I am attending a tax sale next month. Rules of the tax sale are cash only for properies <20K, and credit for amounts over 20K, there are a number of properties & vacant land pieces that I am interested in that I believe could be resold relatively at a substantial profit quickly even if they sell for 3-4 times opening bid.
Obviously as a newb - I don’t have 20K disposable cash, let alone 20-40K if i wanted to purchase two properties. Although I have excellent credit and a fairly large household income, I am just starting to look into REI, and haven’t gotten a small business loan or any other type of lending to purchase properties with.
How have others purchased property from Tax Sales which require cash? If I get an unsecured line of credit, can I draw on that and write a check which is the equivelent of cash that would be accepted by a county? County rules are cash, cashiers check or personal check with verification (don’t know what that means really)
Advice appreciated.