In a previous post I had given an example of investing in tax forfeit property by using $200 and buying land then turning it for $6,000 cash for deed. But since the aim of this post is to help you get a little extra in your pocket, I wanted to go through the steps I took and how it may work for you as well.
- Have debt free capital of $200-500 to invest.
- Research the counties you want to invest in a state for tax sales.
- Check with the collector or clerk as to when the tax delinquent or foreclose sales are and mark that date. Ask if the sale is a certificate or deed sale, this matters.
- Research the chosen property (or properties) that you want to get and bids at the sale, if a deed sale then after the redemption period is over (usually 10-30 business days for deed states, depending on the state) and then advertise with pictures of the land you bought, for sale by owner either offering terms or sale in cash for deed for the land.
- The more pictures, surveys or plats (info in general) you have for the land, the better!
6.Sell on Craig's list, eBay, Facebook or other social media outlets to minimize costs of sale. - Enjoy investing in tax sales!
OK this isn't an in depth tutorial, but hopefully itdoes give you an idea of how it works in a general sense and is basically what I did. Though it does take a little learning curve to get a hang of the buying and selling, but that's why its good to invest with small amounts compared to stock market type investments.
#investing #taxsales #money #moneymatters #buylowsellhigh #education