Ok, Got A Tax Foreclosure Question, About Financing...(m)
I'm interested in hopefully obtaining some properties at the county's delinquent tax auction for coming summer. The thing is, if you're the successful bidder, you must have the money by close of the business day. This is a great way to get property WELL below market value and I'm so excited about doing this. The problem is, I won't have immediate access to cash. What I want is to have cash on hand when I walk through the court room door, how can I make that happen? Will HML put up money like that? I can't take out a HELC because neither of those residents are my primary. Help me out guys, I really want to do this, where can I find the money to do this? Any ideas would be appreciated, if anyone else has invested this way please share your experience with me.
Thanks
quinn
You mean to tell me that no one has any advice for me? Let me clear something up. In my inital post I said that I can't take out a HELC because none of the properties are my primary residence. What I meant to say was that I can't take out a HELC on any of the properties that I own because none of them are my primary residence.
Can someone please give me advice on trying to go this route?
Thanks guys
quinn
Private money is the best way. Get a cash partner that will have cash & you can pay him/her back plus a profit.
Tax auctions aren't always as easy as you think, especially in the more populous counties. There usually is competition for the best properties.
i live in tampa, and excitedly went to my 1st auction "at the courthouse steps" (which really aren't on the courthouse steps)....well, here, auctions are no well-kept secret anymore. i talked to several different investors and they all stated the same thing....the competition is strong. you can still get a deal, but not like the deal you think! from the day i went, you'd almost be better going after people who can't sell their home for whatever reason (carpet smells like dog, etc.) at least, then you would have some time to get a loan and also to go inside and know exactly what you are getting into!
if you are set on going to the auction, check your laws for the process...remaining liens.....you could be buying a lien from a homeowner's association, which isn't the only money owed on the property...
there aree links above this page for contacts regarding money to lend...check them out!
good luck!
Thank you for giving me some info. I was thinking about the competition factor, seeing how this would be a possible new area for me, especially with money issues, I think I should do more research first.
Thanks again,
quinn
Quinn
Try to get an unsecured equity line of credit. This would allow you to write a check immediately
Lori
[addsig]
The only problem I'm having is that the bank is requiring that the home I get the credit line on be my primary resident. I'm trying to find a way around this without committing fraud.
We have 4 properties, why can't I walk into a bank an just use them all as collateral instead of one of them being my primary resident? Maybe not all of them, but you get my point.
quinn