I’m pretty sure there may still be some MS Tax Lien Auctions still going, but for me it’s a wrap for 2021. Although, I had planned on winning 6 bids, I won 3.
I almost feel like I have to watch the auction live because I would have missed out on winning the three bids, I did place if I wasn’t watching some of it.
Overall, I think I did pretty well and I’m looking forward receiving some mailbox money after the first of 2022. Why after the first of 2022?
Well, because we are almost into the holiday season and some people are going to be too busy shopping for presents, taking trips, etc, not thinking about those property taxes until tax season which is what I’ve come to love about bidding on tax liens in August.
I honestly don’t know how other long distance real estate investors handle work orders from their tenants.
I wrote a blog previously about how valuable having a property manager has been to my team.
Today, I received a text from my Property Manager. I’m thinking a bunch of things like is the tenant okay, was there storm damage from Hurricane Ida, etc.
Low and behold, it was about the stove. The stove wasn’t connected properly and a part burned out. Go figure!
No one was injured. The property is still standing. The stove has been repaired and I reimbursed her the amount that she paid for the part. Luckily, I purchased warranties on all the appliances I purchased or that may have hurt my feelings and my pockets. 😂
My advice to anyone who is considering buying long distance real estate rentals or just investing in rentals in your neighborhood, try looking into getting a property manager. The service they provide to you is worth the money.
With any tax lien auction, I’m always planning ahead of time. I try to give myself a few weeks so that I can research properties and perform my due diligence.
I refuse to repeat the same mistake I did last year so I stay on top of deadlines and check the website daily just to make sure there are no new updates. Most platforms will email you if there are changes or updates so no worries if you don’t have time to check the website daily before the auction starts.
There is a tropical storm headed towards the gulf coast area soon. I received an email from the company that is in charge of the auction stating to take advantage of the pre bidding feature because the auction is happening whether they are affected by the storm or not.
I was already planning to pre bid anyway, but it’s nice to have that reminder. With that being said, I’ve already completed my research and I’m ready to start placing my bids tomorrow.
Here are the things that I do before bidding in any tax lien auction.
Register with the county and mail in any documentation that is needed (Recommend mailing with a tracking number or signature)
Review my checklist of what type properties I’m going to be bidding on
Update that checklist if I need to
Attend the training held by the county auction company (They may have made a change to their app since the last time I used it)
Download the list of properties to Excel and sort out by my criteria
Research properties that I’m interested to make sure they match my criteria
I don’t always attend the auction while it’s live on the computer. I have, but I find that it’s boring unless you see your bid winning. I do recommend if you are bidding for the first time to watch at least the first day live.