Way to go tb. Keep it going. the low priced stuff is the place to start, at least for me with little cash. I bought a lot for $1 sold for $200 and a house for $50 once, sold for $1,000. You may not become a millionaire on those deals but its a learning process and money was made at tremendous percentages.
The auction brought out about 150 bidders/spectators for a sale of 305 properties worth 13.5 million according to the assessment figures. Only 24 properties were sold, I got 1, a house assessed at $57,000 for $15,000. Bidding had started at only $914 but there was stiff competion and the price quickly rose.
You have to pay all cash, real cash no checks after each property is struck down. the bidding was feverish for a few properties, but many went for the minimum bid. Three of the properties sold I had researched and they had big mortgages, one for $100,000. Why those people bid, I don’t know. One property with a big mortgage was bid and won by the mortagge holder, a lot cheaper than going through judicial foreclosure.
There was one property, a vacant lot that nobody wisely bid on. It had a $440,000 mortgage. There were several properties that I was very interested on that were redemmed in the last 24 hours before the sale. Better luck next time.
I bought John Beck’s materials and was very pleased. I got to meet him also and he is knowledgable and a gentleman. He has more tax sale stories than anybody on the planet.
Tax sale are a niche and if you want to be a niche player you need some expertise and training. Or you could end up like the guy who just bought $100,000 mortgage on a $100,000 property!
I think that is great. I want to get my feet wet after going through the material I purchased. Where do you find out about these tax sales. I have found hud on the internet but I would like to also be able to keep an eye out in my area. Thanks for all input. Merry Christmas. Please e-mail any information to Jesusheals3@juno.com.
I have been purchasing tax forfeited properties for about 9 months now and am considering going fulltime. My most recent purchase was 3 residentially zoned parcels for a total of $280. They have an FMV of $2,000.00 each!
Good luck and let us know of your progress on the home.
Tax Sales are usually advertised in the newspaper, but usually only once. Most small to medium sized counties only have one sale per year. A call to the courthouse, and the proper office goes by a variety of names like treasurer, tax office, etc. etc. It more challenging than hud sales and the rewards can be greater but the downsize can be greater also.