Michigan Tax Deed Funding
I'm looking for a hard money lender/ investor that loans money for tax deed auctions. I'm looking to buy multiple properties, but keep running into the chicken or the egg situation. Everyone I talk to needs a signed contract for the property in order to release money. the problem is the county wants the money within 24 hrs of winning the bid in order to start the paperwork for the deed. Is their a way to maybe put the funding in an escow account to be released upon winning the bid? I appreciate any help because this is driving me NUTS!
The only way to get funded for tax deeds is by private funding. In most cases you will buy the property in the investors name and make your money when you refinance or sell. Typically only the people you have made money for in the past will lend on Tax deeds because the risk is too great for you to steal the monies. My advice would be to get on a one to one with a private individual investor, and then get an amount and parameters of what they will lend on from him, then go see what is available within that amount and scope.
Good Luck,
Kyle