All Forum Posts by: Jarrod Weaver

www.skipgenie.com 

I have had good results with www.skipgenie.com The owner, Larry Higgins, works a lot with deceased properties/probates himself and can offer valuable advice.

Understand that Florida is a tax lien state, not a tax deed state. Some folks there use not paying their property taxes as a financial planning strategy.

Just request a list of addresses with open code violations - nothing more. Then you'll get the info and you can sort & sift it yourself.

You are talking about two different lists. One is the TAX SALE which is urgent, the other is the Delinquent Tax List which isn't urgent.

Having operated in the Temple/Belton/Georgetown/Killeen market for 25+ years now, I'd argue that Bell County is easier to find a positice cash-flow property than in Travis. Not necessarily easy, but possible. The key is to target properties that are 75% or less than the market average. If the market average is $100k - look for houses to buy that are no more than $75k. This can be management intensive but a way to mitigate this issue is to seek senior tenants with fixed incomes.

I'd also recommend spreading your territory to other smaller communities - and not just Bell County. Texas is loaded with rural communities that have been established for 150 years or more. As long as they have a church, bank and school the likelihood of them continuing to be there for the next 50 years is strong. These towns aren't depressed; they're stable. And the only place you will find a livable house you can buy for $50k that will rent for $900/mo.

Before condemning your property manager audit the market to determine if your rent is actually below market levels. In this area it isn't uncommon for market rents to fail to keep up with ever-escalating taxes. I'd also argue that in Williamson and Travis Counties the current assessments are 5-15% above actual values across the board.

I've experienced this myself and it simply means the current asset needs to be sold and reallocate the investment into something that cash-flows better. Ride cash-flow as long as you can - when it stops, take the appreciation and buy another property. It's nothing more than market cycle.

Kristy - Lots are expensive and so are septic systems. How large is the parcel the mobile is on? Can you subdivide it and be able to both, build your house and have room for the mobile? Subdivision and septic requirements vary by county. In Williamson County you need a minimum lot size of 1.0 acre to have septic. Just north in Bell County you can do the same thing with only a 0.5 acre lot.

I'd either lease or owner finance the mobile all day long. Think about it - it's a cash cow that will provide long term returns if you structure the deal properly. It can be a challenge in this area to realize a 1% rent/cost ratio on a rental if it isn't in a war zone. If the mobile is worth even more than offered, let's say $20K, the ratio would mean rent would be only $200/month. I'm sure you would be able to get $800-$1,000/month for the double wide in rent. If you do an owner financed sale, it could get even better.

If you can't subdivide your lot and are 100% set on building your house there find an inexpensive lot in a rural community and move it there. This is far more valuable long term. Don't let it go.

Just because you don't see anything now, don't rush into an opportunity if it isn't a deal. Impatience is a killer. There ARE deals out there, you just have to keep looking and find where they exist. This is the center of what REI is and becoming good at it is what will make you successful.

Hey @Quincy Gordon Jr. and welcome to the family. A great way to get started is to purchase something small and distressed then do a live-in flip. This is exactly one of the house hacking methods that works well. If you haven't looked yet check out http://hudhomestore.com - this is a great place to look at HUD repos all over the country. Not all are deals, but there are good ones there for sure.

My first flip was a 2/2 HUD repo condo in Orlando. It really turned out well. For rehabs smaller is better until you are ready to take down the big deals.