Online tax lien and tax deed auctions have become available in more and more counties across the country. Counties have realized that by going online, they have more investor participation and collect a larger percentage of their liens which benefits the bottom line for county budgets. What does this mean for you as an investor? Simple…it’s amazing. It’s investing at your fingertips.
Most counties outsource their online auctions to companies such as Bid4Assets, Real Auction and Grant Street Group. This means that once you register for one county, you are actually able to bid on several different auctions as they come available. By having one registration i.d. and password, you will streamline your investing process.
Other counties do use their own systems and are generally quick and easy to use. As with live auctions, online auctions require some sort of deposit (usually $250-$500 or more), or they require that you come in with 10% of the estimated amount that you plan to invest. In a nutshell, make sure you are prepared before you even bid on a property.
Once you are registered, on most sites, you then have access to the property lists. Usually, these lists and registration for online auctions opens up 4-6 weeks before the auction begins. Some auctions, such as Michigan, only last one day (they are held simultaneously with the live auction) while others may last 1-2 weeks or even a whole month. Online auction rules and procedures still must follow state statutes and advertising is still required in most states.
As with ANY auction that you attend, whether live or online, it is still crucial that you practice your due diligence. Online auctions usually offer enhanced lists that will allow you to really get an up close and fairly personal view of the property, but think about connecting with local real estate agents to find out what the home’s market value would be. Always be sure to take the same steps that you would with any investment…investigate, investigate, investigate.
©Rachel A. Seidensticker is an administrator of the comprehensive database http://www.tax-lien-database.com. For more information on tax lien and tax deed investing, visit this dynamic website which is geared for investors of all types!
Showing posts with label investors. Show all posts
Showing posts with label investors. Show all posts
July 20, 2010
June 17, 2010
Your Due Diligence, In Conclusion...
Reach Out to Other Investors
A great way to practice due diligence is to reach out to other investors and networking. Tax lien investing has become a fairly well-known investing adventure for the ‘common’ folk. Resources abound on the web including blogs, ezines, and discussion boards.
If you have a question about a particular state or county that you are interested in investing in, don’t be afraid to ask “experts” and other investors. They can be your greatest, experienced resource.
It is best to research your state and county laws and procedures yourself. This is accomplished best by either calling the state/county entity or subscribing to a trustworthy website that researches all of this key information. However, sometimes there are minor details that only a seasoned investor may know. ASK SOMEONE!
An informed, knowledgeable investor is a successful investor. We all had to start somewhere and most investors are willing to share their knowledge.
Our website has a great, open discussion board that already has discussions ranging from state specific questions to others about over-the-counter liens. ( http://tax-lien-database.com/blogselect.aspx ) Stay tuned to this blog and don’t be afraid to ask questions and expect quality answers!
No matter what type of investment you put your hard-earned money into, you would always make sure you understand before you jump in. Tax liens and tax deeds aren’t any different. Gain knowledge from those before you and don’t be afraid to gulp your pride and make sure you fully understand before making the leap.
Happy Investing!
©Rachel Seidensticker is an administrator for the comprehensive database http://www.tax-lien-database.com. For more information on tax liens or gain access to the dynamic, updated information regarding tax liens and tax deeds, visit the website and become a member.
A great way to practice due diligence is to reach out to other investors and networking. Tax lien investing has become a fairly well-known investing adventure for the ‘common’ folk. Resources abound on the web including blogs, ezines, and discussion boards.
If you have a question about a particular state or county that you are interested in investing in, don’t be afraid to ask “experts” and other investors. They can be your greatest, experienced resource.
It is best to research your state and county laws and procedures yourself. This is accomplished best by either calling the state/county entity or subscribing to a trustworthy website that researches all of this key information. However, sometimes there are minor details that only a seasoned investor may know. ASK SOMEONE!
An informed, knowledgeable investor is a successful investor. We all had to start somewhere and most investors are willing to share their knowledge.
Our website has a great, open discussion board that already has discussions ranging from state specific questions to others about over-the-counter liens. ( http://tax-lien-database.com/blogselect.aspx ) Stay tuned to this blog and don’t be afraid to ask questions and expect quality answers!
No matter what type of investment you put your hard-earned money into, you would always make sure you understand before you jump in. Tax liens and tax deeds aren’t any different. Gain knowledge from those before you and don’t be afraid to gulp your pride and make sure you fully understand before making the leap.
Happy Investing!
©Rachel Seidensticker is an administrator for the comprehensive database http://www.tax-lien-database.com. For more information on tax liens or gain access to the dynamic, updated information regarding tax liens and tax deeds, visit the website and become a member.
June 10, 2010
Your Due DIligence, Continued...
Don't Invest Without Investigating!
There are several ways to practice your due diligence when investing in tax liens/deeds. As stated in the previous blog, it is important to know your state and county laws, contact local agents, and proceed with caution if using investments agents. I want to look further into investigating! The biggest step to your due diligence is knowing the property that you are investing in and what type of lien you are buying.
Even if you are only investing in tax liens, you still have the potential of OWNING that property one day, so it is crucial that you invest your hard earned money that will make a return on your investment.
Investigate, investigate, investigate…
Once you have a thorough understanding of the laws surrounding your county that you are investing in, it’s time to track down the SALE LIST! From this list, you can obtain a tax i.d. number (usually a geocode) that can be used to search county property records. Most county property records are now available online. It is considered public information, so if it isn’t online, you can call or visit your local treasurer’s office to retrieve this information. These property records will give you the address of the property that you may want to invest in. This is where either contact with a local real estate agent comes in handy or more investigating on the internet on your own.
1. Find out neighborhood information by searching other property in the area that is for sale to see its potential market value (usually available on real estate agency websites)
2. Google Earth the location to see a glimpse of the area.
3. Check out a local newspaper to find out more about the town or certain section of a town.
All of these simple facts and steps safeguard your investment.
Tax sale lists are available through the county entity holding the auctions, local newspapers, or even more convenient, on our website. Our website has all the information you need to practice your due diligence including property record websites.
These lists are your connection to protect your hard-earned money! Don’t ever invest in anything with a blind eye! Get out the spy glasses and become an investigator.
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