Are you getting ready for a tax deed sale? Choosing the right properties is key to success. Follow these simple steps to get started.
Step 1: Build Your Property List
Start by creating a list of properties to scout. This is the first step for any tax deed auction.
Recently, we divided tasks during a trip. I focused on one county, and Josh handled another. Visiting properties in person can reveal details you might miss online. You’ll spot issues and assess the neighborhood firsthand.
Step 2: Match Your Selection to Your Budget
Your budget plays a big role in property selection. Here’s how to adjust your approach:
- For Larger Budgets:
Look for properties priced above $40,000. These tend to need fewer repairs and have fewer legal issues. - For Smaller Budgets or Beginners:
If you have less money, focus on properties with low starting bids. This could include lots or small homes. Buy them cheap, then resell to buyers who can handle renovations.
Step 3: Narrow Down Your Options
Use these tips to refine your list:
- Avoid Low-Value Properties:
Properties under $40,000 often need major repairs. If you lack the skills or funds for that, focus on properties better suited to your situation. - Visit in Person:
Online research only shows so much. Visiting a property lets you see its true condition and spot red flags. - Find High-Potential Deals:
Target properties with low bids but high market value. These offer better returns on your investment.
Case Study: A Big Win
One of our students bought a property for $5,100. Similar properties nearby were valued at $90,000. This shows how research and preparation can lead to success.
Tax deed investing takes planning and careful research. Whether you’re new or experienced, these tips can help you find great opportunities.
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