Tax Defaulted Properties San Jose, CA
Does anyone has experience bidding in tax defaulted properties in San Jose, CA?
I have been analyzing a lot of possible deals in these market with no luck. Recently, when it was time to pay my own property taxes I learned about the tax defaulted properties. The city does a public auction on a property not paying property taxes after 5 years. I think this will a route to invest in rental property. I read the info of the auction site and checked the list of current properties. The numbers make sense for some of them if I pay cash, rehab it and then rent it. I know it is risky for a first timer dealing with auction, but I believe that you have to start somewhere. Otherwise I will still be a first timer auction investor 5 years for now.
I would like to get more info on the process:
1. Is there any guide or book out there in this topic?
2. What to look for in terms of the public property information?
3. Who should I contact to assist this process for first timers? The process is meant to be completed online (no human interaction). A real state attorney? The city office?
4. The total payment is due on the same day if you are the winning bid. How long do I have to wait until the property is officially mine?
Thanks!
Nora