Considering purchasing a tax-foreclosure home - advice?
Hi all,
I'm fairly new to the investing world but have been seriously considering purchasing a property through our state's upcoming tax auction. I found a home that is in a great location and is something I can actually afford to purchase (provided bidding doesn't go too high). Problem is, I can't get inside to see it and I'm sure it needs work.
I wanted to reach out to the forums for any and all advice for someone considering this type of purchase. My plan would be to rehab it and keep it as a rental. Some initial questions I have are:
- I have looked up the public tax records for this property, but how can I find more information on the title and if there are any outstanding claims?
- Funding - I know I need to do rehab work, but how much remains unknown. My experience with my local bank is that it is very difficult to get started in this business with no money, and they will only loan me 75% of my purchase price (which wouldn't be enough to rehab it). So, what other options are out there? I see people talk about private lenders but I'm not sure where to start.
- What are other things that I should be looking into prior to making the leap?
Looking forward to learning from all of you!