I had received a e-mail link via-REI and it was about Property tax liens, auctions, or the like, entitled cheaper than forclosures in which the owner, Ben Bergin, states that properties can be purchased at $350, $500, or at under $1000.Can anyone tell me if this is worth pursuing, or if they received something similar?
Much Appreciated,
James.
I have not received it but as with most of these programs the principle is not rocket science. That is what they are going to teach you the principle. What you need to do is learn how to do it where you are. For example the taxing authorities where you are they probably won’t place a lien on a house for under $1000. It may take several years and a bill of over $10,000 before they place the lien. What you should do is find someone where you are that does this and mimic them. That way you get the advantage of having them make the mistakes and you only do it right skipping that trial and error period. You move straight to making money.
Bluemoon, where should i begin, who and what would i look for? like official titles? listings? phonebook? local city web sites? anything like that? or other, any suggestions?
thanks again,
James.
I would suggest you attend a tax auction in your area: call the tax assessor’s office and find out when it is the next auction, usually a couple of times a year. Go down there and for the first time, you might want to just look at the action and see what other experienced investors are doing and what properties are buying.
There are many implications on tax sales, depending on your jurisdiction: rights of redemption, liens, etc. The assessor’s office can provide you with literature about rules of tax sales for your state.
It is a numbers’ game - you might end up offering on several properties at the auction (after you do due diligence in checking title and so on), tie up some money and then wait and see which ones you actually get (because of redemption rights mainly.) Checking the title is fundamental though - some liens and problems on title can make the deal a bad deal (like IRS liens.)
Thanks so much, what a helpful medium for looking at RE investing especially us beginners.
james.
any anyone help me as how to buy in bulk? if i am preparing to invest in about a couple of millions, can i buy direct from the bank or FM, or i still have to buy the foreclosured houses from the market?
National Bank of PA has a list of several hundred properties ranging from $7,900 to $19,000 to $3,000,000,00 call them up have them mail you a list of bank owned properties you could buy in bulk.