My team and I are possibly looking to get in the Oklahoma market. I've invested in tax liens/deeds in FL and Indiana and now shift my focus to the upcoming annual auction in OK. If anyone has any insights, tips, or things to stay away from, I'm all ears.
I’ve been eyeing this market, too.
Some of the smaller markets.
Hey @Doug Phillips ,
Good luck with getting into the auction scene! I haven't been involved in it before but I've considered watching it for entertainment value. Other than the typical auction stuff (sight unseen bids, existing liens, crazy competition, trying to interpret weird legal descriptions, etc), I've heard title issues are pretty common with these types of sales. Again, I'm not pretending to be an expert so I'm not sure if that's how all of the tax and/or sheriff sales are or if it's just a local thing.
You definitely want to verify this, but my understanding is that even if you purchase the property at the tax sale you still do not get the full deed to the property. I have heard that a lot of people will end up needing to do a quiet title action to get everything squared away.
I have heard that some people do really well with tax sales, I just haven't ventured into that space. Good luck!
Thanks! Yes there is a lot of title issues regarding tax auctions and certain title companies won’t even touch them but I’ve got a reputable firm that handles that. We just had to file a quiet title on one of our Indiana properties.
I worked for a firm for a while that did auctions / the tax sale every year. Their approach worked, but it was a little risky. They basically just played it like a game of averages. They knew they'd make some deals that weren't winners, but by the time it was all said it done it averaged out in their favor.
Tons of prep work.
Hyper-organized system after the sale (off-load the "duds" to minimize holding costs, drop lockboxes ASAP for quick showings/quick contracts, etc).
It's fun, for sure! Keep us posted.
Thank you for your insight. My team and I are in the middle of paying taxes on 44 parcels and keeping everything organized from IN this spring, and I think you may have confirmed what I was feeling which may be to sit this one out since, unlike IN- we don't have a team in place currently to help facilitate.