Tax Lien Foreclosure

[Austin Brewer]

Investment Info:

Other other investment.

Purchase price: $2,000
Cash invested: $2,000
Sale price: $4,500

This was two of four lots I acquired all together on the same street through a tax lien foreclosure. I still have the other two. This was my first tax lien foreclosure deal and learned a ton!

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

It appeared to be a great deal. There were four lots all together that were owned by the same people. The attorney I hired told me that if the properties were owned by the same person that he would charge me as if it was only one property.

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

I found it on the county's tax lien list.

How did you finance this deal?

savings

What was the outcome?

This was my first deal and it was a little bit of a flop. I sold it for $4,450 on an owner carry note.

Lessons learned? Challenges?

When I sold these the Title company made more money than I did. This made me reconsider the thought of selling the property as land. I am now pivoting my strategy to develop my lands before I sell them.

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

I sold it through a coworker Realtor.