Cob Re: affordable land

[SANCO Enterprises <Paul & Mary Salas>]

Answ999 at aol.com wrote:

> There is a new series of Tax Auctions in New Mexico.  A bunch of land around
> Deming  and a new bunch south of Albuquerque.  SE of Belen.  Opening bids
> start at 5 acres for $110.00  Lots I dont know what size for $60.00.  Next
> week at Rio Rancho north of  Albuquerque
> http://www.state.nm.us/tax/ptd/salesche.htm

If you recall, last year around August I mentioned the Tax Sales on the list and
there was a 70/30 negative response about all that could go wrong buying tax
sale property.

In Nov I purchased 39 parcels in Otero County and 3 parcels in Rio Rancho.

I already have permits in hand for the building on one of the 1/2 acre parcels
purchased for $2800.  Neighbors are willing to sell adjacent lots for $25K.
Total cost to get titles cleared has been $10 for a notary fee and $350 for a
title policy to the lender for the construction loan.

One major tip here is to find a title company that has someone on staff who
understands Tax Sale Liens and is willing to work with you.  I had used Warren
Prue at Stewart Title in Albuq. on other transactions and he has dabbled in this
sort of thing as well.  He will guide and coach you through the process.  He
also has sources that can save you the BIG BUCKS if a problem arises.

Do your home work and check everything you can.  If utilities are anywhere near
by the price naturally goes up, but still far less than buying retail.  The lots
coming up in Rio Rancho at this sale are more remote from utilities and major
highways and should go very cheap.

Paul Salas
SANCO Enterprises, LLC
Albuq., NM