Looking to purchase a tax foreclosure property in Charlotte.

[Shannon Danko]

My husband and I are looking to purchase our first rental property. We are thinking concord bc its cheaper but then I came across several tax foreclosure auctions coming up in Charlotte. Does anyone have experience with this?? I would love some feedback! Thanks in advance, I appreciate it!

[Harry Marsh]

I do 300'ish closings a month in the area

From the little you've told us: I'd say 'run away'
Tax foreclosures are competitive in Charlotte.   'big' guys lose money on them (on occasion).  They often sell at 90% of value and people lose money if property condition is poor
Is it possible to make money?  Sure.   Mecklenburg County: less likely to make money.   There are 50 savvy investors in Charlotte, every day...looking at these
Cabarrus/Union County?  There might only be 10 looking at the property:  you have a far better chance of 'winning'

You probably need an experience real estate agent like Curtis Waters to figure things out (evaluate your world and what to do).  It takes many years to get 'good' at these

[Shannon Danko]

@Harry Marsh Thank you so much for your reply! I couldn’t believe how many tax foreclosure auctions there are! I’m so interested in learning more about it.. I know there are risks but is it possible to get a good one? There are a few that I’m interested in from Kania Law firm. Ideally I want to stay in Charlotte and surrounding areas but for our first rental we want to stay under 200k, which is very hard to do around here.

[Harry Marsh]

I think there's too much competition.   There are people that run 3-4 crews and buy things that are arguably overpriced, because they can renovate cheaper than anyone

If you're a 'single' person that will be charged twice as much for labor:  you're going to be buying at such an elevated price that you'll be lucky to break even
Of course, there is always the odd duck that you might get lucky with.    What's mildly entertaining/amusing is that you often don't get to see inside the house in a tax foreclosure.  It's sometimes a lottery ticket.
There's also the issue of title insurance.  IT's hard to get title insurance on a tax foreclosure, which means it can be hard to get title insurance when you resell it.   I wouldn't recommend tax foreclosures as your first purchase/flip.

I'd probably encourage you to contact some wholesalers and find a better deal, that route