- Attend the sale and bid.
Now before you actually go and bid at the sale, it is a must that you review the County Rules which will explain in detail what the bidding process is. Often these sales, depending again on the County, can move at a fast and rapid pace. If you don’t know what the bidding process is you can easily become confused and frustrated. If you are going to take the time to perform the previous 5 steps, then please take the time to understand the bidding process. This is a no-brainer.
Next you need to have an exit strategy for the property you hope to acquire. What good is purchasing a property if you have not planned out what you intend on doing with it? You can rent it out, sell it, lease it to buy, move in, etc. Whatever you want to do with the property, just make sure you have thought it through.
How much should I pay for the property, or what is the lowest amount I should except on a tax lien certificate? This is a great question, and the answer will differ on every property you are interested in. You need to take a close look at the appraised value, market value, and assessed value. You need to weigh the condition of the property. You need to adjust the total amount you are willing to bid based upon if there are any special assessments or liens that will survive the issuance of the tax deed. Find out what properties have recently been selling for in that area or county, not what they are on the market for, what they have sold for. To do this you can contact a realtor and get some comps. Just tell them you are going to have some properties and you will use their services to sell them. They will be more than happy to do this, they are not doing much right now anyways.
Now you are ready to attend the sale and bid. Bid with confidence and assurance. Just take action and go bid. This is the fun and exciting part. This is where you will make your fortunes and take them straight to your bank or IRA account. Go bid and have some fun in the process. Here is to your financial success and well being in 2010. Happy Investing! Make 2010 your most productive and profitable year ever. There has never been a better time to get involved with Tax Lien Certificate & Tax Deed Investing.