All Forum Posts by: Nicole Wood

In my area at the tax auction I havent ever seen one go for more than 35000 and that was a high quality home. These are foreclosed by the county for not paying taxes (I will be checking for leins). The overdraft protection yes is supposed to protect you in case of accidental overdaft however my bank got me the 10,000. It is 3% interest and is paid monthly and is attached to my checking account so it doesnt require any equity. I actually qualified for a heloc however my home I live in didnt have enough equity to refinance and have the 10000 I was seeking...(the bank had to refinance for some reason to do the loan). I was approved in every other aspect so adding a rental to my income will cover the loss of the monthly payment for the loan for the DTI. I also plan to use all of the rent money each month (minus expenses) to go toward the loan no matter what the loan payment is in order to pay it off faster. I'm definitely not guaranteed to find a high quality enough property to buy for this amount but I can try. Three trailers and the land they were on went for 3000 one year.

If I buy a house outright at an auction I will own the home clear and free so I would have a heloc for entire appraisal of the home I purchase. Thank you my boyfriend and sister are on board and we think it will work great. :).

hello all just looking for some input. My plan is to use overdraft line of protection (10,000) to try and buy a cheap property at local tax auction. I will then rent that out and see about a heloc on that house to obtain another property and so on and so forth. Is this a good plan?? I've put a lot of thought into it and think its m best bet until I get money saved and such for flips.

just call your town or city and ask. I did today for an upcoming tax auction and just have to go to the assessors office anytime during the week to look.

finally got 10000 to start with. Got an overdraft line of credit. Wish me luck at the tax auction!!!

Is anyone a real estate agent in a rural area. There are 12000 or so in highest population around me (less than half an hour drive)....wondering if it's worth it to take the class and pay the yearly fee??

Yes buying and holding for sure!! very exciting!

I am very excited that we will be getting our first duplex in a few weeks when taxes come in! My sister and I are investing 5000 down on a duplex in town and the payment will be 650 per month which will be covered by just one of the apartments. There is a balloon in three years so we will be putting all profit toward the payments to begin with. I feel like this is our stepping stone and I am very excited!! Also--I sent out letters to owners of abandoned homes in my town as well and am hoping for a response.

I am looking for advice on what to include in letters to people who own abandoned homes that we are interested in. I looked up addresses and names on the county website but I want to sound professional and make them see that it may be better to sell than pay taxes with no one living in the home...but in a subtle way. Does anyone else use this method to find deals?

perfect!! thank you!!!