Transcript:
Welcome to the Tax Sale Podcast, where tax sale investing is made easy. My name is Casey Denman, I’m a tax sale veteran, the leading tax sale expert, author of The Tax Sale Playbook, founder of The Tax Sale Academy and I’m your host right here on The Tax Sale Podcast.
Thank you so much for joining me on today’s podcast episode. This is a completely free podcast and is brought to you through and because of The Tax Sale Academy. If you’re looking to learn more about investing in tax defaulted real estate, just head to TaxSaleAcademy.com. Again that’s TaxSaleAcademy.com.
Alright, this is my last podcast episode of 2020!
On this episode I want to provide you with a few tips to help you get your tax sale business started off on the right foot for 2021. This will be a shorter episode than normal for a Monday episode, but these are truly the keys to success in this business. And I’ll give you a fair warning: none of these will be earth shattering, do this and you’ll be successful tomorrow type strategies, but IF you implement very single one of these, your chances of success sky rockets!
The first one is learn. I can’t say this enough. I’m obviously a huge advocate of this one. You must learn what you’re doing. There is much more to this busness than buying for one price and selling for another. Yet, so many people think they don’t need to take the time to learn. And then they’ll put themselves into a horrible situation by not knowing what they were doing – these are good, hard working and honest people, but because they didn’t take the time to learn, they made a big mistake. I’ve heard of all sorts of extremely unfortunate and expensive issues. Many of these folks will even email me asking for help after the fact. Unfortunately, its’ too late at that point. Go through every single episode of this podcast, listen to it in depth, analyze the content, then ask questions of yourself so you can learn even more. For example, if you listen to a podcast about a suit to quiet title to get a clear title, ask yourself why. Why would I need clear title? What does having title insurance do? How much does it cost? Why is the title clouded in the first place? There are all of these little questions that should pop into your mind – this is not a plug and play fill in the blank and make a million dollars type business. You must learn what you’re doing. I’m not here to plug the tax sale academy, but obviously that’s the reason I created it. Whether you learn from us or anywhere else, learn. Please. That’s the key. THE key. The number one thing I can recommend.
Secondly, practice. Part of knowing what your doing is developed through experience. A lot of people think it’s difficult to get experience in this business without spending thousands of dollars. That’s far from the truth. You can get a wealth of experience without spending a dime in this business – you don’t need to buy a single property to get experience. In fact, I don’t recommend you spend a single dime until you get some sort of experience. So what do I mean? Practice, find an area to invest, research properties, GO to an auction, record winning bids, research those properties, find out what has happened to previous properties sold at that tax sale, go through the motions so you know exactly what you’re doing. There is no better way to learn than by going to an auction and applying what you’ve learned from your book knowledge, from podcasts, videos, academies than by going to an auction and comparing it to the real world. Then once you’ve done that, go back and learn more about what you might not fully understand after seeing it happen in the real world. Learn, then practice, then learn some more.
Next one, follow the market. I did an episode on this not too long ago. But if you commit to yourself to follow the market every single day, yes, every day, then you’ll be a much more efficient researcher AND you’ll see much more success because you will be in tune with the market. And this does not take long. You don’t need to spend hours and hours following the market. Just pull out your phone, search through a few apps to see what’s happening and absorb that information. Your goal with this process should be to know what a property is worth without having to do any research. When something sells at a tax sale you need to be able to know this person will make this amount of money or they’ll lose this amount of money. By following the market closely you will eliminate all of the uncertainties of whether or not something is a good investment.
Next one is patience and this is the one that no one wants to hear. Everyone wants stuff to happen extremely quickly. But I always tell the story of an academy member that spent over a year, like 13 months trying to learn this business before making like $16000 off their first investment, followed a week later by a, I think an 8 or 9,000 investment that was held as a rental and cash flows $850 a month. The fact is that we often over estimate what we can do in a year, but we under estimate what we can do in five or ten years. If you develop the patience when it comes to learning, you’ll be a more knowledge investor and less likely to make mistakes. If you develop patience with buying properties, you’lll be able to get the correct properties for you and you’ll see the success you desire. Patience is such an incredible, incredible virtue as an investor. Now, you might ifnd success in the first week or at the first tax sale, but for the rest of us, we must be patient. Please. Committ to yourself to be patient. Otherwise, you’ll put yourself into a bad situation simply because you lacked patience.
The last one I want to discuss today is to expand areas. This is something that a lot of people don’t understand. They’ll focus on one single area without any success, then they’ll get frustrated. There are over 3,000 counties in this country that offer tax sales. There are more than a million tax defaulted pieces of land sold every single year. There is no reason to focus on just one single area, especially with the internet at our disposal. Local investing obviously has it’s perks because it’s convenient to you. But take the time to learn how to invest from afar and you will remove the ceiling to your income. This is exactly what I did about 15 years ago now. The moment I went from investing just in my local market to investing across the country is the moment that my income catapulted. Expand areas. Do it in a smart way, of course, but expand areas and your income will thank you for it.
So there you have it. Five incredible keys to getting your tax sale business off on the right foot for 2021. Learn, practice, follow the market, have patience and expand. Follow these strategies and your chances of success in this business increase exponentially.
I wanted to take opportunity to thank you for allowing me to teach you through The Tax Sale Podcast. It’s absolutely the most fulfilling thing in the world when someone leaves us a 5 star review, some positive feedback, or the best, when someone emails us their success story that we played just a small role in.
We’re thankful for each and everyone of you and we wish you much success in 2021.
Take care and happy new year. We’ll see you next time right here on the tax sale podcast.
See ya!