New here and I need some help and advice

[Alvin Smith]

I found a house in Sheriff sale in Franklin County on August 15th. It seems like a real diamond in the rough. I don't even think that rough, just a sleeper. There is only like 6700 in back taxes owed. The best I can tell - they a not auctioning a tax certificate, they are auctioning the house, and if I read right, its zero minimum bid.

So I drove by. I thought it would be an awful neighborhood. I was shocked. Clean. Looks like mostly seniors, looks like owner occupied area, pride of ownership in the neighborhood, etc. If you don't know about Columbus, ohio, there is a massive shortage on the lower end of the housing market in both houses for sale and for rent.

Surprise number 2. The home looks decent. I thought it would be boarded up or something. Just the opposite. Mowed lawn, etc. Flowers, etc. Its 2 minutes from I-670, maybe 5 minutes from the airport, and 10 minutes from Easton - the hottest shopping mall and entertainment center in Ohio.

This will be my first attempt at purchasing an investment property. My question is - how do I know how much I should bid. Any help, I would so appreciate your thoughts.

[Remington Lyman]

Quote from @Alvin Smith:

I found a house in Sheriff sale in Franklin County on August 15th. It seems like a real diamond in the rough. I don't even think that rough, just a sleeper. There is only like 6700 in back taxes owed. The best I can tell - they a not auctioning a tax certificate, they are auctioning the house, and if I read right, its zero minimum bid.

So I drove by. I thought it would be an awful neighborhood. I was shocked. Clean. Looks like mostly seniors, looks like owner occupied area, pride of ownership in the neighborhood, etc. If you don't know about Columbus, ohio, there is a massive shortage on the lower end of the housing market in both houses for sale and for rent.

Surprise number 2. The home looks decent. I thought it would be boarded up or something. Just the opposite. Mowed lawn, etc. Flowers, etc. Its 2 minutes from I-670, maybe 5 minutes from the airport, and 10 minutes from Easton - the hottest shopping mall and entertainment center in Ohio.

This will be my first attempt at purchasing an investment property. My question is - how do I know how much I should bid. Any help, I would so appreciate your thoughts.

For sheriff sales in Franklin County, confirm the minimum bid with the county since even zero-bid listings usually have court costs or liens. Research the title, liens, and condition carefully since sales are as is with no inspections. Look at sold comps nearby, subtract repair and holding costs, and leave room for surprises. That said, I would not recommend an auction house for your first investment because of the risk and lack of access before buying.