I was just writing up a sweet Live Tax Auction Checklist, and I wanted to share with you some bits of it, because I believe that value of it to be priceless. (It’s still in the works, so forgive the “un-professionalness” of the format :))
Here we go!
As far as anything in life goes, being prepared is THE SINGLE BEST thing you can do to succeed, and it is true in Real Estate Investing. Knowing what you want to achieve, and how to achieve it comes second. (Well, honestly they are interchangeable….They can both be number 1!)
Lets assume you have an idea about Tax Lien and Deeds, and that there are auctions you can attend to pick up properties for pennies on the dollar. How do you prepare for it? What are the key points you need to know?
Key Point To Remember
Most of these auctions, if not all of them are just government officials speaking out the properties (Or companies hired to handle it) with no amplification. No matter what is happening around them, it is YOUR job to listen and listen well. (If you need to buy a listening device, it may be worth it)
But they don’t necessarily care if you can’t hear them, so its your job to get close and listen well.
Before You Arrive (CALL PLACES!)
-Have you called the county to confirm how they run their auctions?
-Do I need to register online?
-When do I need to show up to register? An Hour Before?
-When does the Auction actually start?
-Is it free? Do i need to pay through an alternate service?
-Where exactly is the auction held?
-What happens after the auction?
-How do I pay for the properties I win? (Cash, Cashier Check, Debit/Visa etc)
-Where is the building that I pay for my property? How far is it from the auction place
-How long after the auction ends do I have to pay? (this will determine if you have to leave the auction right away or not!)
Physical Things That Make Life Easier
-Using a GPS (Microsoft Streets and Trips with included GPS is PERFECT for this. )
-Power Inverter to power your laptop in the car.
-Driver so you can focus on looking at the properties and analyzing the last one. (Should probably pay them)
-Car (If you hire someone, they can most likely supply one, and you can just cover the gas cost)
-Camera to take photos of the properties
-Batteries for that camera, and an extra memory card if it is small.
-Folder to put your documents in.
-Umbrella – (What if it rains – check with the county, sometimes they cancel, sometimes they just keep on going.)
Those are just a few of the things I’ve got on the checklist. When I finish it, i’ll be sure to let you guys know. It has some pretty great things to be mindful of on it, and a must have if your a regular Tax Auction attender. Keep an eye out for it 🙂
Stay tuned for more great blog posts!
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