272: Rookie Reply: How to Get a DEEP DISCOUNT on Properties with Back Taxes

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 25 March 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

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). In This Episode We Cover Buying a property with back taxes on it and where to find tax lien properties How to get paid TWICE by wholesaling a property to yourself Estimating material and labor costs before you commit to a renovation The best tax strategies for flippers (and why you need a tax planner!) Whether you can work closing costs into an FHA loan and low/no down payment loan options Why pulling permits is a MUST if you plan on doing a rehab, renovation, or house flip And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Join BiggerPockets for FREE A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1) Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard BiggerPockets Forums How to Legally Avoid Taxes by Investing in Real Estate From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff Making $90K/Year with Just ONE Rental by Combining Compassion and Cash Flow Propstream Zillow Book Mentioned in This Episode: The Book on Estimating Rehab Costs by J Scott Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-272 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is a real estate rookie episode 272. I have purchased two properties before that had back taxes on them
0:09.0	But I had to negotiate with the owner and part of the closing the agreement was I was paying their back taxes for them
0:16.3	Or it was taken out of the sale proceeds so my recommendation would be going
0:21.6	And finding the owner of that property because you are actually might be able to put them in a better better situation
0:28.3	Then if that property is put up for sale and they get nothing from the property if it's put up for those back taxes
0:35.4	My name is Ashley Care and I'm here with my co-host Tony Robinson and
0:39.9	Welcome to the real estate rookie podcast where every week twice a week we bring you the inspiration
0:44.4	Motivation and stories need to hear to kickstart your investing journey
0:47.0	And I want to start off today's episode by shouting out someone by the username of Leo Zang and Leo says
0:52.2	This is a gold mine for real estate investing tons of valuable information and suggestions for real estate investors
0:58.0	You will find the robemaps to success here
1:01.0	Leo, we appreciate you for leaving that honest review and if you were part of the rookie audience
1:04.6	And you have not yet left us an honest rating in review
1:07.5	Please do is a huge favor take the 90 seconds and take to log into your phone and open up the app and leave that review
1:12.8	The more reviews we get the more folks who can help and that is always our goal here at the real estate rookie podcasts
1:19.4	All right, Ashley Care. What's up? How are you doing?
1:22.1	Good. I just got back from a girl's trip in Las Vegas. I went with some other
1:27.5	Real estate investors. It's nice little weekend. Get away. So here here's the million dollar question was was that trip
1:35.1	Better than the trip that you have with me in Saratavagus and there's only one right answer to this
1:39.8	So when I went with you guys that was my first time at a pool party
1:44.0	When I went this weekend it was my first time at a Vegas club
1:47.8	So I've probably been to Vegas almost 20 times now, but I just
	...

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