If I Pay Back Taxes on Property, Do I Then Own it?
“If I pay back taxes on property, do I then own it? This is a pretty common question/misconception among the tax sale “uninitiated.” While purchasing tax property is hands-down the best way to invest in property, it’s not as simple as you just pay the back taxes on property, pick up the deed, and then go on your merry way.
Most of the time, you’ll be bidding on the property against other bidders at tax sale. Because of the competitive nature of the business, most properties get bid up near retail value. This is not a good way for beginners (or anyone, really) to invest. Plus, you can’t inspect the properties first. Tennessee Foundation Repair contractor . There is another way to get these properties, however, that allows to you pay back taxes on property and as little as $200 for the deed, and then flip the property for thousands in profit if you like: buying property outside the auction.
There’s no secret society here; if you want to avoid the tax sale, you have to purchase from the owners. But the timing is the really important thing here. If you approach them prior to the tax sale, they are probably still thinking they will come up with the cash to pay the taxes off in time. Or, you won’t get a hold of them at all; they’re too busy dodging creditors and trying to avoid the whole ordeal.
By waiting until after the tax sale, those who can pay off, will have. The rest will fall into one of two categories: desperate to sell, or don’t care anymore. Bathroom Remodeling Willow Grove PA . bathroom remodeling West Chester PA . The ones who are desperate to sell have no choice but to sell at a steep discount. Those that have decided to just let the property go (you’ll find many of these!) will be happy to sign over their deeds to you for as little as a couple hundred dollars, just to move on from the tax sale.
If you follow the above advice, you’ll find you can acquire a lot of property very quickly and cheaply. You can even get started with as little as $500 in the bank. If you don’t have the money to pay the taxes, you can always flip the property to another investor, still at a steep discount, and walk away with a few thousand in profit on the deal.
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