Due diligence in evaluating a property
I purchased a tax lien at the annual sale in my county. The property was vacant and other than walking around the outside of the property a proper inspection was impossible. The owner didn’t redeem the tax line and ownership of the property was transferred to me. The former owner was notified to remove their personal property from the building. I should have contractually required them to remove all their personal items, not just the things they wanted. They took what they wanted and left the junk. A thirty yard dumpster didn’t hold it all. The property did require the roof be stripped to the sheeting as there were three layers of shingles on it already. There was a significant leak in one area which required all the drywall and insulation be stripped out. The rehab costs continued to escalate. There was an active termite colony that needed to be treated although no structural damage had occurred. The tax lien purchase was a small percentage of the property value and I’ll make a nice profit on it but not every deal is easy.
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