All Forum Posts by: Kate S.

Excellent advice, guys, thanks a lot :)

Donna Smolinski Those are awesome ideas! Thanks a lot!

Hi guys! Sorry it took me so long to respond. We had some nasty storms last week and lost power for two days.

Steve Babiak I read all the threads in the link you provided, they were very useful, thank you :) I didn't see too many posts dealing with actual figures, but I got a good idea about some other things, so thank you!

Daniel Doran I think as far as title searches go, I will have a leg up on a lot of other people since I have a lot of great resources at my disposal to use. Plus, I love research in general, so it will be fun to perform title searches.

Geof Greeneisen I will purchase the book you mentioned, thanks a lot! As far as location, I live in Ohio now, but I will be moving to Texas hopefully next Spring, so that is where I would be trying to get started with investing. Things are a lot different there than in Ohio. I've read a lot about the different rules, etc. What I would like to try to find is a book about real estate laws/regulations specific to Texas, but I am still in search of a good one.

I agree with everyone about assuming the worst. It seems like the only logical thing to do to try to prevent losing your shirt on a deal. And if it is in good condition when you purchase, that much the better. Are there any stories that anyone would like to share about a time when things did not go as expected?

Hello :)

My name is Kate and I am a pretty long time lurker but this is my first post. I apologize if this has been posted elsewhere already, but my searching skills seem to be subpar today.

First my questions, and then some background info:

For those of you who purchase property at foreclosure and/or delinquent tax auctions, what percentage of property value (based on your valuation methods) are you usually prepared to bid, since you are not able to see inside the property in most cases?

Assuming the following:
-Title was searched and came back free of superior liens/judgments
-Outside of the property looks acceptable with no serious damage

Does this percentage change whether you are buying to hold, or buying to renovate and resell?

I ask because something like that seems so risky when you can't see the inside of a property or have it inspected. So how much of a risk would be considered a "safe" risk, knowing that the property may have been/or may be damaged during the eviction process?

About me: I went to school for accounting, and found myself in a job at a title company by chance, processing title searches, verifying documents, etc. Two years later, I am still there and loving it, and I've found that I love learning about real estate in general, and investing in particular. I am working for peanuts pretty much, but the learning experience is worth, it in my opinion, while I save money to go out on my own and try some things. I am pretty familiar with liens and other recorded documents because of my job, but I am curious as to the nuts and bolts and how people come up with their figures when investing in something potentially risky.

Sorry for such a long post, and thank you for reading!

Oh, can anyone recommend any good books to read for both tax auctions and foreclosure auctions? I would love to get my hands on more information.