Tax Sale Questions
Hi! I am a newbie tax sale investor and have the following questions. Thanks for the advice and suggestions in advance.
1. How much money is reasonable to set aside for this? I am asking this because I am seeing from the 2008 sale results from Maryland (where I plan to invest) most of these tax certificates went to people and companies that bought them in groups. Do I have a chance if I am planning to buy them by individual properties?
2. Do you recommend going to see the property? I've been a landlord and rehabber for a couple of years and I always go see if the house is worth what I am thinking of paying base on location, condition, etc. Do you follow the methods in tax liens?
3. Once I buy the tax certificate on a property, does that mean I need to continue to pay the taxes on that property the next tax due date to maintain my position?
4. If I hold the certificate for longer than the redemption period, and file for foreclosure, do the positions of the mortgagees and other lien holders basically get wiped out? Do I need to file some action to clear title?
Thanks
Roger