All Forum Posts by: Bill Tyler

I was just notified that a property that has been in my family since the 1950's has been foreclosed due to unpaid property taxes (under $3,000).  It is 2.5 acres of land (house & buildings have been demolished). The owner (my grandmother) passed away years ago and evidently there are 14 heirs to the property.  

Now that it has been foreclosed and auction is pending - I know there is still a right of redemption period in Texas.  If one of the heirs (me?) paid the back taxes during the redemption period - would they become the sole owner or would the remaining heirs still have a claim?

I'm not sure if I would be able to have the winning bid when it comes to auction - so I'm trying to consider as many things as possible.

In Texas, you can accept online payments, however you cannot charge extra for doing so. This law is broken all of the time. In fact, the State is very backlogged on investigation because nearly every large multi family complex in the State is charging.

Have someone standing at the electric meter, and then start turning off circuit breakers one at a time. We found a water heater that was constantly running by doing this.  After replacing the elements, the problem was resolved. 

 The warranty transfers would be for the foundation repairs, windows, etc. and being that it's a 4-plex, they are not considered commercial dwellings. 

Don't feel bad - I have seen plexiglass in windows even in some of the mega-complexes.  With the lack of proper  maintenance by the owner, I would try to buy it for a large discount and use your own contractors - that way you know things were done correctly.  If the seller DOES choose to make repairs, make sure all warranties will transfer to you as the new owner.

You can purchase the cabinet doors at Lowe's or Home Depot typically. They will probably be Special Order because they will need measurements. Also, see if HD Supply has locations in your area. They are used here by a lot of apartment complexes and property management companies. 

It very well could be the lighting  - or maybe my coffee hasn't kicked in, but the cabinet doors do not seem to be the same on the uppers & lowers.  If the boxes themselves are in good shape (no rot, etc.) you can purchase just the replacement doors.  You might run into issues painting them if the wood types are different - but usually white paint is a good at covering those issues.  

With that criteria and wanting to achieve a 1% rental - I would pick Arlington.

Wow!  What a great price! I recently was trying for 3 package deal here in Arlington (2 quadplexes and a triplex) but the owner was insisting on $249k each for the quads and $199k for the triplex.  He also wanted cash only, no showings, had no maintenance records, and no rent rolls.  

The numbers do look pretty good.  I would definitely factor in the roof though at 15 years old - it is pretty close to the end of it's life cycle.  With all of the major storms that hit the area last year - what are the chances the current owners insurance will pay for a new roof before the sale? If not, maybe negotiate  a portion of the roof replacement into your offer? 

If the 2 HVAC units and a water heater will need replacing soon - have that in your budget and replace them as soon as you take ownership.  I'm sure you know how Murphy's Law works in Texas. The first time temperatures hit 100°+ both units will go out on a Saturday evening. lol 

Good luck!

Is it just me or do the uppers and lowers not match?  I would probably get new cabinet doors for the uppers to match the lowers (or vice versa) and then consider just painting the cabinets white for a nice clean look.  That should go pretty well with almost any counter top choice and match with most flooring and appliances.