Realtor · Ruskin, FL · Member since 2019 · 18 posts · 5 votes
Investing is quite new to me. I’ve been researching different avenues and I’ve taken an interest in tax deed auction sales. I have an idea of the process and a few tricks to get ahead with knowledge on theses as-is property...BUT, recently came across information that changed the game a bit for me. I learned that there are investors that seek out these type of properties and make owner offers to purchase before the auction, wiping out any competition. Wondering if any Florida investors have taken this route? Any FL bidders have any advice on these type of deals? Any recommendations? Thanks in advance!
@Chiante Crayton Yes, that is the most effective strategy, but it’s not new and plenty others are doing it too.
Where I am, did it...in 2015 ish, not many were doing it....I bought two in one day the second month I did it....I door knocked a week before the auction, followed up twice each, bought the day before the sale. Soon after, I was the 6th or 7th one to the door...I’m sure there more now.
There really are no new tricks in this game....”only to maybe you or me”.
Sure....there is strategy to buy before the sale, at the sale, after the sale.
Same with foreclosures....as in preforeclosure.
Not all properties will go to sale, but maybe they need to sell....good example is probates....so family doesn't want to spend the money for taxes, until they are forced to do so, they'll pay it off before the sale, but really want or need to sell the house, so still open to a sale.
One of my favorite rentals was purchased prior to the tax deed auction. I snagged the seller from a CL ad. Paid 70k and it was worth 100k the day I closed. I still own it and just replaced a 5 year tenant with a new tenant for $1300/month.
@John Thedford wow! This is good info. In the process of getting more knowledge. Nice to read of a success. Thank you!
It was luck that they called my CL ad. They were about 3 weeks out from the tax deed sale. When we were at their kitchen table I noticed a LOT of mailers from buyers soliciting them to purchase the house. I recommend advertising but also door knocking to increase your chance of success. Advertising can be mailers,CL ads, bandit signs,etc. You must be ready to write cash offers and never steal in slow motion:)
@Chiante Crayton Yes, that is the most effective strategy, but it’s not new and plenty others are doing it too.
Where I am, did it...in 2015 ish, not many were doing it....I bought two in one day the second month I did it....I door knocked a week before the auction, followed up twice each, bought the day before the sale. Soon after, I was the 6th or 7th one to the door...I’m sure there more now.
There really are no new tricks in this game....”only to maybe you or me”.