Tax Deeds – They Can Be A Great Profitable Income Stream or It Can Be Something Else – You Decide

In my past articles I have talked extensively about Tax Certificates and Tax Deeds in a very positive note. Whereas this is usually true, there are many times the buyer can lose a lot of money. For the past twenty years I have invested Cheap Land in this lucrative market, but on many occasions I have seen “would be” investors purchase Tax Certificates and Tax Deeds with little or no research (including pictures). This is a very dangerous way to invest your hard earned money.
Several Florida counties have monthly Tax Deed sales online, which allows anyone from around the world (with internet access and money) the ability to buy Tax Deeds from the comfort of their own home or business. The winner is issued a county Tax Deed and the new owner can sell or rent out Building A Custom Home Checklist the house or property. With much proper research (at the clerk of the circuit court – in person or online) plus pictures, this can be very lucrative. But on several occasions I have seen people lose thousands of dollars (and more) because they did not know fully what they were doing.
One example is the out-of-state buyer who thought he bought a mobile home and lot for about $10,000. He did his basic research, but not well enough. Turns out he got the property next door – which was an overgrown, trash infested vacant lot with code violations. Another example was the out-of-state buyer who bought a condo at a Tax Deed auction. I stopped bidding at $17,000 but he and another out-of-state buyer bid it over $38,000, which was about $5,000 above the retail value. The new owner still needs to pay the current year taxes (about $1,000) and get Quiet Title (about $2,500) to get a marketable title (one that a title company will insure). Both of these scenarios could have been averted and avoided with the proper research and pictures from someone in this business. Each county tells everyone in advance “Buyer Beware” and you ( as a potential investor) should take this very seriously.
Many novices or first time buyers get involved in this business. If you are one of them then it would be in your best interest to contact a knowledgeable person in this business. You could potentially save yourself a lot of time and money. This is a very lucrative business if you avoid the pitfalls.

READ  Home Sales So Far This Spring Surprise Experts