Jacksonville, FL · Member since 2013 · 226 posts · 116 votes
Looking into tax deed sales in Jacksonville to acquire properties for long term rentals. Have no experience in tax deeds but do have experience with rentals, flipping, and new construction. The MLS is depressing right now and it's tough to buy properties from wholesalers when I just don't think the value is right. Anybody have some words of advice on whether this is a good approach to finding buy and hold properties at a good value? Obviously this is a very general question about tax deeds but any feedback would be much appreciated.
@Kevin Martin
I buy tons of tax deeds & lands available for rentals in jacksonville.
Crazy competitive right now...tax deeds are going for like 40k+ for dumps...and the lands available list has been picked apart during the last 60 days..
Tax deeds clears the liens, even IRS but requires a quiet title if you plan on resale. If you dont plan on resale then tax deed is fine...clears in 4 years on it's own.
I’m a little to the south of you. There can by good deals, but the competition is high now.
And, when looking to purchase, it’s always a good idea to check with the city for water/past liens.
I won a property at auction that had over 3,000 dollars in past water liens that didn’t show up in the search because it was rural and Was never sent in.
@Rolly Weaver so from the excess of your bid win, the city reimbursed you? I bought certificates for the 1st time yesterday and on 2 properties where one owner filed bankruptcy. I suppose that means I will have to wait a long time to apply for a tax deed sale, although I bought all of the available certificates including ones older than 2 years. These 2 are great properties and likely worth the wait. Or maybe I will learn an expensive lesson.
Hi guys I'm a little new to tax lien investing. I've bought a total of 3 and all 3 were redeemed. After that I was hooked! But now I want to go after bigger money. I want to go after the tax deeds. I have seen a lot of decent properties in Duval county Jacksonville area. Can you guys give a newbie any ideas of where to start on picking up some properties that I can turn into rentals after a decent rehab? I have the financial resources to rehab properties. Just not the know how to get them for cheap. Any help is appreciated :)
There are tax deed sales once a month. Check out the duval county calendar for a list of the properties and do as much due diligence as you can beforehand. The bidding is online and goes very quick and appears to get more competitive each auction. Be careful not to over bid. Note you cannot purchase title insurance on these properties until you pay for a clear title action which will cost you around 3k for an attorney to complete over a few months. This limits your refinancing and flip options until title is clear. Good luck
That's actually not true because in Florida now there is multiple title companies that will provide title insurance at a higher rate for properties purchased through the tax deed auction without going through a quiet title action.
@Alexis Monroe I think it’s best to do it the traditional way which is a quiet title action. It takes months, but it clears the way for the property to be insurable at a reasonable rate.