All Forum Posts by: Gabe Hall

@Maria Luna, yes I have bought property at tax sales in Washington state.  WA is a tax deed state, which means you get the property (and not a lien) when you win at auction.  You need cash and its either due right then (literally you walk up and pay and everyone else waits to see if you have funds) or wire within 5 days. 

My experience so far is that you can get discounted properties, but there are no "easy deals". If something is worth money, chances are a few people are there to buy it. For instance Thurston county just did their auction earlier this year and a house in downtown Lacey went for around 140%? Assessed Value, 50% ARV. It was gutted by fire, holes in the roof, covered in junk, condemned, etc. But if you are creative, lucky, or both its a great way to get property.

Also most of the state is slowly switching to online auctions.  ************** is what all of the counties are using.

No but its an interesting idea to lease land for an RV.  My take is that Ocean Shores is a little bit lacking in 'touristy charm' to be a major destination and its low on other major income sources.  Also it only has a few good months out of the year for a short-term rental destination.  There are people renting there so clearly someone's doing it right.  full disclosure: a family member of mine lived there for 2 years.

Thanks Everyone!

Caveat: I've acquired a small number of properties through auctions, and none on auction.com (yet?).

Although its total hindsight for you at this point, my personal rule for all auctions is to pick my absolute 'happy' max and bid that.  If bidding goes $1 above that price, let it go.  Don't try to win the property or beat the other bidder(s).  If you leave the auction not-unhappy, you 'won'.

I have heard that some properties on auction.com can go under reserve, not get the sale only to later have the seller contact you (and offer you @ their reserve).  I consider what you experienced as a shortcut to this conclusion.

Great thanks @James Lusk!  I guess updating my location for this post made the meetups section work :)

Now on to figure out keyword alerts... :)

Congratulations on your first investment property!

Hi everyone! I started REI in the latter half of last year and let's just say I decided I needed a cheaper education than the one I was getting by just blindly charging in :).

I'm in Seattle metro area, King County.  My main focus is the I5 corridor from Everett to Blaine but I'll take a deal wherever it leads me.  Currently looking to buy & hold.  I'm looking to expand my networking list - how can I find meetups in my areas?  The Seattle and Tacoma forums are pretty quiet.

The BP community so far looks great, and I love the positive attitude and cooperative spirit.  

Cheers,

-Gabe