On Friday, January 17th, Crawford County, Pennsylvania
held their tax sale (formally tax defaulted property auction) in the assembly
room at the County Courthouse. Bidders showed up at 9 am, ready to get down to
business and the bidding was fierce! The minimum bids began at $500, with
bidders being obligated to provide certified funds up to $3,000 for each bid placed.
What this means, basically, is that there were a bunch
of properties in Pennsylvania that were up for auction, with each item
beginning at $500. With this information alone, it’s pretty easy to see how
investing in tax deeds for sale (formally tax defaulted properties) can be a
very nice way to begin creating the wealth you’ve always wanted.
It’s not uncommon at all to have the starting bids on
tax deeds start this low. The county isn’t looking to turn a huge profit on the
sale. As a matter of fact, the whole point of holding the auction is to get
these properties sold and back on the tax rolls as soon as possible so the
county can begin collecting on them once again.
This presents a fantastic opportunity for investors who
are looking to quickly ‘flip’ a property. Odds are, the price one pays at a tax
deed auction (formally tax defaulted property auction) is going to be well
below market value. As you can imagine, putting the property on the market
immediately at market value is going to garner a significant profit. Even if
the property is sold somewhat below market value (in order to force a quick
turnaround) the potential profits are still fantastic.
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