Florida Tax Deed Purchase

[Raghu Kontakts]

Hello,

A newbie just starting to learn the basics of owning real estate. I learned about the possibility of buying homes thru Tax deeds afer reading RichDad PoorDad. I have created an account with the county's auction site(Broward county) here in Florida and following the process for months to understand, however I feel like I do not have enough information on things to consider before I pull the trigger and buy one.

Following is the criteria that I'm following to buy one...

01) Narrow down to few properties out of the list for focus

02) Picking only those that are in my range i.e 70k

03) Picking only those that can be bought at 70% of After repair value minus ~15k expenses.

04) Making myself familiar with the neighborhood of the properties by driving thru. Choosing properties that are 'B' or 'C' grade on Niche.com.

05) Going thru county records(honestly I don't know or comprehend what I have to look for here except special assessments)

Please suggest/advice if my approach is wrong or need alterations.

First one in my family/friends circle to venture into this area, so absolutely have no idea where to begin or discuss apart from reading books watching YouTube videos listening to podcasts and now ending up here on forums.

Thank you

[John Underwood]

Are you looking to buy the tax deed or buy a tax lien?

Don't narrow your list too much. I agree with your criteria, but look at as many of these as possible because many with either be redeemed before the auction or the bidding will just go to high.

Drive by anything you might bid on so you know for sure what you might get. 

I know someone that researches the defaulting owners to look for people who are deceased, in jail etc. I personally don't go to that extreme. He uses Virtual Assistants to help him with the research. 

When you drive by the properties look for one's that are a little rough or unkept vs the ones that are beautiful and in perfect repair.

Google Street view can help you to elimate properties that you don't want to drive by.

I personally get my list down to about 1000  from the list of 4000 and I drive by all of these and then I might only be able to purchase 25 or so tax liens.