Ways To Get Highest Profit Buying Tax Lien Properties

If you are a married couple buying a house together, either outright or through tax liens, you will usually be joint tenants. This indicates that you both get the whole of the property and if one expires the other inevitably inherits.

But if you are a cohabiting couple, you would be thoughtful to choose the tenants in common option, whereby you each own half the tax lien or property. Where this occurs, it is vital for each partner to make a will expressing that, on death, the deceased's half of the property goes to the survivor. Or else, it just goes into the estate. Inheritance tax does follow, however, as the only exemption is for married couples leaving property to one another, or same-sex couples who have declared a civil partnership.

I bought three properties jointly with my spouse, who died unexpectedly in 2004. Because we had each made a will precisely stating that the survivor would own the houses, I automatically inherited them on his death. On the other hand I would have had to sell them to administer the estate. The question of joint or common ownership is very important indeed when buying property and tax lien certificates and should not be left to chance.

There are other important factors when you are investing in property with somebody else, such as: Does one person have ownership and if so, what rights does the other person hold?

Who pays the mortgage and how will this affect the equity on resale? What occurs when one party needs to sell and the other does not? What comes up in the event of death? How are expenses to be distributed? What about life insurance? What if there is negative equity? Who pays for upkeep?

Before you ever start investing with another person, whether this is your spouse, partner or friend, it is essential to draw up a legally binding documents. If you are a close friend or intimate partner, it can sound harsh and calculating to do this, but it is helpful.

If my late partner and myself had not prepared a Deed of Covenant and each one amended our wills, there would have been a fearful muddle on his death. It is also useful to draw up these documents in case of splitting up, or the friendship coming to an end.

If you have decided that the best and most secure way to invest in property is to utilize your own home, you must be very wise that you are not seen to be running any type of property development business for gain, as HM Revenue and Customs will take a very dim view if you are, and tax you subsequently.

The main methods of using your own home as an investment are:

Buying a place in an up-and-coming area, living in it for some years, then selling it on at, you hope, a huge profit;

Purchasing a wreck, doing it up and then selling it on, whenever living in the place in the meantime;

Developing your own home from scratch, living in it and then selling it on when completed;

Having lodgers or paying guests;

Renting out your home to overseas visitors as a holiday let when you are not there yourself;

Buying a location that has a self-contained apartment in the basement or in the loft, or upgrading part of your home into a self-contained flat;

Letting out your property to TV and film crews;

Having a small hotel or B&B at the same time as living in the place yourself.

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