How To Buy A Home For Back Taxes - Or Cash In Without Owning Properties
If you're wondering how to buy a home for back taxes
, you're on the right track. Back taxes homes are a great way to make money from real estate, and it's easy to get started without much capital if you go about it the right way. Not only that, bu the tax foreclosure process creates another huge opportunity for profiting from back taxes homes, without ever owning property at all. First, how to buy a home for back taxes.If you go the route of bidding at tax sale, you will find a few things are true. First, you'll have a lot of competition, ensuring that the property will be bid up to close to retail value. Second, if you are the winning bidder, you have to come up with your bid amount, in cash, right then and there at the sale. Third, you can't inspect the properties you're bidding on. This is not how to buy a home for back taxes. It's a risk that's too big to take - especially when there's an easier and better way: buy outside the tax sale!
By waiting until late in the tax sale process (i.e., after the property has already gone through tax sale) and contacting owners directly, you'll take advantage of a couple of things. Other tax sale investors have moved on already, so no competition. And most importantly, the owners are desperate to sell at this point. You can buy a home for back taxes, and as little as a few hundred dollars at this point.
Another way to make some serious money from the tax sale is by connecting owners with their overages. When more is bid at tax sale than is owed in back taxes, the overbid is due back to the owner. However, for numerous reasons, these owners often don't know about the money. Since it escheats back to the government after a while, it's urgent that the owners are notified and the funds collected before that point.
If you can find the funds, find the owners and connect the two, you can legally charge 30-50% as a finder's fee. On the average overage of $10,000 let's say, that's $3,000-$5,000/transaction. Not too shabby for a couple of days' work!
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