The Investment Property That Was Almost a Bust

by Ronnie Adams

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Sometimes you’ll buy an investment property that seems too good to be true, and then find out it wasn’t what you expected. That’s what happened to me when I purchased my first sheriff’s sale property. This property was in a decent area and very cheap. The asking price was $18,000 in a $70,000 area. I couldn’t believe the asking price was so low! There were about fifty people at the sale. I was the only person who bid $18,001 for the property. I couldn’t believe it, I won the bid! Could I really have been that lucky or was there something I over looked. According to the sheriff’s department there were no additional liens on the property so I figured I was good to go. I guess it was just my day. However, when I went to the city to transfer the taxes to my name, the truth came out.

They informed me that there was $20,000 in outstanding tax liens. I immediately called the sheriff’s department about the liens, but found out it was my responsibility to conduct a thorough investigation of the property, including outstanding liens. As a result, the tax liens became a $20,000 lesson learned. Remember, always do your own research on anything you plan to buy. Success in your investment rental property business is up to you! Never rely on someone else to have your best interest in mind. After paying the tax liens, I still had a property that was worth $70,000, but this was a lesson that really hurt. In the end, I become a better real estate investor from the experience.

Here are some mistakes you’ll want to avoid as a beginning real estate investor:

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Big Time Real Estate Investing Mistakes!

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