Texas Tax Deed Sale Pit Falls
Hello everybody i finally managed to gather enough capital to finally venture into some texas tax deed deals and was wondering what types of pit falls anyone has run into. I've read and researched as much as i possible could but before i actually head down is there any advice or things to be avoided when dealing with these types of deals. I plan to hopefully buy one that isn't homesteaded and obviously do a title search and physically check out the property. I've also read up on the process of doing a quit claim deed once the property is purchased in order to clea the title for resale. Any info or light to be shed on this subject would be greatly appericated, thanks again in advance! :D
Most Popular Reply
Hello John
Regarding Texas Tax Deed Sales or Texas Tax Sales in General, below is a BP Link that may help you a bit.
http://www.biggerpockets.com/forums/53/topics/54445-texas-real-estate-tax-sales
In addition, Be Patient not Eager: Be Sure to Not Overbid if attending the Public Auction: Know the Value of the Property or its' potential Resale-Value so you won't overbid (this will help you gauge your potential ROI).
Finally, make sure the location is ideal, and if it is a vacant lot---contact zoning to determine if it is a lot that can be developed/rebuildable. If it has an improvement on it, determine if it is occupied or not. If so, you may also have to determine if you want to rent it to the present occupiers/tenants--or file for an eviction, if possible. You may have to check on that point so as to know your rights as the potentially new owner. Some states are Tenant Friendly so you want to know the rules regarding that aspect of the business as well.
Hope this helps you, and as always---
Much Success As You Invest!