Tax sale 2 bedroom total rehab

[Mark Glasgow]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $2,400
Cash invested: $25,000

Purchased a tax warranty deed at auction and rehabbed the entire home after purchase

What made you interested in investing in this type of deal?

Cheap initial investment

How did you find this deal and how did you negotiate it?

Public auction

How did you finance this deal?

Cash

How did you add value to the deal?

Going through the tax lein process and rehabbing the home. Added laundry, dishwasher, and central air to boost rent.

What was the outcome?

30k in equity and 800/mo in rent

Lessons learned? Challenges?

Tax sale properties can take 6 plus months to transfer into your name in this case attorneys fees cost more than the purchase price of the home.

Deadlines to submit notices can derail the entire purchase process if not met in timely manner. Title agency and attorney work hand in hand and its best to go with experienced professionals in both arenas.

The process is long but there are deals to be had if you can wade through the paperpwork.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Anthony novak - real estate attorney

Dawn Zigler - meridian title