Tax Foreclosure - How do I buy it? Need creative finance ideas!

Tax Foreclosure - How do I buy it? Need creative finance ideas!

Grand Rapids, MI · Member since 2017 · 71 posts · 16 votes

Hey friends,

There is a county owned tax foreclosure that I was chasing for investment but have now decided it could be my dream home and property. I want it! A lot of my cash is tied up in a pending deal that I hope will sell soon.

With that said, who has creative ideas about how I can come up with cash and get it fast!? lol . I think I will need between $350K-400K to win the auction. YES, I have some of my own ideas, but I wanted to hear some of the smart folks in this forum.

  1. The auction will happen in about 6-7 days. Payment is due immediately after the auction.
  2. Unfortunately, I think I can only put my hands on about $100K max at the moment. Everything else is locked into other properties.
  3. I have a great job. My wife has a great job. We have great credit. Minimal debt.
  4. I have no living expenses with my employment situation.

Would love to hear about ways I could get my hands on the cash/lending to win this auction. Obviously, I will only bid if the deal can be closed at the right price.

Thanks in advance for your ideas!

Thanks,

Mike

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  • San Francisco, CA · Member since 2018 · 4 posts · 3 votes
    8y
    @Michael Arnold Mike, sometime I think is better not to rush deals. Auctions are tricky. If you don’t have the money don’t ask for an auction because somebody will come with more and killed the deal.
  • Grand Rapids, MI · Member since 2017 · 71 posts · 16 votes
    8y

    That could be the truth.....BUT it could also NOT be true at all. I've played in the auctions.

    Mike

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