All Forum Posts by: Bret Blackburn

I'm a FW native and currently invest here. I can tell you firsthand that finding deals in FW will be just as difficult, especially if you are using MLS to find deals. However, if you can find a deal, the area is very nice. Job growth is always pretty steady. There is a great medical district with numerous hospitals, we have a # of colleges nearby, and the quite a few businesses moving in and around FW. Like Dallas, we have also been hammered on property taxes over the last few years

I have submitted a bid on a lot that was struck off at a tax delinquent auction. The attorney who represents the taxing entity and I have been in discussions regarding my proposal. Apparently, I'm not the highest bid. However, they want the property developed/built on sooner than the higher bidder is willing to complete. They are saying they will accept my bid(much lower than I could buy any kit for in the area) with conditions. The attorney mentioned they would like to put a stipulation in the deed that I need to have the build complete within 12 months after the right of redemption period(6 months) is over. We discussed delays in weather, permits, builder issues, etc. He is drafting an agreement for my attorney to look over. I ask how they could enforce it, he did mention it would take someone monitoring it and they would have to be willing to pay the court costs, etc.

I have an interest in the property for multiple reasons.

1. My bid is lower for the lot than anything I could buy in the area

2. I already own a rental within a block

3. There is major redevelopment starting in the area and property values are on the uptick

My intent for the property was to hold for a short term and resell or build a rental on the property. My issue with building is that I wanted to wait until the development was further along. I'd like to build something harmonious with the what is going on, but it's a little early in the process to see how things will look.

The resale deed states"GRANTEE hereby agrees to and this Deed is conditioned upon the construction of a habitable structure on the property described herein by the end of November 2018"

I would love to hear any feedback from the forum.  I'm meeting with my attorney today to discuss, but thought I'd ask for advice from the experts as well

Boris Liubovitch thank you. I'll give it a look

Can anyone recommend someone to help protest property taxes? Getting hammered in Eastern Parker county. 2 rentals went up 18% and 20%!

Michael Lee you make some very good points in regards to occupancy with SF vs MF. I'm still what I would consider a small time investor(less than 4 yrs exp, 3 SFH and carrying 2 notes). I would like to continue to build up a few a more SFH's during my working years and then hopefully parlay the equity in a MF unit down the road. At the point I'd love to have a property manager take control and allow me to be an actual passive investor. What would your thoughts be in regards to putting people at my stage in the position to do this down the road

Aaron Millis hey Aaron, MF in or just around FW can be tough to find. There are MF available in FW, but many of them wouldn't be desirable to live in. There are also a few on the higher end of the spectrum, $300k+. Everything in between goes fast.The market over here last month or so has been nuts. Out of the 6 offers I submitted over the last 2 weeks, this is the first one that wasn't scooped up a cash buyer. As far as areas around FW, you can go virtually any direction and find desirable areas to live in.

We are in the process of closing on our 3rd rental in the Fort Worth area. The market is crazy and it's been a little frustrating. After losing out on deal after deal to cash buyers, we finally got it done. The home is 1360 sqft 3/2 with a bonus room in River Oaks. It's on a good street with beautiful trees. The area is on the cusp of a major development project. Rental inventory is fairly low in the area and we shouldn't have a problem renting for $1.05-$1.10/ft. It's need very little right now in terms of work. We may add a bathroom down the road. I'm very excited about getting another one under the belt. It's been almost 2 years since our last purchase.

We are in the process of closing on our 3rd rental in the Fort Worth area. The market is crazy and it's been a little frustrating. After losing out on deal after deal to cash buyers, we finally got it done. The home is 1360 sqft 3/2 with a bonus room in River Oaks. It's on a good street with beautiful trees. The area is on the cusp of a major development project. Rental inventory is fairly low in the area and we shouldn't have a problem renting for $1.05-$1.10/ft. It's need very little right now in terms of work. We may add a bathroom down the road. I'm very excited about getting another one under the belt. It's been almost 2 years since our last purchase.

Bruce Lynn could you elaborate on the 6mo - 2yr holding period after buying a home from a tax auction? I'm new to this and haven't heard of this. Thank you for any feedback

I've been wondering the same thing. If you inherit a tenant on month to month, would you not have them fill out a new application to see if they for your rental criteria? I've got a house that I have an offer on with similar circumstances. The tenants are great and are long term. They are M2M paying $1250, rent should be $1400.