Thanks for the welcome everyone.
The tax sale we got into was I think both timely and quite lucky for me to find out at the time I did. A co-worker of mine had always mentioned to me that the County I work in has tax sales, so I did some research and happened to see that there was a closed bid sale closing a month after i saw it. Being that i've always had the desire to get into property investment and like I said it was a timely thing for me I decided to research all the properties up for sale. At the time my wife and I had just refinanced our first home and had benefited from the savings quite a bit so I was able to use this toward the bidding and still save some money. My fulltime job is good but I don't think I would have been able to get into investing and getting a conventional loan with the recent refinance.
So I did research on the 37 properties and found this 2/1, 1270 Sq Ft home that had been abandoned on about 3/4 of an acre lot, it has a one car garage and wash room. The location is good and I liked the neighborhood. I also liked two empty lots and decided to bid on those as well. Now, the house needed quite a bit of work to include new flooring throughout, painting, foundation repairs, new roof, etc., nothing that turned me away from it but I knew I didn't want to pay too much. So we decided to low ball it and just see if we win. Well the day came to reveal all the bidding and we won. The bid under ours was $3000 less, that feeling wasn't good, to know we could have paid less although that's the purpose of it being an auction. We still got a deal though, can you believe we paid $10,000. We finalized the deal last August and have been working since. We're doing most if not all the work ourselves. The only thing we've paid anyone to do so far is the foundation work and to date we've put close to $6000 into it and we're near completion as far as getting it ready to rent.
No too bad so far and we're enjoying every step so far.
