All Forum Posts by: Jesse Ramirez

Your first step is to find out who the owner left the property to.
You can do this by looking up the probate(and possibly the will) information at your county clerk's office.
Once you obtain this information all you need to do is get a hold of the the individual who inherited the property and try to work out a deal. Sometimes these things take months and even years to settle, but that shouldn't stop you from contacting the family and trying to work out a deal beforehand.

Before you go thru all this I'd ask the renter if she has any info that might help you out. Who knows, she might have all ready been contacted by the deceased owner's children.

Just playing devil's advocate here;

Is it possible that our government would willfully induce a period of hyperinflation in order to pay off our creditors(China) faster?

Welcome to the site Brittany!
You picked the right site to pick up your real estate education. The resources provided along with the knowledgable community make it a beginner's haven.
If you have any questions feel free to post a topic on it after you've done your research on the site. You'll be sure to receive more than one answer from the BP community.

Texas is definitely up there. The interest rate is 25% irregardless if it's redeemed the next day. Plus the interest is paid on the purchase price of the tax deed, not on the original tax lien amount.

I haven't heard of an LLC like this in Texas. Can you please elaborate or lead me in the right direction?

I wish we would of known of these resources before.
Looks like we've been flushing quite a bit of money down the drain.
Thanks fella's!

Now thats a classic!
Better pay up or Walter Salmon's coming after your a**!

I'd say it's closer to 75% to be in line with what most lenders are requiring as down payments in today's market.
The standard down payment from what I understand is 20-30%. Which would instantly give you that much equity if at bare minimum you bought the property at face value.

I'm not sure how things work in Michigan, but in Texas tax records are considered public record. So anytime I need info. on what's going up for sale and when its going to happen I go straight to the tax office.
They must provide a current list of what I need if on hand, or get it to me within a "reasonable" amount of time.
So if i were you I'd look into the statutes out there and find out if these are open public records.

1.) This all depends. Anything and everything in real estate is negotiable. I guess the answer is whatever you and the seller agree to. I feel most comfortable setting closing for 45 days after execution. Just in case we run into any snags.

2.) The contract in theory can cost you nothing. What can cost you though is the initial earnest money required. This can be nothing if your dealing directly with the homeowner or at least 1% of purchase price if your dealing with reos. But once again, it's all negotiable.