All Forum Posts by: Dylan Hargrove

@Andrew Postell Thanks for the clarification I think I understand the process more now. I am curious since I can't seem to find it clarification, is the deed that the bidder wins actually the constable's deed? I see that amount and also an estimated purchase price so I am not sure if they compound.

@Felipe Lois Affini thank you for the constructive advice. The information is definitely plentiful and only a matter of Due Diligence, it's just still varying what the end result will hold - i.e. foundation problems, HVAC or plumbing issues. So in the end it's certainly a leap of faith based just off of records, but I suppose that's what makes many of them deals!

@Tyler H. Thanks for the response, appreciate the feedback. I will definitely be interested in some of these properties... great advice on the title co. rep doing a search!

@Justin Yates Wells Fargo and all of the larger banks, as well as small ones that provide mortgages are mortgage brokers/lenders. First time home buyer program varies by bank but most have them and are still a conventional mortgage (meeting Fannie Mae and Freddie Mac conditions). I know with Wells Fargo you could purchase with as little as 3% down (with great credit), and a typical interest rate, and they also offered almost rebate types of things ($500 after closing). Also you can google a "Mortgage Credit Certificate."  That's a fairly popular choice to pursue in Texas, and credits you so you can basically buy more house. https://en.wikipedia.org/wiki/Mortgage_Credit_Certificate. 

Hello All,

I've been looking through some online resources that show some tax sale properties and I have a few questions I was hoping some of you may know, that I wasn't able to gather from the website.

1. What is the "Adjudged Value"? It differs from the minimum bid and I'm not sure why that number is there/where it comes from.

2. Are all tax sales in Texas (or at least Tarrant County), only executed with cash?

3. Say I purchase a property only to find out later that there were some additional liens against it non-tax related, how would this be resolved since the deed is transferred soon after the auction?

I'm still a newbie and the Tax Sales seem like some great opportunities, but with a lot more paperwork and possible complications so I want to be as informed as possible.

Thanks all! 

Dylan

@India H.

Welcome India! Glad to have another DFW newbie joining in!! As most of the people on here have already stated, keep using this website as a resource, and get out there and network as much as you can at any local events you may hear of since there are plenty (although beware of buying into some scam type conferences out there). I purchased my first property in June as a house hack and hope to purchase a duplex sometime in the March area! Congrats on taking your first step and remember to keep up with your goals and track them like you would any other project or task!

@Claire H. 

My goals are primarily to earn 2 doors/yea greater than net 1.5%CF. And to syndicate with friends and partners, at that same rate per person, to develop some GC LLC's a lender LLC to assist with cash purchases, and other LLC's to help with taxes. Restack my portfolio every 2 years, house hack where lending is critical (aka low on cash for down payment). Hopefully replace current after tax income in 7/8 years! I've yet to attend a meeting yet but this group is one of the main two in DFW, and the less known little secret of the two. With a really resourceful and great community (at least online so far) http://www.dfwreiclub.com/

Staying active on BP you should get plugged into various wholesalers. Some require a payment to be on a mailing list of houses. Some just require a face to face meeting! Viewing and touching, and comparing various offers before placing offers is what I've been trying to do, while I prepare and save money to purchase my first duplex in the Spring! Direct Mail is a really great way to attempt to get deals from owners, sometimes with seller financing which can be great for conserving cash (if they don't gouge you on rate!).

My main goal is to keep learning. There are endless resources and people, on BP and outside of this resource... Sharing experiences helps us all learn and grow and avoid mistakes!

@Claire H. Do you know if the foundation has ever been replaced, and if so when? I know that will be one of the biggest repair costs, and are quite common in Fort Worth and Texas in general. I'd rather go with a wholesaler or local pre-foreclosure before committing to something on zillow that seems like a grab for an eager newbie investor... In that regards, it could be an easy way to conventionally house hack. It may be worth an offer below asking, and then pending the inspection you could knock major money off, especially if it's a foundation issue.

On a similar note, I would look at the current owner, how long they owned, what they bought it for and their ROI, etc... Perhaps they simply ran out of money to complete the rehab? If they are motivated, then there is always wiggle room to discuss it with them/their agent. You can look most of that up, since it is public records!

I'd ask an agent or someone in the area what they're paying before using the rent-o-meter also... determining your cash flow in a skeptical neighborhood is crucial to making the buy and hold worth it IMO.

Keep us updated!

Hi Claire!

Happy to hear you are ready to jump into things! I think one of the most important steps is developing, maintaining, and focusing your goals, so that's good you've got a nice list! I myself and am a newbie and lurker, DFW and Fort Worth in general seem to all have several resources for developing relationships and networking - which I think is one of the cornerstones of growing your knowledge in investments! I hope to see you around at a local REA meeting some time, and to discuss our journey sometime!

Best of luck to you!

Between Amazon and Lockheed Martin hiring extensively I think it's sensible to see similar, but less powerful growth in Fort Worth. They aren't bringing in a Toyota or similar HQ (unless DFW is chosen for Amazon HQ2), so the growth won't be as rapid. However cash flows and appreciation have been constant, steady, and above national averages. Hope this helps.