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
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Real Estate Rookie