Back Tax Property Purchaes?

[Josh Calcanis]

BP,

I recently grabbed coffee with a local REI out here in Orlando and he quickly mentioned the strategy of 'deed grabbing.' He specializes in commercial development, but had dabbled in the process of buying properties by purchasing the title through tax foreclosure. An interesting concept that we didn't get to discuss to the length I'd hope to. From my understanding through googling and meeting with him, is that the title (loan and all) can be placed in your name for the simple fee of whatever is owed on taxes for the property.

Who here has experience with this type of deal? Any advice on approaching this kind of deal and seeing it through to closing?

What are the pros and cons vs a bank-owned foreclosure other than the small amount of capital?