Step One to Building Your Profitable Tax Lien Portfolio
Do you want to invest for your retirement? If so, you may want to invest with before tax money in a self-directed IRA. If current income is your goal for your investment portfolio than you will want to use after tax money to invest and you may want to invest through a corporation or LLC so that you can pay any expenses related to your investing out of that income before you're taxed on it.
Keep in mind that income from tax liens and tax deeds may be treated differently. Interest income from tax lien certificates is reported as interest income on a 1099 form. Income that you receive from the sale of tax deed properties would be treated as capital gains if you hold the property for at least a year before you sell it.
Are you building a tax lien portfolio because you want to obtain properties for back taxes? If so, you are better of with tax deeds or redeemable tax deeds. The chances of actually foreclosing on a tax lien property and getting the property are pretty slim. In some states if your tax lien does not get redeemed within the redemption period, the property will have to go to a deed sale and the property will go to the highest bidder. Then you will be paid on your lien along with any interest and penalties.
This is the second article in an 8 part series. You can view the first article in this series, "7 Steps to Building Your Profitable Tax Lien Portfolio," at http://tinyurl.com/wbzzl. In subsequent articles I will take each one of these steps and go over them in depth to give you an idea of what each step involves. For more information about how you can build your own profitable tax lien or tax deed portfolio, I invite you to sign up for the free preview teleseminar to my new 8 week coaching course, "Build Your Profitable Tax Lien Portfolio." To register, go to http://tinyurl.com/f2hy4.
Related Tags: tax lien certificates, tax lien investing, tax lien sales, tax sales, tax deed sales, tax deeds
Joanne Musa works with people who want to build an extremely profitable portfolio of tax lien certificates or tax deeds FAST. She is the author of Tax Lien Investing Secrets II, a complete system for learning how to invest in tax lien certificates and tax deeds for maximum profit, and founder of Tax Lien Consulting LLC, a consulting company specializing in tax lien investing coaching and education. Go to http://www.taxlienlady.com/ProfitablePortfolio.html for more information.
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