Residential Landlord · Indianapolis, IN · Member since 2010 · 592 posts · 138 votes
Those of you who buy tax deeds or foreclosures, what is the best way to get into the property once you own it? I am about to take possession of 2 tax deed properties which appear to have been abandoned for a year or more. Is drilling the lock the best way or would it be cheaper to break in somehow?
I called a locksmith once on a property I was buying (abandoned condo - had permission from the owner who inherited the property and didn't have a key). Locksmith came out, drilled through the cylinder and charged me $80. That was the last time I called one.
Drill the lock off. AND make sure you have a copy of the deed, corporation formation papers with your name on them (if company is owner) and government issued ID.
The police may not want to hear anything about you being an investor owning the properties via foreclosure without written proof.
Sometimes when they leave, they leave behind a key with a neighbor or "hidden" under a rock, floormat, etc.
On one REO I visited after it had the front door re-keyed, the keys to the back door were left in the mailbox! Those same keys probably would have opened the front door too (until it was re-keyed - we'll never really know).
There may be keys, but I personally would not use them. I purchased 3 at one time and had them all re-keyed and secured. It cost about 400 bucks but well worth it. Remember these people lost their property. Who is to say they don't have a spare set of keys laying around. Once you get in and start doing what your going to do with the property you certainly don't want an angry person destroying your progress IMHO.
I'll have to do some more research on the bump keys.
I will be changing the locks once I get in, I just need to get in first. Trying to do as little damage as possible in the process. I would like to keep from having to pay a locksmith to come out and if I can find the keys, or use a bump key to get in cheap, it will be much less hassle for me.
You've got the idea - get in with minimal damage and re-key or replace locks. I'd look up Marc since he is in your neck of the woods - he can probably get you going even faster than reading, and he seems to know locks rather well (read some of his posts on locks).
I called a locksmith once on a property I was buying (abandoned condo - had permission from the owner who inherited the property and didn't have a key). Locksmith came out, drilled through the cylinder and charged me $80. That was the last time I called one.
Drill the lock off. AND make sure you have a copy of the deed, corporation formation papers with your name on them (if company is owner) and government issued ID.
The police may not want to hear anything about you being an investor owning the properties via foreclosure without written proof.
If you are hoping to keep the locks to be rekeyed, chances are they are not that great of quality of locks (most are not unless you spend >$200)and can be eazily picked. Picking locks is not that difficult if you understand the principles of the task. I have not used a bump key myself (they are illegal in some states without the proper locksmithing permits/licenses). I have used a bump gun and picks both with great success, just got into a vacant property last weekend, with owners permission in writing, to check out the condition. Like others have said make sure that you have proof of ownership on hand. I would think that you tube would have some hows on there.
If you don’t care about the locks drill and replace.
Good luck.
I didn't have strict criteria last year. It was the first year I bought any liens and I just wanted to buy a few cheap ones to learn the process. All 3 were under $1000 each and had decent homes which I figured I could make into rentals. Two were abandoned, 1 was still occupied, but appears to be abandoned now.
I bought some more liens this year with a higher max bid and stricter criteria. I look for properties I could easily turn into a rental and get a desired return on if I get the deed. I actually started looking for occupied homes because I believe there is more likelihood they will not have had all the wiring, pipes, and furnace stolen out of them. If I get possession next year of any of the ones I bought this year, I plan to inspect the properties and then allow the current occupants to apply to rent it from me if the property is in good condition and the occupants seem reasonable. Otherwise it will be cash for keys or eviction.
Sometimes the former owner is not AWARE that they can redeem.
I'm right now exploring in my area the possibilities of acquiring the property from those who have redemption rights but haven't redeemed. Since they stand to lose the property without any compensation, why wouldn't they consider selling and getting some cash in the process ...
When we went to go get into the one I acquired on a tax sale we knew one of the neighbors and he knew where to find the key that worked the back door.
Had that not happened, we would have first checked the windows to see if any were open, and if not, drilled a lock out. We changed the locks right away as well.
The one I acquired had been empty for a long time and the copper and the a/c unit had both been removed.. a risk you take regardless of the situation. One neighbor had taken to mowing the front yard, and another parked one of her cars in the drive often so it didn't look empty. The backyard was a jungle!
My electrician is able to get into just about any house with a credit card or an id. He can't get past a deadbolt. But he is able to get by just about any doorknob lock with a cc or an id. Its scary. But it comes in handy more than you think,
And, yes, the first time I saw him do it was the last time I left my dead bolt unlocked at home.