12 Apr I live in an area with a lot of growth and I am looking to get a beautiful $500,000 semi-custom home in a certain subdivision at tax Sale or through your third method by buying directly from the tax delinquent owner. Am I being realistic about this?
NO, I don’t believe you are realistic in your expectation of being able to pin-point that ONE property down the road or that one high dollar subdivision and do only ONE deal in a TAX DEED auction. As a general thumb rule the higher the value of a property the less the owner (or the bank holding the mortgage) is likely to let it go for taxes. I am not saying it can’t happen and actually I have made more than $150,000 in one Tax Deed Sale Transaction (several times actually) but my approach has always been to instead of making $500,000 in one transaction why don’t you work on making $5,000 to $10,000 in 50 to 100 transactions (something easily done in a year or two depending on your efforts and focus). Then you can go and BUY that dream home. And in the process of pursuing that goal you most likely will come across a few “home-Runs” netting you way more than the 5-10K you are targeting.
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