Hello Investors
My name is Storm Hightower and I was looking for information on how to get properties thru tax lien sales. I know very little but i am interested in learning. Do you guys have sugestions on where I should start?
If you are local to the Philadelphia area that would be a great help, if not all advice will be deeply appreciated.
I look forward to your replies
Storm Hightower :-?
WeatherTheStorm:
You are smart to want to get into real-estate. However doing tax lien sales is like finding the 'diamond in the rough'. It is not hard to find out when and where these sales are. Simply contacted your local tax board and ask the tax assessors office when their next tax auction is.
The problem is most people somehow find the money to pay off their delinquent tax bill at the 11th hour. Their are some exceptions to this. My friend bought a $700k house for $350k in Palm Springs.
My recommendation for you is to forget about the tax sales and start going after the 'absentee' owners in your area. You could offer to purchase the house with the paying or non-paying tenants... I would recommend sending out 250 letters a week to start...
Best Regards,
Jeff Adam
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If you really want to get the property, tax liens are a low probability play. Some folks quote 99.5% of all liens are redeemed or are worthless.
Tax deed sales are where you are bidding for the deed to the property. The winning bidder will get the property if the redemption period expires without the deed being redeemed. You pay a lot more at a tax deed sale as you are bidding on the property and not just the value of the tax lien.
As noted by someone else, if you really want to buy property there are higher percentage ways to buy good deals.
John
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