Hey there, it’s Casey Denman here with TaxSaleAcademy.com. Thanks so much for joining me today for this week’s question segment.
This weeks’ question comes to us from Thomas. And he says, “What’s the fastest way to make money as a new tax sale investor?”
First off, Thomas, thanks so much for your question. I usually don’t answer questions like this, but I’m going to go ahead and answer it in two ways.
Alright, first off, tax sale investing is not a business where you need to start looking for the fastest way to make money. If you do, you’ll likely end up forcing yourself into a horrible investment. This is a long term sustainable business and truthfully, the most important part is handled up front, and that’s learning. So, asking this question means you’ll rush right through the most important aspect of this business and you’re going to set yourself up for all sorts of failure.
Now, if we were to rephrase this question slightly, I can provide a bit of an answer. If you were an established tax sale investor and you were just looking to make a few extra dollars, here is the process I’d take. Now, mind you, this is a process that required knowledge and experience.
But, nonetheless, there we go:
The first thing I’d do is scour every single OTC list I could get my hands off. I would pick out every single property that I thought would be profitable, and I’d focus on the properties that seem to have similar properties available nearby. Best case scenario is I’d find a subdivision of low dollar lots that I can buy as many as I’d want. I might even buy one or two. Then I’d create a huge marketing campaign for these properties that generates enough interest to sell, not only the one or two that I purchased, BUT, most importantly many many more. Then I’d go back to that OTC list to buy more, advertise more, and continue doing it over and over again.
I’ve done this many, many times in my career as have many of my students. These types of properties exist out there. Usually the margins are slim, but if you approach it correctly you can execute this strategy with ease.
Now, as I mentioned the process I just described is a very abbreviated version. This take quite it more knowledge, experience, time and effort than that quick overview implies. But, this is the route that I’d personally take, and have taken, to generate quick cash.
Hopefully, Thomas, this helps to answer your question. If you have a followup question or anyone else watching this video has a question, feel free to leave it below this video or any of our other videos here on YouTube and we’ll definitely answer it, and we might just shoot a video like this one.
For more information on Tax sale investing, don’t forget to check out all of the helpful links in today’s video description. Take care and make it a successful day. See ya!