While driving for dollars, you stumble across a property with back taxes on it. What do you do? Contact the owner about your interest? Check with the courthouse first? Of course, you don’t want to make a real estate faux pas and miss out on a great deal! Fortunately, Ashley and Tony are here to help you navigate the situation.
Welcome back to another Rookie Reply! Today, we’re addressing properties with tax liens and how to potentially get them below market value. We also talk about buying property as a real estate agent and putting your commission towards a down payment. If home renovations are on your radar, you’ll want to tune in to our discussion on estimating rehab costs and pulling permits. Lastly, you’ll learn about tax strategies for flippers, and why hiring a tax planner is a must, even if you’ve yet to buy your first property!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Ashley:
This is Real Estate Rookie, Episode 272. I have purchased two properties before that had back taxes on them, but I had to negotiate with the owner. Part of the closing, the agreement was I was paying their back taxes for them, or it was taken out of the sale proceeds. So my recommendation would be going and finding the owner of that property because you actually might be able to put them in a better situation than if that property is put up for sale and they get nothing from the property if it’s put up for those back taxes. My name is Ashley Kehr, and I’m here with my co-host, Tony Robinson.
Tony:
Welcome to the Real Estate Rookie podcast where every week, twice a week, we bring you the inspiration, motivation, and stories you need to hear to kick start your investing journey. I want to start off today’s episode by shouting out someone by the username of Leo Zang. Leo says, “This is a goldmine for real estate investing, tons of valuable…