In our weekly question segment we answer Max’s question, which is: What do I need to do in order to bid on tax sale properties?
Transcript:
Hey, everybody! It’s Casey Denman here with TaxSaleAcademy.com, answering your weekly question. This week’s question comes from Max, and he says, “What do I need to do in order to bid on tax sale properties?”
Max, thank you for your question. The first thing you need to do of course is to register at the tax sale auction. And I always tell my students to arrive a little bit early. If registration starts at 8 o’clock, consider arriving about 7:45 AM or 7:50 AM. That way, it gives you a little bit of extra time in case there’s a line at the registration table. The last thing you want to do is be stuck in a line, waiting to register, while the auctioneer is out in a different room, auctioning off the very property that you came to bid on.
Secondly, you want to make sure that you have a government-issued photo I.D. with you. Just about every single auction that you’ll ever attend will require you to have a government-issued I.D. to prove who you are before you register. And a lot of auction companies will actually take a copy of this driver’s license or government-issued photo I.D. That way, if you bid on a piece of property, but you fail to pay, they can ban you from future auctions.
And lastly, you need to have the funds with you that you plan on using to fund your purchase. Whether it’s a cashier’s check, money order, credit card or just cold, hard cash, make sure you have it with you and ready to use because there isn’t going to be a lot of time after you bid on a piece of property and after you win a piece of property to go to the bank and get money out or anything like that. They’re going to want the money a lot of times right then and there as soon as you win that piece of property.
Max, I hope this has answered your question. What I’ve kind of avoided to this point is that if you don’t fully understand tax sale investing, if you don’t know the strategies and the procedures and the techniques that will help make you a successful tax sale investor, you need not to worry about the procedural stuff right now. Don’t worry about registering or bidding or any of that. You have to first learn how to properly and how to successfully set yourself up to become a successful tax sale investor. If you don’t know that stuff, again, don’t worry about procedural stuff. Focus on what you can. And what I suggest, of course, is that you learn from somebody that’s been there, done that and has proven strategies and techniques.
Max, I hope this has answered your question. If you’d like to follow up, or if anybody else has any questions about tax sale investing, head on over to my website at TaxSaleAcademy.com, which you can do by clicking the blue link at the bottom of this video. Again, it will take you to TaxSaleAcademy.com. And when you’re there, submit your question, and it’s very possible you’ll get a video response just like this one.
Take care, folks! Bye-bye.