Transcript:
Hey there, it’s Casey Denman and welcome to this Friday edition of The Tax Sale Podcast. Before we get started with today’s episode, don’t forget that we produce more tax sale training content than anyone else in the world and we have lots of useful links for you in today’s show notes. Including links to our YouTube channel, state guide, our facebook pages, ways you can connect with me and of course a link to our primary site at TaxSaleAcademy.com. When you’re ready to learn, we’ve got the resources for you.
Alright, on this week’s Friday epsidoe I want to share something with you that has helped me tremendously over the years. It’s a county cheat sheet.
So when you first get started in the tax sale business you’ll likely choose one or two counties. You’ll read the rules, make some notes, get the list, analyze the list, attend the auction, maybe buy a property or two and then you’ll be fnished with that county, at least for the time being.
Odds are that you’ll eventually want to invest in additional counties. I’ve mentioned this plenty of times, but the moment that I went from a hometown only investor to a nation wise investor is the moment my income began to increase. And even if that isn’t your intention, the cheat sheet I’m about to discuss can still provide loads of benefit to you whether you invest in one market, 2 markets or 200 markets.
The problem with going from one county to the next is that the rules and processes change from one place to the next. So do YOUR specific process. In addition to this, so does the characteristics of the auction itself.
Here are some variations amongst counties:
Registration, sounds simple enough, right? Not so fast. . . . one requires you to arrive on site to register. Another requires you register in advance online. Another requires a registration ten days ahead of time. Another requires that you register and provide them with a statement that you obtained from the county tax collector stating you don’t currently owe any taxes. Another requires docs from the state division of corporations stating that you’re corporation or llc is in good standing.
How about payment: One requires a cash deposit on site. Another requires a deposit held in their online system, but that takes 7-10 business days to fund. Another requires a hold on a major credit card. Another doesn’t require a deposit, but only accepts cash. Another doesn’t accept cash, but requires cashier’s checks. Another accepts personal checks or cashier’s checks.
Auction Systems: One is in person at the courthouse. Another is held as a combination auction with other counties four hours away. Another one is online only. Another is a sealed bid mail away auction. Another is a hybrid online, in person auction.
So, just with auctions we have a number of variations. We can take the same approach with the research tools: locating specific websites and tools, learning their limitations, leveraging them as much as we can . . . there is a learning curve to all of this that we don’t need to go through each time!
How about the auction itself? Was it lousy? Was it fantastic and highly profitable? Were their lines for registration? Full room, empty room? Everything sell for too much? What didn’t sell at all? Would you return to this auction? Would you skip it in the future?
There is not reason to have to go back and relearn all of this information every single time. Or worse, you get to the point where you FORGET which auctions you want to attend again in the future!
So, here’s what I do. I create a county cheat sheet. Personally, I’ll divide it into states and put it into a Google Sheets, this is the spreadsheet software google offers for free. Using a cloud based spreadsheet allows me to access it easily, on the go.
The entire idea behind this spreadsheet is to allow me to have a piece of reference to make it easier for me to return to investing in that county and to make the transition much smoother. Beneath the state heading, I’ll list the counties in alphabetical order.
Then working left to right, I’ll list the pertinent county information. Website addresses for the tax sale rules, the tax sale list, links to the county assessor, building department, all that kind of stuff. Where I can just click and get started.
Next to that I’ll include some auction info. Now, to note, I might have not even attended an auction there. Maybe this section just has the very basic information – stuff like links to the auction website, rules and registration info. Maybe I reviewed the list and didn’t see anything that I liked at the time, but wanted to have all of this information ready for when I come back in the future. So I input it to save time moving forward. If I did attend the auction I’ll include information about the price ranges I saw, I’ll include information about the competition, about my success or lack thereof, and then some notes.
Developing a county cheat sheet should not be an overly complex project. As you begin to researching tax sales or reviewing your auction results, simply open up a spreadsheet, leave it in the background on your computer and input information so that you save time in the future. Spending a few extra seconds to do this initially, will save you loads of time down the road. And don’t forget the entire purpose of doing this: To have a way to easily locate county lists, access their resources with self provided clues on how to better utilize them, and then review your notes to determine exactly how much time you should spend on that county based on previous successes.
I’m a firm believer in learning to operate your business as efficiently as possible and utilizing a county cheat sheet is one of those ways that has substantially helped me over the years.
I truly hope that today’s episode has helped you. If so, be sure to leave us a positive review on whatever podcasting platform you’re listening to us on today.
Thanks so much for listening and we’ll see you next time, right here on The Tax Sale Podcast.
See ya!