Raised Ranch Purchased Off The Tax Repository List

[Kevin Sobilo]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $500

I bought a raised range off the tax repository list. It has a good roof, updated electrical and dated ~1960 interior.

My original intent was to use the 2 car garage for storage, but the condition is so good that I might rehab it into a rental and just reserve 1 garage bay for myself.

[Kevin Sobilo]

In my state if you don't pay your taxes for 2 year they cal auction it off for taxes. In the first level auction, the buyer is responsible for any liens, encumberances, and back taxes. If it doesn't sell at that auction it proceeds to the free & clear auction where the buyer is not responsible for those things. If it doesn't sell at that auction, it goes onto the repository list waiting for anyone to buy for a minimum bid. 

In my state these auctions are separate of the foreclosure auctions. Foreclosure auctions are done by the sheriffs auction to pay off lienholders.