All Forum Posts by: Alan Ouellette

Okay, maybe I was assuming a bit with the walking around inside, will email the auctioneer to verify.  I also assumed that I would be responsible for the back taxes but I could call the tax assessor's office to verify, thanks.  I am hoping that the back taxes will keep it to a smaller turn out.  While I hope to purchase it, even if I don't this will be a good dry run.

Hi All,

I am going to a real estate auction to purchase my 1st rental.  I am researching the property to get as much information as possible in prep.  Here's what I have so far.  

City Property/Tax Records (Same owner for 30+ years, Assessment value $131k, last refinanced in 2005)

County Lein Records (Tax lien was released to allow mortgage company to auction, owes $19,400 in back property taxes)

Report from Auctioneer

Notice of Sheriff's Auction from County

Researched comps in the area to know possible market value ($185k-$215k)

Looked at images from Google maps street view

It's vacant and I've driven by it a few times

I know we'll be able to go in an look around at the auction but other than that, is there any other information I might want to look up before auction day?

Many Thanks!

~Alan

It can absolutely work but what about the land the home sits on?  Are you thinking about a Trailer Park where the cost of the pad comes out of the income?  Do you have a small plot of land you can get hook ups to?  

I'm not going to disagree with any of the above, but your wife seems to be coming at this from the emotional side of things not the intellectual/learning side. My wife is similar and when we went through the first 3 baby steps, she really couldn't exist with only $1,000 baby emergency fund. After the debt, she couldn't be satisfied with the 3-6 months worth either. I gave her a big round number that was closer to the 1 year mark. We have a $20,000 emergency fund and we also replaced the roof, one of the most expensive things that can go wrong with the house. Only after that, she did feel secure enough to let any additional savings go towards me saving for real estate. If investing for retirement in an IRA makes sense, what about investing for before retirement was my main stand point. I acknowledged her fears, gave her what she NEEDED to feel safe and I think that really helped us in our partnership. Now I am shopping for my first rental without her support. That's my path anyways. Hope this helps.