Tax Sale Properties!
I recently met an experienced and established investor who buys properties from tax sale auctions. THe investor seems very ethical and legit. He has over 50 rental properties-all but 7 are free and clear! We talked about tax sales and he suggested that I go to the next tax sale auction with him in order to get feel for it or even buy a property. My question is what do yall know about tax sale properties and what are some things that I need to be cautious of. I have about 5,000 dollars to start with, will this be enough?
If he is just willing to help you and not trying to sell you anything, then this guy is your greatest resource as he is doing it and making it work. I have bought some tax deed props in FL and have found it hit or miss. You do not get a clear title right away and have to complete a "quiet title" action to be able to sell or pur financing on the prop.
Quote:
On 2009-02-22 09:41, lasal2000 wrote:
I recently met an experienced and established investor who buys properties from tax sale auctions. THe investor seems very ethical and legit. He has over 50 rental properties-all but 7 are free and clear! We talked about tax sales and he suggested that I go to the next tax sale auction with him in order to get feel for it or even buy a property.
GO with him. Better yet get info from the tax sale seller person (different names from different places), the collector here, and read up on the info first. this will give you some idea of what is going on and will help you understand and formulate questions.
My question is what do yall know about tax sale properties and what are some things that I need to be cautious of.
Again, each state had different things to watch out for and how they conduct sales. This is where he could be a BIG help to you.
I have about 5,000 dollars to start with, will this be enough?
Depends on what you are looking for and how the sale goes. I have bought houses for $400. up to $2,800. Realize these are not the things you see on the TV commercila where this guy tells you that you can get houses for pennies on the dollar. But they rent OK with just a little work.
Thank you, thank you. I will definately soak up as much info as I can until the next tax sale. I wonder why more investors are not considering tax sale auctions. especially since it is soooo hard to find financing these days.
delinquent properties are public records so you can do searching before the sale.
there used to be a free CD at the commercial desk at Home Depot.
Marshall & shift sell these product, indexed buy zip for labor & materials.
http://www.marshallswift.com/p-43-residential-estimator-7.aspx
they have a commercial product too. Very $$$
Means Publishing used to publish a series called "Means Guides". Various volumes on various topics, "New Consturction", "Renovation" etc.
Try to get several different price quotes each time you have a repair / renovation to do or get a few bids each time to get a feel of the average cost. Also RSmeans has books on this, you can find them at HomeDepot