04 Jan 5 Steps To Buy Properties In Lake County Indiana Starting At $500
Lake County Indiana has an upcoming tax lien sale in March of 2018. Starting bid is $500. If this sounds like something you want to know more about, read on for a few tips on getting started.
1. Download the list of properties in Excel and sort by the certificate value. The certificate value is the amount of back taxes owed on the property. You can download the list of properties here: http://www.onyxelectronics.com/auction/
2. If you are buying tax liens with the goal of owning the property, I would avoid any property with back taxes of $2,500 or less. If your goal is to invest for the 10% ROI, then it’s fine to look at those properties with lower amounts of back taxes, because they will likely be redeemed and you will then get whatever you paid for the tax lien PLUS 10% interest. Keep in mind that the redemption period is 120 days. If you invest $10,000, you will earn an extra grand over the next 4 months – all without doing a single thing. Now, what is your interest rate on your savings account again???? I know it’s around 1% and that’s if you are lucky!
3. If you aren’t local, find someone that is local so you can pay them to do exterior inspections on the properties you select. You can’t see the inside and I know this freaks many people out. But, I can tell you that in the majority of cases, an exterior review will give you a really good idea of the interior condition. 🙂
4. Take pictures of each property and take notes as well. The properties blur together after only a few hours, so you gotta have something to rely on besides your memory. Your goal is to identify 20 good candidates for bidding purposes.
5. Register for the sale IN PERSON ONLY from Monday-Friday 9am-4pm. Registration is done at 2293 N Main Street in Crown Point Indiana and it starts February 1st and ends February 23rd. Fee is $500 and it goes towards any purchases you make. If you don’t buy anything, your money is immediately returned to you. You have to bring cash, a certified check or money order. They don’t accept personal checks, credit or debit cards. This also applies for any winning bids that you are paying for as well.
Last year, I was the winning bidder for 4 properties for a grand total of $3,000. One property was redeemed and the other 3 were not. By October of last year, I was officially the owner of 3 single family residences in Gary, Indiana for $2,500 (plus attorney’s fees). I’m not an expert (yet) but I am willing to share all of my experiences. Join our Facebook group for more deets: