All Forum Posts by: Joe A.

ALWAYS pull permits when they are required.  Then make sure to follow through with ALL INSPECTIONS. If you don’t, and the property becomes a loss due to fire, etc, your insurance will not cover your entire investment because it wasn’t up to code (or at least verified that it’s up to code). 

Additionally, if you’re using a GC, follow up with these things yourself instead of trusting the GC to do it. I’m learning that lesson the hard way right now! My GC pulled the permits, but never requested inspections. Now it’s a bit of a mess to get inspections done after all the work is done and I’ve paid in full. 

If he’s giving you grief before you’ve even started, it’ll only get worse from here. I learned that the hard way. Move on to someone else even if they are a little more expensive. 

Click this link for the listing - https://www.biggerpockets.com/...

This property is a wonderful balance of open space and mature trees. There are TWO pad sites ready to build on or place mobile homes on with gravel lanes leading to both. Located less than 10 minutes from Baylor University in Waco, TX.

It is an excellent buy-and-hold opportunity that could get rents of up to $3500 or more once properties are put in place! This lot is ready to bring you multiple income producing properties!

Zoned "R" meaning it can be a Single Family Residence, Multiple Family Residences, or Short-Term Rentals. No restrictions, HOA, or flood insurance needed.

If you want a quality property for $100k in Texas, you’re going to have to go to smaller towns than Waco, Bryan/College Station and the others mentioned.  Those cities don’t have that price point anymore.  Think towns with populations less than ten thousand. Even some of those will be difficult. Not saying it can’t be done, though. 

@Matthew Olszak Here in TX you have to pay with cashiers checks on the spot. So you come with your max budget in cashiers checks of different denominations. If you win, you sign them over to whoever ran that particular auction. Some of your money could be tied up for a bit, but if you do it right and/or get a little lucky it won’t be your whole budget.

@Sam Albury Nope. Courthouse steps.

Update: I got advice from my lawyer and it goes like this. I can pursue legal action against trustee and/or bank if I want to (not company that bought it last week). That means I could only be rewarded monetarily (in addition to my refund) and not with the property. We'd have to prove damages. My damages, of course, would be loss of potential income. My plan was to BRRRR the property so my income loss theoretically could be infinite. However, my income loss is also speculative which makes it hard to prove. If I did pursue any legal action, the odds of me winning aren't good because of the speculative aspect. Then I'd still owe my lawyer his fees.

Long story short, I won’t pursue any legal action. I’m still considering making an offer to the company that bought it, but I’m going to wait until my refund comes in.

Thanks for all the input, BP folks!

@Jay Hinrichs I’ve considered knocking on doors, but I just haven’t done it yet. I‘m still trying to work up the courage for that! I’ve skipped traced and called a couple but didn’t have any luck. I know it’s a numbers game and would get a property if I did it more. I’m hopefully getting to that point soon. Still have a W2 job currently.

@Maurice D. If I do decide to call them up and make an offer, it’ll be less than my winning bid yesterday. Otherwise, I’ll let it go.

@Jay Hinrichs Another frustrating part is I tried to buy it before the auction also. Sent them a letter, but didn’t get a response. This property was on the foreclosure list for about 3 months straight, but kept getting pulled. My guess is they had tons of letters coming in with offers.