I get a lot of questions? from people who are in financial difficulty and they want to know if tax lien or tax deed investing is the answer to their problems. Some of these people are young, in their 40’s with a mortgage, young children, and they have a failing business or they have lost their job, and they want to know how soon they can replace their income with tax lien investing, and can they really get houses for “pennies on the dollar.” Others are retired or closer to retirement (in their 50’s or 60’s) and they’ve lost most of the money in their 401(k) and want to know how long it will take to make up for lost time with tax lien investing if they move all of the money in their 401(k) into a self-directed IRA and start investing in tax liens. Most of these people have already purchased someone else’s course on tax lien or tax deed investing but still haven’t made any money yet, and don’t know if it’s really possible. It’s amazing how many people find me after they spend a lot of money with someone else, and then expect me to answer their questions. So if this describes you, let me save you some time and answer your questions before you ask them. Even better yet, let me answer your questions before you spend any money learning about tax lien or tax deed investing.
First of all, can you still buy houses for “pennies on the dollar?” The answer is, yes you can in some tax deed states. But think about it: Pennies on the dollar means that you can buy a $300,000 property for around $30,000. Do you have that much money that you don’t need to live on or to keep in an emergency fund? People forget that this is an investment, not a get rich quick scheme especially today when real estate is not selling quickly. Continue reading
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