Basic principles of tax lien: guaranteed real estate investments
My Tax Link Checklist and Action Plan:
• Read as many books and research online as possible.
• I selected one to three counties in one or two states to focus on the ones that were close to me and had upcoming sales
• Talked with county office officials and procured necessary documentation and paperwork for bidding, registration, tax lien lists, etc.
• I added the auction details to my calendar.
• Attended the auction
• I bought my first tax bond at auction
• Got my first link redeemed; In other words, I cashed that first check!
• Bought multiple links in another auction
My tax deed and action plan checklist:
• Read as many books and research online as possible.
• I selected one to three counties in one or two states to focus on the ones that were close to me and had upcoming sales
• Talked with county office officials and procured necessary documentation and paperwork for bidding, registration, tax lien lists, etc.
• I added the auction details to my calendar.
• Conducted research and due diligence on the properties in which I was interested in the upcoming sale of deeds
• I saw and physically inspected the properties I liked and took pictures
• I then contacted local realtors in that area to establish potential resale values and their terms of sale, including things like commission, length of advertising, etc.
• Attended the sale of deeds and offer of my chosen properties
• I acquired my first property with a tax deed!
• I contacted my attorney to make sure the title was undamaged and correct.
• Sold the property through the local real estate broker
• Repeat the process on the next sale!
These are the basics of Tax Link.
Once you have possession and title to your property, don’t sit idly by!
This is very important. You must decide as soon as possible if you want to sell your new house immediately, renovate it or rent it to tenants.
If you procrastinate, three things can happen:
• First, your property is likely to deteriorate if it sits vacant for too long. Moisture and mold are particular problems. It could also become infested with termites, cockroaches, or rodents.
• Externally, the property is bound to become neglected and dilapidated. Weeds will take over in no time. Not only will the house look bad, but if the county deems it a health hazard, they will clean it up and send you an outrageous bill for the trouble!
• Third, for every month the property sits vacant, you will rack up costs in terms of property taxes (which we know all about!) and insurance premiums.