Real Estate-Tax Liens

This category relates to bidding and buying tax liens.

SheReadyLLC

Pre-Bidding at Tax Lien Auctions

She Ready!!

With any tax lien auction, I’m always planning ahead of time. I try to give myself a few weeks so that I can research properties and perform my due diligence.

I refuse to repeat the same mistake I did last year so I stay on top of deadlines and check the website daily just to make sure there are no new updates. Most platforms will email you if there are changes or updates so no worries if you don’t have time to check the website daily before the auction starts.

There is a tropical storm headed towards the gulf coast area soon. I received an email from the company that is in charge of the auction stating to take advantage of the pre bidding feature because the auction is happening whether they are affected by the storm or not.

I was already planning to pre bid anyway, but it’s nice to have that reminder. With that being said, I’ve already completed my research and I’m ready to start placing my bids tomorrow.

SheReadyLLC

MS Tax Lien Auction is Coming!

She Ready!

Here are the things that I do before bidding in any tax lien auction.

  • Register with the county and mail in any documentation that is needed (Recommend mailing with a tracking number or signature)
  • Review my checklist of what type properties I’m going to be bidding on
  • Update that checklist if I need to
  • Attend the training held by the county auction company (They may have made a change to their app since the last time I used it)
  • Download the list of properties to Excel and sort out by my criteria
  • Research properties that I’m interested to make sure they match my criteria
  • Place Pre-Bids

I don’t always attend the auction while it’s live on the computer. I have, but I find that it’s boring unless you see your bid winning. I do recommend if you are bidding for the first time to watch at least the first day live.

SheReadyLLC

Changing Strategy

Thinking of a new strategy…

Every now and then, you have to switch it up and do something new or different.

Real estate investing is no different. I don’t know many investors who only do one type of investing. Most have done at least two types of real estate investing.

This year, I’m going to try something while bidding on tax liens. In the past, I’ve been afraid to bid on land because I didn’t know what I would do with it should it come to me foreclosing on the property.

However, today I’m feeling like land is exactly what I need because we have entered into a time where people are starting to grow more food inside and outside their homes. Not everyone is going to have that space and owning land for a community garden or to house someone’s animals could be a good investment.

SheReadyLLC

Tax Lien Buying In Mississippi

Up to 16% return

It’s the Fall Annual Tax Lien Sale in Mississippi. I’m going to list the basic steps I went through to bid in the August 2020 Mississippi Tax Lien Auction. I’ve already discussed why I participate in tax lien auctions in a previous blog post. This year, I’m excited to be bidding in the state that I invest in.

NO, I’M NOT LEAVING THE COMFORT OF MY OWN HOME TO BID IN MISSISSIPPI!

It took me a while to find the website that is used by the state of Mississippi and sure enough, I soon realized the process of bidding was not going to the be same as it is in Florida or Arizona.

I’ve broken down the main steps below:

Step 1. Register with the tax auction website

Step 2. Complete the W-9 Form

Step 3. Contact the specific county I registered for to find out additional requirements of bidding.

*I recommend sending any information they require in step 3 with a signature required.*

Step 4. I checked the website every few days to see if the properties were loaded.

Step 5. I imported the entire list of properties into Excel and begin to weed out the ones that I didn’t meet my criteria.

Step 6. Once pre-bidding begin, I entered the max bid amount for the properties I was interested in.

Step 7. I chose to watch the live bid since this was my first time bidding in this state, but you certainly don’t have to.

Overall, it was a good experience, I won on a few of the properties, I was interested in.

More details will be presented in the Tax Lien Buying Course!