Transcript:
Hey Everybody, Casey Denman here from Tax Sale Academy.com.

In today’s video I want to discuss something with you guys that will provide the direction for your business. It’s four simple words: Determine what you want. That’s it.

What exactly is it that you want out of tax sale investing? Figuring out what exactly you want to accomplish is of paramount importance in this business and every other business. And in today’s video we’ll be discussing that and be sure to stick around until the end to listen to the most important strategy when it comes to executing.

Unfortunately, far too many people get into real estate investing or really any business without a vision of what they want to accomplish. And I don’t want that to be you.

And if you’re looking to just “make money” that’s not going to be good enough. Here’s what happens when we get into something and the ONLY direction we have is to in quote, make money. We chase opportunities and usually we never get anywhere close to that desired result. And I see this with lots of my viewers. They want to start investing – they look at land, but then that’s not exciting, so they look at homes. Then they heard about excess or surplus funds and that they can make money off that so they start looking at that. Then they’re trying to figure out how to buy properties before the auction. And oh ya, they’re looking to wholesale properties too. And because they need some more cash, they might even have a few other businesses they’re trying to start. And they might also dabble in the bitcoin mining business. And on and on and on.

Like, get a grip. When you have zero focus on what you’re looking to get out of something then you’ll likely end up with nothing. It’s like the saying that a man who chases two rabbits catches neither.

And the truth is that I completely get it. The internet is so full of opportunities and nearly everywhere we look there is something intriguing. The problem with this is that when you jump from one thing to another to another, you will NEVER EVER acquire the knowledge necessary to see success in anything. And that’s the said truth of the world we live in today.

Let’s discuss three things you MUST focus on and then we’ll talk about the number one strategy to see it through.

Ok, so the three things to focus on. And before we go over them, I have two extremely important notes so I don’t get my comments blown up:
All three of these work hand in hand. They are very closely related – choose the most important one to you first, then work on implementing the other two. Secondly, YES, you absolutely will stray from this from time to time and what you want might change. And you might combine a few of these. And that’s perfectly ok. But it’s important to have some sort of strategy going into it. Don’t walk blindy into the business hoping something that you try works out, because without a plan of action you won’t commit to making anything work.

Investment Strategy: Here’s the first one. Determine your specific investment strategy. Do you even want to invest in real estate? And do you want to invest in Tax Sale properties? And When it comes to tax sale investing, there are a few parts to this. Will you invest in tax liens or tax deeds, or maybe just pre auction or post auction properties? As you can tell tax deed or lien investing is a subcategory of a subcategory of the larger category of investing. Once you’ve dialed it down to tax sale investing, let’s look for even more objectives. How long are you planning to be in it for? If you’re investing in liens, then obviously, the holding period will be dependent on the delinquent owner or the state statutes. If you’re investing in tax deeds, will it be a long term or short term hold strategy? Obviously, things might change a little here and there but you need to have a solid strategy. If you have $1,000 to invest, for example, it’s going to be nearly impossible to buy a tax deed for a long term as a rental or something.

Area: Next, what area are you looking to invest in? Some people ONLY want to invest nearby. And I get it. But you can also easily invest out of county or out of state. The majority of the investments I make are many states away. But based on your investment objectives you can help narrow down your search. You can also visit our state guide and there’s a link down below in the description. This will help you to determine where you can invest to meet your desires. Then look at the historical auction results and see if your desires are even obtainable in those specific areas.

Property Type: Lastly, determine which specific property types you want to invest in. This will be dependent, of course, your investment strategy as well as your area. If you want a rental, then obviously, you’ll probably want to focus on your single family homes. But if you want a rental and the only properties sold in one specific area are going to be vacant lots, then you need to go back and adjust the other two points we discussed. Also take into consideration your experience, the time investment required, your capital, and everything else involved in exactly what types of property suits you the best.

So, determine your investment strategy, the area you want to execute that strategy, and the specific property you want ot invest in.

Once you have those things figured out, and you combine it with the proper training you have a blueprint in front of you for you to meet those objectives.

But do you want to know the secret to making that blueprint work?

Patience. That’s it. Patience. The news and internet gives us an unrealistic viewpoint of success nowadays. If we aren’t the next Zuckerburg or haven’t become uber wealthy while we’re sitting on the beach sipping martinis or if we don’t have a Lamborghini today, then we aren’t successful. This is such a false perception of success and life.

Success in this business takes patience. Patience as in years. Sure you can see small victories along the way. Your first deal, your first thousand or ten thousand dollar profit. You can and will likely see some success along the way. But this is not the business that you work at for a couple of months and then BAM you are suddnely a millionaire. It takes time. I always get emails or comments from viewers telling me things like “properties here are too expensive.” Or “I went ot an auction and there were too many bidders.” “I went to my first auction and I just can’t make money in this business.” Here’s what I want to say, but don’t: Are you absolutely out of your mind?

The most expensive asset that the average person will ever own is real estate and you’re investing in it – buying and selling it, making money from it. You look at a doctor, for instance. They spend four years in undergrad, the 4 years in med school, then 3-7 in residency. They spend 11-15 years working on their profession before they start seeing any monetary success. That’s over a decade before they see any success. And you want to quit after your first auction?

Ok, end of rant here. Patience. Everything is tied together with patience. That’s it. Never, ever forget that! Get a specific plan, make minor adjustments as required and execute that plan with patience. That’s the formula.

That’s it for today guys . . . if you’re looking to get more depth information on investing in tax defaulted real estate and would like to get all the details and strategies that we’ve learned over the last 16+ years, head to TaxSaleAcademy.com. While you’re there, you can pickup my FREE book, Tax Sale Playbook, the book itself is FREE, I bought it for you, just cover the nominal shipping cost to get it from my warehouse to your door. Another great way to start is to go to the same website, TaxSaleAcademy.com and click on our Free Webclass link!

I’ll see you guys over on the site. Take care, bye.