In our weekly question segment, Mickey asks about the cheapest properties I’ve EVER seen sold through the tax sale system. Find out that answer in the video, then click on the following links for related videos:
Transcript:
6/3/2019
Hey there, it’s Casey Denman from TaxSaleAcademy.com. Thanks so much for watching our weekly question segment.
Before I answer today’s question, make sure you hit that red button to subscribe to our channel so you don’t miss out on future training videos.
What’s the cheapest you’ve ever seen a tax sale property sell for?
First off thanks so much for your question.
So, I’ve actually made a few videos about these previously. But the cheapest I’ve ever seen a tax sale property sell for was the opening bid of 1 cent. This was a number of years ago and was actually a property that I purchased. There were some other fees wrapped up into it, so I think the total investment was like twenty dollars and one cent or something like that.
If you look down below in today’s show notes I’ll link up the video so you can get all of the details.
Outside of that property, I did a podcast episode maybe a year or so ago titled “Best Day of My Tax Sale Life.” I’ll link that up below to, but on that day I was able to purchase numerous properties for $20 each. Long story short, a few issues happened that day and I was the only bidder left after those issues were resolved.
Then I’ve seen tens of thousands of deeds and liens sold for less than $500, and many sold less than $100.
With all of this said, however, I do want to add a little bit of a warning here. I’ve probably attended more tax sale auctions than 99.99% of everyone else in the world. A lot of the numbers I just provided were a matter of preparing myself to take advantage of the opportunity that pops up when I’m in the right place at the right time.
A lot of people get stuck on sales prices and that kind of thing. I mean, there are numerous liens you can go out and buy for less than $100 right now. I’ve actually got a video on the schedule I’ll be shooting in the coming weeks about that. But so much depends on your specific goals. Those $100 properties might actually not be the best for a brand new investor because they might not have the resources to sell them properly without getting themselves into heaps of trouble long term.
If you’re interested in getting into this business I highly recommend that you spend a little time educating yourself and doing some research. Take a look at the auctions in your area. Review past auction results. If there is opportunity there, but your budget seems to limit you then take figure out ways to find the working capital by partnering with others or using loans of some sort. There are lots of ways to come up with the capital.
If it’s still an issue, because yes there are liens and deeds that are in certain parts of the country that are crazy expensive just because of the areas they’re in, then take the time to explore other areas. Go one county over then another and another. There are more than 2,000 counties in this country and I’ll guarantee that you’ll eventually come across at least one market that fits you’re budget, provided you put in the effort.
So Tina, hopefully this answers your question. If you have a followup question or anyone else has a question about tax sale investing, feel free to leave it in the comment under this video or any of our other videos here on YouTube and I’ll definitely answer it and I might just leave a comment like this one.
Thanks so much for watching, don’t forget to check out our links to the numerous tax sale resources that we provide in the video description, and we’ll see you next time.
Take care, bye bye.