Tax Foreclosure Season Is Upon Us!
I am in a tax deed state, Washington state, and I am hoping to pick up a few of properties at these sales. Here are my questions/concerns.
1. What pitfalls should I be aware of? (Seems to good to be true, if you know what I mean.)
2. I have read that getting financing after you purchase a tax deed is very hard. What is the reality of getting a mortgage (70%-80% of FMV) so I can keep as a rental and pull cash out as opposed to flipping the property?
3. How many properties is a realistic estimate that I can expect to get at these sales? (I have approx. $200K to invest)
Let me know anything else that you feel is important to my success at these sales.
Thanks in advance,
SlushMan.
What pitfalls should I be aware of?
hazmat site (there were former oil field sites on the list)
unbuildable / useable due to zoning / land use issues
Is the building still there?
Sr. liens
I am wondering what these homes sell for at these sales. On average do they sell below 50% of FMV or do they go for around what I buy them for at the foreclosue auction at around 70% of FMV.
Any insight on this would be great. I know that it varies from state to state and from sale to sale but if someone regularly attends these sales can shine some light on this it would be great.
Thanks in advance.
Tbird
I must be doing this all wrong. Where is this John Beck guy when I need him. Silly me, I thought you just went to the sale, held up your hand, and when the sale was over take your hand down. Kind of what I been doing past couple of years. Purchase about 24-26 properties each year. In last two years I have aquired about 12 properties, rest were redeemed. I guess with Becks help i could be doing much more gooder