Newbie :-)

[DeiStarr]

Hello, I'm new here.  (Yeah, duh, I know...  why else would I post here?)

I'm trying to figure out how to get started - I discovered this website trying to pull up listings for a property I'd heard was for sale near my sister-in-law's, it turned out to be a tax sale and was sold by the time I located it... at any rate, my original goal was to find a home to buy, fix up and live in - at a low price.  My husband is a contractor so we can do the work ourselves, it's just a matter of whether or not tax sale property is ok to buy for your own personal use or not.  By that I mean, would you recommend living in a home you purchased as a tax sale, or are there a lot of negatives associated with it?

Anyone have any opinions/experiences that they'd be willing to share?  Thanks! 

[Prospector]

I have moved into one house that I bought via something similar to a tax sale (won't go into details here). Definately there was a stigma to the neighbours who were paying big mortgages while I bought Grey Poupon, but I got them to come around.

Just be a good neighbour afterwards, and it will work out fine.

Depending on the condition/size/location of th eproperty you buy, and your standards for living, be prepared to spend months fixing stuff before the place is habitable. Don't count on moving in the day you buy. Even of you plan to rent/flip/whatever, count on some sweat equity, and double your estimate just to be safe (in terms of time and $$$$).

Be ready for surprises both in terms of the property condition and its history. One we bought turned out to have been a suicide scene, and REALLY carried a stigma. Had a real hard time finding tenants fo rthat one. Turned a nice profit though when we sold.

Also remember, the house you live in is not an investment. The house you don't, is.