| If you have been hemming and hawing about maybe | | | | to let the property go, ask if they'd be willing to sign the |
| getting involved in real estate taxes, you better get | | | | deed over to you so you can see what you can do |
| over your reservations and buy homes for back taxes | | | | with it. If they want to sell, negotiate. If you can't reach |
| now. The recession has caused an influx of great | | | | a price you find to be a stellar bargain, offer to buy the |
| property into the market, but if you don't act soon, you'll | | | | deed for $10 plus a percentage of what you get from |
| find you're kicking yourself for not just taking the | | | | selling it. |
| chance to make some great money while you had it. | | | | 4. Flip the property to another investor. With so little |
| Here's the best way to buy homes for back taxes, | | | | invested (especially in the $10 scenario), you can afford |
| even if you've only got $1,000 or less to invest. | | | | to sell the property for dirt cheap and still walk away |
| 1. Opt not to buy back tax homes at auction. Too | | | | with $10,000-$20,000 or more. Price the property low |
| much bidding and too much risk make this a poor deal. | | | | enough that investors will be beating down your door. |
| Properties get bid up far too high to be profitable, and | | | | This is the easiest and fastest way to make a risk |
| you can't inspect the property beforehand. You'll want | | | | free profit. |
| to buy homes for back taxes directly from the owner, | | | | 5. Or, pay the property taxes and fix up the property |
| outside of tax sale. | | | | sell it for retail. The other option is, of course, to hang |
| 2. Wait until after the tax sale to buy. Before tax sale, | | | | on to the property until you can sell it for its full value. |
| owners are still trying to pay off their taxes. By about | | | | Up to you. |
| nine months after tax sale, they've only got a few | | | | Whichever of the last two routes you choose, you'll |
| months left to redeem. Those that can, will have | | | | walk away from the deal a winner. By investing so little |
| already. The rest are going to have to sell, and sell | | | | you take very little risk - even if for some reason you |
| fast, if they want anything out of the property. | | | | can't sell the property or pay the taxes, you're out |
| 3. Call the owners. See what they're planning to do | | | | almost no money. With the current rate of foreclosure, |
| with the property - most of the time, they'll be totally up | | | | the opportunity in this field is virtually endless. |
| front with you about what's going on. If they're planning | | | | |