Every tax sale can be broken down into 3 separate stages. Each stage has its own set of ups and downs to navigate through. Done correctly, this distinction can save you a lot of time and help you get hyper organized. It’s the best way to make sure your efforts are compounding as you move from the pre-auction to the auction and on to the post auction activities.
Here’s a quick breakdown of each stage and the different activities you’ll be focused on:
During the pre-auction stage you’re going to focus on the following:
• Evaluating Properties
• Locating Pre-Auction Deals
• Signing Excess Proceed Recovery Contracts
• Initiating Potential Renter/Buyer Negotiations Auction
The auction stage is the easiest and most self explanatory. In this phase you will:
• Complete Your Bidder Registration
• Utilize Various Bidding Strategies Post Auction
After the auction is completed, you can travel many different paths depending on the results of the auction. Typical tasks that come up in this stage are:
• Obtaining Deeds
• Insuring Properties
• Getting Clear Title
• Evicting Tenants
• Establishing Rental Agreements
• Collecting Rent
• Planning & Starting Rehab
During each stage, you’ll find that each of these bullet points will have their own lifespan and become projects of their own. If you take the time to master the intricacies of the individual tasks within each stage, you’ll quickly see the benefits. Before long, you’ll also get to experience how your mastery directly affects the bottom line!
Thank you so much again for reading and for being a part of the TAI Community!