Investment Info:
Single-family residence buy & hold investment.
I have become interested in tax delinquent properties in Alabama. This interest began when I took on a part-time job photographing such properties. Since then I have bought two and I'm holding them until the 3-year redemption is complete. One of the properties I purchased was for $250 and is a gutted house that has a good roof and foundation.
What made you interested in investing in this type of deal?
Some great deals at low prices which is good for me right now since I don't have a lot of cash on hand.
How did you find this deal and how did you negotiate it?
I found the deal by spending a good bit of time scrolling through a land parcel app- Regrid- looking for tax delinquent properties and then applying to the state for all of these properties. When they became available to me, I then decided which ones made sense for me to purchase.
How did you finance this deal?
I was able to pay cash.
How did you add value to the deal?
Cleaning up the property and eventually rehabbing.
What was the outcome?
Holding it now and saving monthly rent for a storage unit on personal property.
Lessons learned? Challenges?
I also bought a tax delinquent empty lot. I was for sure that it was a County property and that it would be easy to put a camper on and make some quick rent. However, I found out after I purchased it, that that property had been annexed into the city which had rules against a camper! Big bummer.
