New to Tax Deed Auctions
I am a single mom with a savings account of around $10k. Nothing big compared to investors.
However, I have been doing research on Tax Deed auctions in my county in Florida. I found a property last month that is up for auction this month. It's a small block home in a subdivision. The opening bid is $6800. I checked for other liens by searching on the county website. I went by the property, looks like there are tenants (this was before the new year, not sure if they are still there).
I don't have my hopes up, I know there are investors looking to flip. I don't have the money to compete. But, if I can put in my proxy bid and somehow win it, that would be nice. No big deal if I don't, I will keep trying.
My questions are:
1) What is the probability of actually winning this bid? Or will investors hike it way up above my means?
2) If I do by chance win, and there are tenants, how do I go about removing them? The original owners passed away, it was then given to a trust company. I am assuming they rented it out. How do I take possession without too much cost involved?
This is my first rodeo, so I am learning as I go. Any advice would be appreciated.
Thank you!