All Forum Posts by: Darla Holtzclaw

I think my own research says that I cannot reap the benefit because you would have to have put the property into a fund upon purchase.   I guess the only way would be to sell the property and then put gains into a opp zone fund, but we are not accredited investors. 

Hello,   I was wondering if anyone "accidentally" owned a rental property in an opportunity zone and was able to use the opportunity zone rules to your benefit.    We have a house in an opportunity zone in Texas that we bought in 2015, lived in for 3 years, and then made a rental in 2018.   I see about the opportunity zone funds, but it is for accredited investors that need to put gains into something to defer.   I am very interested in avoiding cap gains and recapture.  I am aware of 1031 but wondered if I can just cash out without purchasing new property.  

Years ago when I was a licensed realtor working for my parents company in South Texas, a client called and told me that the house I sold her had a ghost dog.  I really had to bite my tongue.  I had so many questions, like was there ghost barking, ghost poop, was he a good boy or a bad dog ghost? I just apologized and said I didn't know about the ghost dog because what else could I say.  Never a good idea to question someones beliefs in my experience though.

@Account Closed

Thanks for the feedback.  I think the Medicaid Liens is definitely something I need to learn more about from seasoned professionals like yourself. 

Update.

Well, I haven't had too much luck talking to actual heirs.  The granddaughter I thought I'd found ended up having a lot of information, but her grandmother was not the owner of the property.  It is another lady with a similar name who died at a similar time.  I am writing a blog about this property to keep up with what I'm learning about this process.

http://www.biggerpockets.com/blogs/6518/blog_posts/43888-part-i---researching-the-property

Feedback and any insights are greatly appreciated.

Thanks everyone. I've been able to track down granddaughter in Waco and will try to talk with her in the morning.  Wish me luck.

Tell your realtor that you won't close unless you get the temporary lease added.  

https://www.trec.state.tx.us/pdf/contracts/15-5.pd...

You should be getting a per diem because what if the seller takes a month or more to move.  The temporary lease protects you.  You could put your foot down and not close until the seller is moved out.  However, reading between the lines, the seller may need the money from closing to move.  That isn't uncommon.  Also, you need to get renter insurance policy right away, but since you are going to rent the place out, that is something you'll want anyway.

@Account Closed  I agree that it would not be worth doing in many markets.  However, in East Austin lots and tears downs are in the 150 to 200K range, retail at least.  So tracking down heirs is interesting, but adverse possession, maybe not so much.

Thanks @Randy E.  We do have a lot you can do online in my county, but no the property is still listed only under the name of the deceased.

Thanks for the referral to others who are heir hunters/skip tracers.  I like digging around and research, so I've been exploring ways to make money at it. I read an article about a skip tracer before, but it has been a while and I kind of forgot about it.  Interesting read.

http://www.wired.com/2013/12/skip-tracing-ryan-mullen/