All Forum Posts by: Carl Dieckmann

Texas tax code allows for previous owners to redeem a property when sold at a tax auction, and many other states have similar laws. In Texas, the redemption period is for 180 days, or 2 years if the property was homesteaded or ag use. The previous owner must pay a premium of 25% of the "aggerate total" of the bid amount, filing fees, necessary repairs, etc... My question is, has anyone actually had this happen? If so, how did the process go - did the previous owner pay you directly? thanks!

Investment Info:

Other other investment in Lago Vista.

Purchase price: $50,000
Cash invested: $13,000

I purchased this unrestricted land for a great price (and did 1031 from two lots into it); it is a great location right outside the city limits. The land is unrestricted, which can be a big deal in Texas. I have several ideas for development, including a commercial workshop, a small RV park, or a location for tiny homes. If anyone has any suggestions, I would appreciate it. Thanks!

What made you interested in investing in this type of deal?

Unrestricted land in Texas can have enormous value depending on the location, specifically if local municipalities are a bit strict with what they allow.

How did you find this deal and how did you negotiate it?

The lot sat on the market for two years and dropped in price from 200k to $68. I looked at it for another client and recognized the value. I made 100% that client didn't want it, and then made a cash offer of $50k for myself.

How did you finance this deal?

Cash, and a 1031 from a few lots I sold. I had picked up the lots for cheap on a tax sale.

How did you add value to the deal?

I haven't added an improvment yet. Currently I'm getting a permit from the BCCP (we have endangered species in the area) to clear some trees.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My wife... I push all the negociating to her. She has a more steady hand when it comes to this.

I work in Lago Vista, on the north side of Lake Travis, just west of Cedar Park. We offer hill country topography and lake access. I am both an agent and investor and have put several investors into starter homes as rentals here. You can buy a new build (low initial mx costs) for $250-ish, and rent it for over $1.00 a sq ft. Rates are around 10-15% IRR.

@Kristyn Grimes. Look, I’m an agent and investor myself. I have literally come across very short notice deals which are pretty good and I need a quick answer. While I can’t defend him being short with you,I think you should take it easy about the text thing

Hey guys, I'm posting this so everyone hopefully can get a laugh. This is on a property I am no kidding in contract on in Lago Vista TX. What do you think of the electrical panel.. is it up to code?

I'm a Realtor, and an investor. I have found many deals on MLS. I would defiantly keep MLS in your cross check for properties in addition to many other sources including FSBOs, Wholesalers, Direct Listings on webpages like Zillow, and your own network. One easy thing you can have your realtor do is pull properties in a given area you want to invest, and sort by price per square foot. It is a super simple method I use to find properties that may be overlooked or need fixing.

Bought two homes in Las Vegas in 2010 for around $120k each. Minimum upgrades and maintenance. Rented them at a good rate and sold them for double the money 3 years later.

no a bad idea. thanks!

I have finalized my negotiations for a small mobile home community in NW TX. 11 pads total... will cash flow from day one, but needs some cleanup. Great long term upside potential. I'm an experienced RE investor, but new to the MH community. Looking for a good lender which can lend to a multimember LLC.

Good info Bryan... this will only further add demand to an area which has high demand. I work on the NW side. Lately, the buyers agents on my team seem to have even more difficulty finding available homes for clients.