Buying a tax foreclosure
hello bpers
So I have been buying rentals fora little over three years and we just picked up our 6 the property in Poughkeepsie ny. None of them were from Mls. With that we got very good deals but a fair amount of headaches as well. We just signed a contract for of 7th yesterday. Eventually I would like to do this full time but until then I will plug along with 1-3 a year. If I ever save enough I would like to buy multifamilies.
Silly headaches but not a migraine. I bought a small cottage in Arlington schools Poughkeepsie at tax foreclosure ,owner occupied in oct. I went to the prior owner to introduce myself. I said "I worked for the owner "to try to keep emotions out of the conversation. At the second visit we discussed things like cash for keys and their intentions. They were very receptive but also telling me how they are both sick. Eventually they invited me to look around. They were extremely friendly and wanted me to tell the owner they would work with him. As the lady was giving me a tour, the husband was running behind us grabbing paraphernalia ( gallon zip lock bags full) and relocating out of my sight. The house wasn't bad except roof was leaking into a freshly renovated bathroom. The light didn't work because of water and ceiling was starting to drop.
At this point I had only paid the 10 percent to the town and have not completed the sale, my goal was to get them relocated by the time I closed. The next visit we were supposed to finish any details and they would be on their way to a new place with some money from me and their bags full of goodies. Instead they descided to tell me they would leave but could not commit to a date. Soon. At that point I closed, paid the rest to town, hired an attorney and started the process . 2 court dates later, they are ordered to move by Jan 19. I had a roofer tarp the roof to prevent further damage. Great deal, great price , will rent fast but little headaches along the way.
I hope you all had a safe holiday and happy investing.