Looking for insight for the Fort Wayne, Allen County IN Tax sale

[Drew Wiard]

Hey all,

This year, I am looking to attend, and very likely invest at, the Allen County Tax lien sale in Fort Wayne (Ft. Wayne), Indiana.  I attended last year, just to observe and learn.  I have the basic concept, but I am curious:

1)  If any BP members have gone and invested?

2)  What's your strategy?  Do you look for properties that you'll likely eventually procure?  Do you look for properties, not b/c you want to own them, but b/c of the note?

In short - I plan to go, but would like to hear what successes you've had, and what you would suggest for someone heading into it if they had, $5k, $50k, $100k to spend.

Thanks!

[John Underwood]

it depends on what you want. If you have very limited funds then start with lots or low end houses. I have easily sold lots on ebay with a Quit Claim deed. I try to buy as many liens for as cheap as I can. So try not to get emotional and bid too much for one property.

Try and research as many properties as possible so you have many options of most of them are going for too high a price.

Make sure you drive by all the ones you narrow your list down to. If you skip this step you will be sorry. 

I spend hundred of hours doing the research and fine tuning my list.

If you have the list in Excel get rid of the properties with a FMV of higher than 75k and lower than 20k. The higher ones will be more likely to be redeemed by owner or mortgage company. The lower FMV ones have a higher chance of being junk. Try to maximize your time and dollars on properties you have a better chance of getting.

House that have an occupant will cost you less in the long ring than ones that are boarded up and vacant.

Stay away from the war zone areas also.

Look at what it sold for last. If it was less than $100 then it was just being transferred, but if it was 7000 then there might be something wrong with property.

Driving by the properties will keep you from making a huge mistake.

Good luck.

John