Dallas, Texas – “Texas is a redeemable tax deed state, and that is the best structure of any state. I’m not just saying that because I’m here in Texas!” began Arnie Abramson, founder of Texas Tax Sales Resource Group in his educational session on Saturday, February 24, 2018, at the Think Realty National Conference & Expo in Dallas, Texas. Abramson started buying tax sale properties in 1992 and used the portfolio he built to become a buyer, seller, landlord, and teacher/speaker on all phases of real estate in the Dallas-Fort Worth (DFW) area.
Abramson explained to an eager audience exactly how tax sales work in Texas, which he said is the best state for buying properties at tax sales. “The beginning bid is for the back taxes owed, which means that the first bid catches up the back taxes. Then, the property sells to the highest bidder.” Abramson noted that although tax sale investing used to be relatively relaxed compared to other auction formats, today, “hedge funds are your biggest competition.” He added, “If they want a property, you will not get it.”
Fortunately for Texas tax sale investors, Abramson has decades of experience working around tough hedge fund competitors. For example, a number of properties at tax sale auctions do not get purchased at auction. “These are called strike offs, resales, or over-the-counter properties,” Abramson said. “Usually, that property is still available for purchase at that minimum bid until the end of the redemption period, but every county handles it differently.” Knowing the ins and outs of this side of the tax sale can help investors purchase properties at deep, deep discounts without having to fight the competition at the sale itself.
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