It is time to make some serious cash, now that you have owned a tax deed property bought for less than its market price. But what if there are ways to earn more profits from the property you’ve bought? What is the next step to take? There are a lot of options actually. Here are a few you can do:
If you do not want to keep the property for a long time, then do not pay the taxes and sell it as soon as possible. You can flip the property by putting a right price on it but at a lower price of course because of the amount of taxes. Doing so would attract potential investors with lots of money. The new buyer would pay the taxes and you will still walk away with many profits.
Another option if you have decided to keep the property is to take care of its tax problem first. If it is situated in a good rental neighborhood, then it is best to keep it. You can earn money out of the property with a loan to finance other deals. Let the rent money cover the mortgage payments and you are good to go.