Can I Own property by Paying Back Taxes Owed?

Can I Deduct Property Taxes - Can I Own property by Paying Back Taxes Owed?

Good morning. Today, I discovered Can I Deduct Property Taxes - Can I Own property by Paying Back Taxes Owed?. Which is very helpful in my experience and also you. Can I Own property by Paying Back Taxes Owed?

Can I own property by paying back taxes owed? plainly put: yes. If you know the right way to buy tax property, you can by all means; of course own property by paying back taxes and as itsybitsy as 0.

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Can I Deduct Property Taxes

If you're mental of bidding at tax sale, think again. There are a lot of good reasons to stay away from tax sale. There are too many bidders now, causing prices to soar. You can't survey the property before you buy it. You have to pay for your entire bid, which will never be just the back taxes, at the auction; and then you have to wait, sometimes years, before you can get the deed. And in the meantime, most owners redeem the property anyway.

If you want to own property by paying back taxes but you want to avoid the above scenario, you'll have to buy exterior the auction from the owners themselves. But you'll want to wait until after the tax sale for a join key reasons. The owners regularly aren't ready to sell until they've exhausted every possibility for advent up with the tax money. And by waiting for a while after tax sale, you can be reasonably sure anything property is left unredeemed is free and clear (or a mortgage business would have paid it off).

So you're dealing with extremely motivated sellers that own free and clear property. And there's not much competition while this time period. Do you smell a deal? You should!

At this point the owner's got to sell. Offer him 0 for his deed and agree on a ration split of anything you are able to get out of the property. Then you can either pay off the taxes and try to sell the property for retail, or you can sell for well below sell to other investor and let him pay the taxes off. either way, you'll walk away with a huge return on your 0 investment.

You'll also find confident owners that have decided to just let the property go. Maybe they got tired of owning a property, or maybe they inherited a property they never wanted in the first place. either way, they don't care about the deed anymore.

Ask these folks, since they're letting it go anyway, if they'd mind signing the deed over to you so you can see if you can do something with it before the redemption duration ends. Offer them 0 for their time to sign over the deed. You'll be amazed at the confident response you'll get - these citizen just want the deed out of their name sooner. Then effect the steps above to sell and get your profit - only this time it may be 100% yours. (You can also split percentages with these owners too, of course, if you like.)

And that's it - the best kept underground to getting your own property by paying back taxes. It's by far the least risky, and even very new investors can make a lot of money starting out this way. With the current foreclosure rate, you should give this method a shot - there's a lot to choose from.

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