Real Estate Investor · Saint Petersburg, FL · Member since 2013 · 1k+ posts · 951 votes
Inventory has been pretty scarce the last few months for the type of properties I usually buy as rentals so I figured I'd take a shot at the tax deed auction. There were 3 I was going for and I was able to land one of them.
I was wondering if anyone with more experience with this could give me some advice. I'm in FL and I know people will usually do a quiet title action, should I wait for that to get going before I begin the rehab on it? I have the deed and the previous owner and mortgage holder were both given notice of the sale so I don't know what the issues would be, but I'd like any feedback from people that have done it before.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
13y
Maher Bateh Why would you wait to get insurance? I always get it immediately, since I've already paid in full for the property, and what happens if it burns down or if the past homeowner "hurts himself" on Your property moving out.
Real Estate Agent · Los Angeles, CA · Member since 2015 · 109 posts · 43 votes
10y
@Tiffani Baggett - Hi, yes the process for applying went well. I was informed the application review would take three months. However, it only took three weeks to get a response with a price quote from the revenue department. I'd say it was a fairly smooth process so far.
Real Estate Agent · Los Angeles, CA · Member since 2015 · 109 posts · 43 votes
10y
Back taxes owed plus interest. It does not include fees for any type of possible property liens. I would recommend reading the entire Alabama State Code Title 40 Chapter 10: Sales of Land to know about all the fees involved.
Also, connect with Denise Evans in your area, she is highly recommended. You can find her here on BP, but she also has a website with tons of articles and educational tools.