All Forum Posts by: Dennis Weber

one other nice thing about Indy is they've already done the title search and notifications so you don't have to pay to have that done as the other counties. You get reimbursed for that but it's less stuff you have to worry about. Also, and don't quote me on this. Items not sold the first time thru get reauctioned and the redemption period is 120 days. 

@Joe Donohue  can't agree with you about Indianapols auction. Just attended the first day today and will go back tomorrow. Got 2 at minimum bid and 1 with about a $2000 overbid. Plenty of good liens for everybody. Well, not everybody, but the people there. 

@Jolene U. no need to worry about now. You just wait it out. If they redeem, you've made 10-15%. If not, then you sell the land to the homeowners or the HOA. for hopefully more than that.

I'm old too. 

@Jolene U. what makes them useless and unusable? Does this subdivision have an HOA?

@Jamie Watson

Indiana tax sales are fun!  Welcome!  

You may already be doing this but go to the county treasurers web site and download the updated list. They update nightly so many properties may be redeemed before the sale. You should be able to download this list in excel spreadsheet. Delete the ones that don't meet your criteria. Then using Allen county GIS look at the property and the property card. The GIS will show you the parcel. The property card will tell you land value, improvement  value, how many years back taxes, etc. The idea here is to have as many properties that you can to bid on. If you go with only a few to bid on you might waste your time if they've redeemed. Unless I'm putting down a lotta bucks on a property I don't go look at it. Also Google the property and look around the neighborhood.  Each night look at the list and scratch out the redemptions. You'd be surprised how many redeem right before and I mean moments before the auction begins. 

Good luck!

@Sian

Www.sri-tax sale.com

They run most of the Indiana county auctions. Also, if you register on their site you are registered for all the sales. 

oh wow, @Hobart King, just checked the Delaware Co property list. That's more than I had expected. 

I'd stay away from raw land unless you have the time to wait for it to be worth something. Now, lots are worth something, however. Look for lots in a nice residential neighborhood and sell it to the neighbors. 

It's fun to look at these properties and think of different exit strategies, isn't it? Just make sure that easement isn't a drainage ditch. There's a 6 acre lake in a newer subdivision in Johnson Co that receives the storm water. You know the HOA will pay.

SRI does a pretty good job updating the lists. Funny story, there was this guy in Owen county that had maybe 60 lots by a lake on the list. He walked in moments before the sale and paid them off. They held up the auction because the Treasurer was busy taking his money. The SRI guy then told everybody about it and to remove them from the printed lists that were handed out. Many people walked out because they were there to get those lots. 

@Hobart King

I wouldn't bother with Jay. Probably not too many liens to chose from.  And say you bought one that didn't redeem. What would be your exit strategy in Portland, IN?  Probably not a hot market. Franklin or Dearborn may be interesting.  Part of the Cinncinnati market?  Maybe bigger than Delaware. 

But I would highly recommend the granddaddy in Indianapolis. For example, a friend in my REIA bought ten liens for around $10,000 last year. He wanted the properties but all redeemed within 6 months. He was upset he only made a $1,000 but he made 10% in less than 6 months. That's over 20% annualized. I'll take those kind of returns any day. Lots more selection and a damn good market.

@Hobart King

 Not real experienced but I went to the Batholomew and Owen counties last week and this is what I noticed. 

1) Depends on the property. On some there was no overbid at all (I got one of those). Some went for almost retail. All depends on if you want the property or you think it will redeem and how much you can afford to have your money tied up. 

2) The fees are included in the minimum bids. 

3) They changed some things. The overbid is only 5% now (consider this when overbidding). 

4). Oh yeah, you have title search done and notification after first month and before 6 months. You need to fill out a 137b to get reimbursed for title search ($250-$350 depending on county) and attorney fees (up to $650 in the 2counties I was in).  SRI has this info on their website.   Also, you don't have to, but if you get the property you'll have to pay them anyway, spring taxes. In Owen county the SRI guy said you get 10%, the other guy said 5%. One of them is wrong. 

I'll add 5). Call the county and check their payment terms. Owen took personal checks and Bartholomew took wire and cashiers checks. No change. In Marion you need to set up an account. 

I'll be going to some big ones coming up. Johnson county 10/1 and the real big one Marion on 10/8&9. If I have any money left I'm going to Hendricks and Hamilton.  I tell you this because if you see a good looking fella with a white hat, don't outbid me. 

since you are in Texas, I would go to the county courthouse and check the struck off lists of auctioned deeds and see if they have any lots for $500. If by chance they do, go to the neighbors house and see what that lot is worth to them.  Do not buy raw land. Good luck!