All Forum Posts by: Jeremy Trubenstein

@JosephNewton I used to specifically target the tax lien and foreclosure auction in Ft Worth. In the 2000's, it was a great deal. Today, because of our market, everybody is a rehabber and flipper, and the tax auction is like low hanging fruit. Everyone is there. They get over bid by huge sums. Even vacant land now is overbid. You also need your cash on hand for these purchases. In Tarrant county, there is typically half a dozen auctions going on simultaneously, with bank foreclosures being read out, the tax lien auction itself, and Auction.com running their own.

I would suggest, you go down and watch the fun (first Tuesday of every month, except when it falls on a holiday). There are different providers who will offer you the lists for whatever their prices are.  You can use the tarrantcounty.com (which has the auction list for free online) and TAD.com websites to find owner information, taxes paid, taxes owed, etc... You'll need to dig a little deeper to find any other liens, so make friends with a title company as well. There are still deals to be made, but it's very few and far in between. 

I hope this helps a little. You are more than welcome to reach out if you need more specifics. Good luck!

Josh,

 Thank you for the in depth comment. It's not a homestead/agriculture exemption, so thankfully it's only a 6 months wait. We saw no other liens in our research. I'll call the law firm involved with the sale and ask a few more questions.

Thank you sir

Jim,

I will talk with our Title Company. We haven't had any problems in the past, but peace of mind would be nice. Thank you sir!

Thanks Robert. I'll try the family tree. I've been to the county clerks office, no help there. Tried to google her, and last known addresses and numbers. Called all of them. Sent FB msgs to any name that popped up as a possible relative. We contacted one attorney and got the cold shoulder treatment. Tried the obituaries for possible mentions of the remaining family members, too! Seems like dead ends everywhere. Thanks again 

I'm part of an small investor group that purchased a property at the Tax Foreclosure sale last month. Normally, it's an owner or tenants of an owner still in the house. This time has been different. The owner passed away in March 2011. Her husband had passed before her. There was a fire in the property in 2012, but no ownership change. Since then, it has been (we believe) unoccuppied. In Texas, the owner has a 6 month redemption period to pay back our purchase price plus 25%, after which we own it with no problems. If we can get a Quit Claim Deed signed before the 6 months are up, we can begin our rehab, legally.

Our problem is this... We have no idea how to find out who the next of kin is. Or if there was a will. And, if there is a will, who has the legitimate claim to the previous owners inheritance.

Is there anyone here who can point us in the right direction or offer advice.

Thanks in advance

-Jeremy

Brian, 

 My wife and I just closed on our heloc with Chase in White Settlement. It was our primary residence though.

Have you tried the community banks or even an online bank? We got a bunch of different quotes before going with Chase. I use two separate banks for my refi's. I can ask the loan officers there if you'd like.

When you get it, would you mind sharing with me the details? We're wanting to pull a HELOC on an investment property. I'm curious as to how much they'll let you draw on. (percentage)

Best wishes,

-Jeremy 

It's a little disappointing to hear the "exit strategy" as easy as sell, lease, or hold. Those are strictly "what" answers. The difficulty is in finding and deciding on the "how". Unforeseen things happen during different phases and may force you into one or another. It's the savvy and well prepared investor who comes out on top.

Wholesaling exits aren't simply a "assign" or "double close" only option. Be creative. How about forming an LLC and selling said LLC with the only asset being the property as heard on an early podcast. One of my wholesalers prefers to turn his deals into notes. Sell "as is" under seller financing, enjoy his ROI or even sells the note at a discount later.

These are but a few examples from the wholesaler side. Spend a few hours researching different exit strategies, listen and re-listen to some podcasts, and you will see there are more than 100 different exit strategies. Don't box yourself in, be creative and find something when you think you've hit a wall. good luck fellas

I recommend adding $50 to your annual rent rate and offering a discounted ($50) rate for a 2 year contract. Also, try and have your contracts expire in late may through June. That's the peak of rental season.

The market in TX is supposedly going to be up again in double digits. The 1% and 2% rules are merely guidelines. The inventory is extremely low so prices are high. Be careful on your buy price as the market will correct itself in the future. If you can refi out and rent covers costs, then market won't matter. 

Abilene has a steady growth rate. Inside the loop is dated and the new suburbs are sprouting everywhere. Good luck.

Thanks for the reply Abraham. Do I need to start an LLC to qualify? Our plan was to buy wholesale and refi at 85% LTV, but the wholesalers right now are above 80% ARV. My RE agent found us a few gems that we'll walk through tomorrow. If they are below 80% we'll just use regular financing and save our HELOC. We really don't want to become flippers, but we may have to, if anything, to generate more cash for our buy and hold options.

Chris, thanks for Chiming in. Great questions. Love to hear how your deals are going.