating. But it is crucial. We use a variety of methods to research properties and it has become easier over the years as technology has advanced. As you gain experience you'll soon be able to efficiently and accurately research many properties in no time.
Step #3: Decide what you'll bid and what your budget will be. The easiest way to do this is to insure that your research is thorough and accurate and make notes on what you feel you should pay as you go. Obviously, there will be some properties that will sell for 20-30 times what you budget. It will happen at every auction. But don't skip over any properties regardless how high you think they might sell. You always need to be ready.
When people ask me what they should pay, my answer is always the same. You should only buy ฝากขายบ้าน it at a price that is such a deep, deep discount that you know you can turn around tomorrow and sell it for less than market value while still making a nice profit! If you pay any more, you're gambling.
Step #4: Determine how you will pay. When you purchase properties at a tax sale or tax deed auction you won't have time to get a loan, to run off to the ATM machine or to ask your rich grandparent for some money. The auction company will want the money right then and right there. You must come prepared ready to pay or the property could be sold to the next person in line.
Before attending the auction you should contact either the auction company or the county and ask what type of funds are accepted. Just because you've been to one auction doesn't mean the next auction will be the same. Each auction is different! Some auctions will accept only cold hard cash, while other auctions won't accept any cash for safety concerns. Some will accept credit cards, personal checks, business checks or money orders, while others won't. Some will accept cashier's check made payable to the bidder, while other auctions will require them be made payable to the county. You must call and ask!
Step #5: Register to bid! I know this step seems simple and it usually is. But it can be difficult if you're not prepared! Nearly every auction you'll attend will require you to produce a government issued identification. If you forget your identification you won't be bidding. Other auctions will require you to register ahead of time. You'll submit your information electronically and when you show up you'll have a bidder card waiting for you.
As always, it's best to take a look at the auction list itself or contact the county with any questions. Every auction is different so be prepared. The last thing you want is a surprise on auction day that ends with you missing out on that deal of a lifetime.
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