Ever wanted a step by step guide to becoming a successful tax sale investor? This video is a great start!
Transcript:
Hey there! It’s Casey Denman here with TaxSaleAcademy.com. A lot of people ask me if there’s a step by step guide that they can use to become a successful tax sale investor. This step by step guide would take a long, long time. But in this quick, little video, I’m going to give you 5 quick steps to help you become a successful tax sale investor.
Step #1 is to Prepare Yourself. That’s what you’re doing right now. You have to learn as much as you possibly can about tax sale investing. Think of it this way. If you’re going to invest in stocks or gold or a business or something, don’t you want to know everything you possibly can before you venture into that business? Of course you do. The same thing with tax sale investing. Learn everything you possibly can before you start investing in tax sale properties. The more preparation and the more learning you do right now, the more it’s going to save you and the faster your tax sale investing career will grow.
Step #2, Develop a Plan. Tax sale investing is a business. Just like any business, you should have a business plan in mind. We’re talking about stuff such as budget. What locations are you going to invest in? What property types? When do you start spending more money? When do you take money out of your tax sale investment business to live off of? These are all things that you have to discuss at least with yourself or maybe with your spouse if you’re jointly investing. So Step #2 is to develop a plan.
Step #3, Research. This is probably an obvious one here. You have to research properties. And research can be a difficult thing to master. Research, there’s a lot to it. You have to know just about everything you can about these properties before you spend a dime on them or before you place a bid. Inside The Tax Sale Academy, we teach dozens and dozens of different techniques to research properties, and I urge you to learn how to properly research tax sale properties before you raise your bidder hand at a tax sale auction.
Step #4 is the very obvious one, Buy and Sell. And I kind of lumped this together here. Obviously, you have to buy a tax sale property and you have to sell it in order to make money. That’s given.
Now, what we do at The Tax Sale Academy is we go by the philosophy that you make money when you buy it. Not necessarily when you sell it. And what that means is you’re buying the property at such a deep, deep discount that regardless of how low you sell it, you’ll still be able to make some sort of profit. So you have to make money when you buy it.
You also don’t need to force yourself into an investment and I’d be very, very patient. A lot of new tax sale investors like forcing themselves into an investment because they think the first auction that they attend, they have to buy something. That is very, very false and just a recipe for disaster. And when it comes to selling, you have to be able to sell a property efficiently and very, very quickly. At The Tax Sale Academy, we teach you to sell properties often within weeks of purchasing them. That way, you can roll that money into the next property.
And speaking of rolling into the next property brings us to Step #5, which is to Grow Your Tax Sale Business. What you have to do here is you have to reinvest as much money as you can from the profits of those properties into your tax sale properties. You might only start off with $500 or $600. That might allow you to buy one property. By the time you sell that property, you might have enough money to buy two properties, and then three properties. Basically, you just keep rolling this over and over and over again.
Could you imagine McDonald’s, that they’re happy just selling one or two hamburgers a day? Of course not! What they did is they rolled their profits over and they created more and more restaurants for people to enjoy. And you have to do the very same thing in your tax sale investing business. If you have to take something out of it, take as minimal money as you can out of your tax sale investing business and reinvest absolutely everything that you’re able to. That way, you’ll be able to grow your wealth much, much faster.
So those are the 5 steps to help you become a successful tax sale investor. Again, they are prepare yourself, develop a plan, research, buy and sell, and then grow your tax sale business.
If you’d like more information on the very lucrative tax sale investing business, head on over to my website at TheTaxSaleAcademy.com, which you could do by clicking the blue link right here next to my head. Again, it will take you to TaxSaleAcademy.com. And when you get to the website, download your free copy of my e-book, The Tax Sale Blueprint.
Have a great day, folks! Take care! Bye-bye.