the uglier side of tax sales
Just thought I would post for those interested in tax sales. I attend several auctions a year and buying houses via tax sales has been the most profitable way for me to consistently purchase homes. So I am sold on the process. However anyone who jumps into this has to be aware that you are going to end up with houses with people still in them from time to time. knocking on a door to explain to someone that you own their house and what is coming down the pike is difficult. We do that and give people the option to rent, buy or leave the house prior to eviction based on the residents circumstances. Generally it has gone well. In the last two years we have had five of these. Two are good renters, one is buying the house, and one was evicted. The last one is the reason I am posting today however. We gave the resident the option of renting below market of being paid $500 to leave the house prior to eviction. We know this is an extremely difficult time for the resident so do want to make it as easy as possible for them. Just so you are prepared for if this ever happens to you, today I received a call from the last one. They said is was a crook and a fraud. I have heard that before, however they ended the conversation with, "if you ever return to this house I will put a bullet through your head." That one shook me up a bit. I can't wait to meet them at the eviction. In any case, you can make a lot of money on liens and tax sales, but the cost for that is the people and legal part of it. Just make sure you know the legal or get good attorneys and be ready for the people part of tax sales.