Any non-pros and non-newbies?
Okay... I'm going to ask the question you all probably hate.
I have been educating myself for some time on the topic of tax leins and tax sales. Having made - and then lost - a fortune working for a semiconductor startup company, I am looking for a better way. Knowing that most people are inherently lazy, I like the idea that this business is hard work.
However, the more I educate myself the more it seems that professionals and the companies they work for are starting to dominate this field. How can an individual compete with the professionals, their seemingly unlimited resources, and their large staffs? When I go to my next tax sale, am I likely to even get a bid in on a decent property?
My status bar says there are 57 members signed in. Reading the posts it seems that there are always either newbies (like myself) or professionals... not a lot in between. Anyone out there that isn't a pro just making a decent return on your investments?
Your post requires loads of answers...
If you're looking for auctions that don't have as much competition from the large banks you can stay away from FL and AZ. Visit Nebraska for not so many competitors but a great state in terms of legislature.
NV is coming up to be a lien state next year. Auction will most likely be at the beginning of the year (not set yet), so the competition will most likely be low in the first year.
Thanks for the reply. I find myself in the peculiar position of being quite unlike most of those I have come into contact with since I began investigating creative REI.
. I found six that I thought would be worth owning if the owner didn't redeem. I researched the Property Ownership Records at the county clerk's office (and found out what a painful process that is).
Most appear to be either full-time REI or wish they were. I'm not there yet. I'm not saying I won't ever get there, but I'm not presently looking to replace my income. I just want to find a great place to invest my spare time and income... and have a little fun.
So far, it appears that tax lein investing fits the bill. I have researched over eighty properties coming up for sale at the next tax sale I plan to attend. I filtered the list down to ten that I actually went to see (the advantage of starting "in your own backyard"
I don't plan to actually bid at the next auction... I'm still pretty new at this. I'm going to register just so I can complete the cycle.
Anyway, regardless of what happens this has been very educational... and a lot of fun. The real test is going to be at the auction. We'll have to see just how competative those properties are. Perhaps I'll have to take you up on looking outside my state, but it certainly will cut out walking the property.
I would probably fit your definition of a mid level investor....I am not a novice and definitely not pro.
Currently own about 30 tax foreclosed lots in Arkansas and about 4k of tax liens in FLA. I live in Ohio. Did it all by mail.
Thanks for the reply, cscarpero.
Thirty lots is pretty impressive. What is more impressive is that you have done it all via mail. Are you buying leins that don't sell at the auction, or do you have a representative at the tax sales buying them for you?