$3.1 million of overbid, resulting in an effective interest rate slightly less than 3% on the overbid.
Watch for tomorrow’s post, when I’ll write about some of the missed opportunities for small investors. Yes, local investors DID pick up some properties today, and there were more that could have been bought. Don’t be scared off by the hedge funds. You can operate in the niches that don’t interest (no pun intended!) them.
My friend Gary Boyd was at the auction, also. His company is Alabama Tax Properties, at http://www.altaxprops.com/. If you missed out buying at the annual auctions, sign up for Gary’s mailing list. You can get a second chance at some real bargains, for a WHOLE LOT less than $3.1 million.