Purchasing tax-delinquent properties
Hello All,
Does anyone in this forum have first-hand experience with purchasing properties that are delinquent on taxes (i.e. at the lowest price possible) from either the owners or at an auction and then either selling the property at the market price or performing a BRRR on it?
I've read few articles on this topic and have a friend who did this on the property (land) that he owns now and is selling through a RE agent.
Is this a smart way to purchase properties at the lowest possible price, since in most cases there is no mortgage on the property (otherwise the stat would have repossessed it in many cases) to help the owner dig themselves out of a whole (e.g. overdue taxes) and add a property to your portfolio that you can either rent out to the current tenants, BRRR it or sell it at market value?
Any tips on how you approach this, how you acquire the county list of properties currently overdue on taxes, and your experiences, would be appreciated.
Thank you.