A Request For Elaboration On Pitfalls & "Due Diligence"
I would very much appreciate it if someone experienced in tax sales could briefly summarize the most common ways to lose money (the pitfalls, as it were) in this area of real estate investing. I would also appreciate a brief list of what actions constitute "due diligence" in research and preparation for a tax sale. I am in a TLC state.
Thank you very much for any help you can provide. It is very much appreciated.
Kimberly
This is a great question and welcome to TCI.
I would suggest first reading:
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=547
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=314
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=211
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=79
This is your homework for the New Year!
This is a great form of investing for interest return on your investment, but actually acquiring real estate will not be that easy.
[*]You will want to be familiar with how to do a title search.
[*]How to foreclosure when it comes time to take the property.
[*]And all the in's and out's of state and federal laws on this subject as well.
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Thank you, John Michael. I was able to compile a localized research checklist, and by referring to your post and the referenced articles, was able to fill in some fuzzy/blank spots. I am still working on a couple spots, and you will likely see some posts from me in the future about those.
Your help is well appreciated.
Kimberly
Not a problem!
TCI is here to help with the fuzzy and blank spots.
Have a great 2005!
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