SheReadyLLC

Ending The 2022 MS Tax Lien Auction On A High Note

For the past 2 years, I had 2 goals when it comes to winning tax lien auction bids.

  • Win at least 3 bids per year
  • Don’t lose money

Starting this year, those goals have changed.

  • I am now 2Xing my winning bids. This means instead of winning 3, I’m winning 6 bids per year.
    • The long term goal is to try to get one tax lien redeemed check in the mail every month.
  • Don’t lose money.
    • By this I mean, I will be sticking with my plan to not bid more than a specific percentage of dollar amount so that I set the company up to make money.

During my research, this year, I put a lot of focus on properties where the owners didn’t live in the county or state.

I WON 6 BIDS THIS YEAR!

The properties include land in an existing developed sub-division and single family homes. I stayed within the range of not bidding more than 15% and I hope it pays off.

SheReadyLLC

Applying Tax Lien Lessons from 2020 towards the Upcoming 2022 MS Tax Lien Auction

August 29th is currently the scheduled date for the MS Tax Lien fall auctions.  I purchased three last year and I have only received funds from one of them so far.  I talk about buying tax liens in my ebook Trials and Tribulations of a Rookie Real Estate Investor.

I’m going to breakdown how much money I actually earned on the one I received recently.

MS Tax Lien Redeemed
  • The delinquent amount on the property was listed at  $319.38.
  • I overbid $25.00 which means I paid $344.38.
  • The owner had accrued $57.49 in interest.
  • I received a check for $376.87 less than a year later.
  • $376.87 –  $344.38 = 32.49. 
  • I made a profit on one tax lien of $32.49. 
  • That is a little over 9% interest I earned.

YOU CANNOT GET A RETURN LIKE THAT WITH A REGULAR SAVINGS ACCOUNT!

This year I have a better strategy.  I wrote a 9 step checklist for myself to follow starting from reviewing my past purchased tax liens to placing pre-bids. It’s a similar checklist I have written about in previous blog posts. The checklist is in a specific order because there are things I have to do before pre-bidding starts.  In 2020, I lost money and I wrote about in Another Tax Lien Redeemed and A Lesson Learned blog post.

In order to avoid this moving forward, I will stick to bidding  15% or less.

SheReadyLLC

Look What The Neighbor’s Dog Did To My #Property!!!

I received an email from my #property manager regarding my property last month.

The email provided some updates about my property where some damage had been done by the neighbor’s dog.

Now before I go blaming the dog for the way the porch looks; I will say that when I did my walk through with the tenant a few months ago, this was something on the list to replace at some point in the future.

Neighbor’s Dog Damage

However, as you can see from the picture above, the dog came and shredded the carpet. It was at least all in one piece when I last saw it. My property manager’s first response was to call animal control, but after she spoke with the neighbor. They agreed to cover some of the cost.

My property manager decided to not call animal control for now, however we shall see. It’s now August and the carpet hasn’t been replaced. So this To Be Continued…

SheReadyLLC

2 Year Property Walk-through

I cannot believe it’s been 2 years since the first property that I acquired, renovated, and rented.

Before my most recent trip home, I contacted my Property Manager to let her know I wanted to do a walkthrough of the property. Without hesitation, she said okay and noticed the tenant.

I arrived at the property a few minutes earlier to just take in the view of the property.

The tenant greeted me when I walked through the door and I was amazed at the view. It still looked the same with the exception of a few drawings on a door. It looked really good.

As she showed me around and pointed out a few things that I needed to fix, most of which were not emergency fixes; I felt very happy and proud. She also told me that the HUD HCV Program Inspector mouth dropped to the floor when he came inside. He couldn’t believe someone would put all that work into a property in that program.

She said she loved the place and that I did a great job on it. My Property Manager who is also a Real Estate Investor loved the layout of the kitchen so much that she is going to be doing well the same layout on her next project.

I couldn’t take all the credit for the kitchen layout; I only picked out the appliances but that was the ultimate compliment anyone has given me during my real estate journey and she has a lot more properties than I do.

I wrote this point to not only continue to inspire myself, but others as well. Real Estate doesn’t have to be scary or hard when you have a good team.