There is a silver lining to the present state of our economy the potential goldmine that is the now thriving tax lien certificate market.
The credit crunch has given rise to new opportunities to make some very good money.
If you've considered tax lien investing but are apprehensive about getting started well, there's no better time than now.
Discover Booming Tax Lien Markets Near You Running a government even a small government like a county demands a lot in funds.
When citizens fail to pay their taxes, counties turn to tax lien auctions to bridge the financial gap.
This is where the savvy investor stands to reap quite a profit.
If you can find a steady market of tax liens in a well established county you can seriously plump up your wallet.
Most homeowners will eventually redeem their taxes, particularly on properties that are in relatively good condition, and then you get your money back plus interest.
And in some cases, should the homeowner fail to pay the accrued back taxes, you could end up with the deed to the property for as low as a few thousand dollars.
Not all states employ the tax lien system.
The following states offer tax lien investing opportunities: Alabama Nebraska Alaska New Jersey Colorado New York Florida Ohio Illinois Oklahoma Indiana South Dakota Iowa Vermont Kentucky West Virginia Maryland Wyoming Mississippi Missouri Maryland Wyoming Mississippi Missouri What to do if your home state does not appear in the above list? Many states allow nonresidents to participate in tax lien auctions.
Just make sure to check out the state's specific rules before you pack your bags.
If you do cross state lines in pursuit of tax lien certificates, look into deducting travel expenses from your taxes.
Investing in a tax lien requires you to fill out a W-9 form, which is an independent contractor tax form, and technically, you are running a business by looking to turn a profit on your investment.
Make Great Money-Without the Commute Another option is invest in tax lien certificates through the mail or to participate in online auctions.
This makes tax lien investing a great venture for stay at home parents or others unable to work outside the home.
Just make sure you thoroughly research a property before you invest long distance.
Although it is rare to ultimately acquire real estate through tax lien investing, it can happen, and if it does you don't want to be stuck with a property you can't sell for good money.
Few investments can rival tax lien certificates for excellent income at a fraction of the time constraints of a full-time job.
Once you've mastered your craft you can dramatically change your and your family's financial life.
The credit crunch has given rise to new opportunities to make some very good money.
If you've considered tax lien investing but are apprehensive about getting started well, there's no better time than now.
Discover Booming Tax Lien Markets Near You Running a government even a small government like a county demands a lot in funds.
When citizens fail to pay their taxes, counties turn to tax lien auctions to bridge the financial gap.
This is where the savvy investor stands to reap quite a profit.
If you can find a steady market of tax liens in a well established county you can seriously plump up your wallet.
Most homeowners will eventually redeem their taxes, particularly on properties that are in relatively good condition, and then you get your money back plus interest.
And in some cases, should the homeowner fail to pay the accrued back taxes, you could end up with the deed to the property for as low as a few thousand dollars.
Not all states employ the tax lien system.
The following states offer tax lien investing opportunities: Alabama Nebraska Alaska New Jersey Colorado New York Florida Ohio Illinois Oklahoma Indiana South Dakota Iowa Vermont Kentucky West Virginia Maryland Wyoming Mississippi Missouri Maryland Wyoming Mississippi Missouri What to do if your home state does not appear in the above list? Many states allow nonresidents to participate in tax lien auctions.
Just make sure to check out the state's specific rules before you pack your bags.
If you do cross state lines in pursuit of tax lien certificates, look into deducting travel expenses from your taxes.
Investing in a tax lien requires you to fill out a W-9 form, which is an independent contractor tax form, and technically, you are running a business by looking to turn a profit on your investment.
Make Great Money-Without the Commute Another option is invest in tax lien certificates through the mail or to participate in online auctions.
This makes tax lien investing a great venture for stay at home parents or others unable to work outside the home.
Just make sure you thoroughly research a property before you invest long distance.
Although it is rare to ultimately acquire real estate through tax lien investing, it can happen, and if it does you don't want to be stuck with a property you can't sell for good money.
Few investments can rival tax lien certificates for excellent income at a fraction of the time constraints of a full-time job.
Once you've mastered your craft you can dramatically change your and your family's financial life.