I receive these lists from my mom all the time and I have no idea how to utilize these if possible. I'm new to investing and like to learn as I go. Seeing as how I have BP on my side, maybe you lovely people could help me out as to what my options are with this list. Let me know if I'm sitting on leads or wasting my time haha. Thanks in advance!
This looks like a tax deed sale where property is going to be sold to top bidder. Usually there is a redemption period after sale to allow current owner time to payoff with additional interest which you would get; you can earn up to 36% interest depending on state. Check out tax lien certificates and tax deed sales. Tony Ramirez from US Tax Liens has a free 7day free overview course I recommend taking.
Texas is a 'redemption state' so if you want to invest locally, tax deeds are what you should research. Basically when people don't pay their taxes the county can foreclose and then auction their property. This in a nutshell 'wipes out' liens Like mortgages and 'mechanic liens' (if they didn't pay the roofing company etc.), but does NOT wipe out 'superior' liens like those from the state and/or federal Level (Childsupport, IRS, or EPA liens for example). This is why you could still be liable for large amounts if you buy a property w/ a superior lien against it.
There is a lot of research involved in "due diligence" in order to find properties that are worth the investment. And then unless you take legal action to clear the title, the properties can have hurtles when trying to sell. And generally spec king you'll need to hold the property for at least 6 mon, until the end of the redemption period to sell.
I am beginning to invest in tax deeds myself, I believe that if you do careful research, and buy for the right amount, there is substantial profits to be made. I recommend you watch all of the free youtube videos from 'Thetaxsaleacademy.com". I recently bought a monthly subscription to his site and have found it very educational.
Good Luck! Sundai Segadi
hi broderick. sundai is correct. tax sales can be a great place to buy real estate, but the federal leins would still be in place. do your due dilegence. also, this list could be used in a different manner. you have names and addresses. go check out each and every one of these places. find the owners. buy right from the owner before the tax sale. some municipalities actually will let you make a payment arrangement on the back taxes. you find the owner, offer to buy the property for a little cash to them, and assume the back taxes. they do not have to know that you will then be paying those back taxes in a payment agreement with the local tax authority. all you are doing is assuming their obligation which gets them off the hook. you make the payments to your tax authority just like a house payment, and you own a house. you can do whatever you want with it along the way. he again, do your homework. make sure you are not buying someone elses heartache. there may be other leins on the property and you do not want those. i have personally bought 2 houses in this manner. good luck to you
That is a listing from a tax auction, for Harris County. Save you money on a guru. Go and observe two or three auctions. Follow along, and ask questions to bidders.
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