Ways to Market Your Tax Auction Property
Ways to Market Your Tax Auction Property
Summary: Once you pick up a property at auction you need to get organized so you can sell the property, hopefully at a profit. Make sure you have a plan concerning what you are going to do if you get that property you are interested in.
Article: There are many ways to market your property, and often these are cheap methods if you do most of it yourself. Before you leave town you can spend some time doing valuable marketing in the local area.
It gets harder to market a property once you have left town. One good method is to go into the county records office and look up the adjacent landowners around the property you purchase. There may be a lot of interest from those land owners simply because the property is conveniently placed right next door. You can easily type up a form letter announcing your intent to give them first crack at picking up the property, print it out at the library in town and mail it to the adjacent land owners before you leave. Make sure to include contact information for yourself, the specifics of the property and your asking price. It can even be helpful to include a simple map of the property and the outlines of the adjacent properties so the land owners can see how the property will attach to theirs.
Also don?t be shy about putting up flyers around some of the towns in the county where you pick up that property. You can place your contact information at the bottom of the flyer on little tear off paper strips. Ask local shops and even laundry mats for permission to hang your flyer on their bulletin board or on their front window.
It?s a good idea before you leave town to pick up a local phone book. This way you?ll have easy access to all the local phone numbers if you need to find a handy man to head out to the property and look around or even call the electric or phone companies.
The other option for marketing your property is to place some listings online or in the local paper. There are a lot of real estate websites and for sale by owner type directories online. This will help to market your property to a wider group of potential buyers, since people all over the world surf the web. It?s not expensive to list your property in the newspaper and listing in the local paper is another helpful way to expose local buyers to what you have available.
You can always list your property with a realtor. Some investors prefer to do this outright, because it saves them a lot of dirty work. Be aware though realtors tend to only actively push brand new properties to potential buyers. If for some reason your realtor hasn?t able to sell the property after a couple of months he or she may tend to start putting it on the back burner. At which point you?ll want to take the property off the market for a little while, say a few months, before putting it back up for sale again. That way it will be fresh in the minds of buyers and realtors.
Using Private Lenders to Provide the Cash for Your Tax Auction Venture
Summary: Getting the funding for real estate investment can be confusing for new investors. There are many options, but the best choice is usually to seek out private lenders.
Articles: You may be interested in getting started with purchasing properties at a tax auction and selling them for a profit but you find that you lack the funds to get started. Its an option to go to your bank and get a loan if you have a good job and good credit, but this can slow down the process of purchasing tax auction properties considerably so that you are only picking up one property a month. Also once you quite that job and decide to go full time the bank is going to be a lot less inclined to loan you money, putting business to a screeching halt. Mortgage brokers are another option to seek out the funding for your venture. However, with most mortgage lenders you have to make a profit and pay them back within one year. Sometimes properties just don?t sell that fast. You have to play by their rules when you go with a mortgage lender.
When you decide to pick up private lenders you are the one making the decisions. They just get to sit back and earn interest on their private loans. Finding private lenders isn?t as hard as it sounds, especially if you?ve all ready got a couple of tax auction ventures under your belt. It shows them that you can turn around the property for a profit.
You can easily seek out private lenders by putting a classified ad in the paper. You can bring in lots of smaller private lenders with this method and you can also advertise a luncheon for potential investors in this way.
A luncheon for potential investors is a way for you to pitch your investment opportunity to a group of people without having to go from person to person and repeat yourself over and over again. You feed people and pitch your plan to the investors that you invite or who see your ad in the paper and hopefully you get them to give you money. Put together a slideshow and walk them through what is private mortgage lending and what is in it for them. They?ll earn interest on the money they lend you and you can make a profit on property that you sell. End the presentation by talking about your company and what you do.
Typically when you borrow money from these private individuals it?s a good idea to only borrow about 70% of the loan-to value so the house isn?t overleveraged. So for a home assessed at $100,000 coming up at tax auction you would borrow $70,000 and use that to make repairs and pick up the home at auction. Then you can resell the home at a profit.
A good turn around time for a property is about ninety days. By borrowing money from private investors you give yourself plenty of cash flow to do what?s necessary to sell a property and it?s considered very safe because a property can almost always be resold.
Advantages of Private Lenders in the Tax Certificate, Tax Lien Business
Article: There are lots of advantages to going through a private lender when you choose to enter the tax auction business. Using private lenders can save a lot of time and effort that you?ll be spending on buying properties to resell at a profit. Plus going through a private lender has a much higher chance for increasing your purchasing power over time.
When you go to a bank to get a loan you have to jump through their hoops. That usually means bringing two year?s worth of tax returns, copies of pay stubs, a copy of your check register, and then filling out a lot of paper work to wait for them to decide to approve the loan. When you buy the home, fix it up and sell it you have to go back to the bank and do the whole procedure all over again.
However, when you go through a private lender, you borrow the money for the purchase and fix up price. It?s as simple as that. Once a private lender decides to lend you the money they do it, there are no hoops to jump through, except pitching your business idea to them in the first place. You purchase the property, fix it up, sell it for a profit and give them back their loan plus interest. The private lender is happy, you?ve made some profits and you can go back to them again to borrow money, no hoops needed, because you?ve proven that you can make that profit. They may even start calling you to ask when you need to borrow money again.
Private lenders will on occasion test you. They want to make sure you are on the up and up. Typically this involves the private lender starting off by giving a small amount, say $25,000 so you can go make a sale and bring back the money plus interest. The next time they?ll up the amount, and up it again, and again. So don?t worry too much when you first start seeking out private lenders and they only give out a little bit of money. They are testing you. When you prove consistently that you can ?bring home the bacon? so to speak you?ll find that they almost start throwing money at you to reinvest it and earn interest.
You will find that lenders sometimes want to bring friends and family in on the whole lending money idea. This is good for you because it allows your business to grow, exponentially. There isn?t a bank around that will start pitching your business to other banks.
Another good thing about borrowing money with private lenders is the lack of fees. When you borrow money through a hard money lender you?ve got to pay prepayment fees and closing costs. No such thing with private lenders. You pay the private lender a percentage on their loan and that?s it.
Ted Thomas is a Tax Lien and Deed expert that will teach you how to turn your spare time into handfuls of cold hard cash. Ted Thomas has taught thousands of people to easily earn huge amounts of money investing in Tax Certificates. Ted Thomas?s help is the inside edge you need to become a successful Tax Certificate Investor, and explode your Retirement Account. To learn more go to www.screwthestockmarket.com
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