All Forum Posts by: Laura Kayes

Hi @Thomas O.

I'd be a little curious as to why the current owners are selling. If they purchased at $180k, and receive $1950/month in rents, that is over a 1% rent rate. That isn't easy to find.

Make sure to factor in all of the expenses. $1950(rental income) -$1250 mortgage

-Insurance

-HOA fees (if there are any)

-Vacancy

-Repairs

-Home Warranty Company (if applicable)

-PM company fees (if applicable) 

-Any utilities paid by you (if applicable)

-Taxes

ECT. 

Good luck! 

Hi, 

Realtors in Texas do not have to provide that information to the property owners. There are laws that prohibit a lot of information that can be given. 

Hi @Brady Miller... FIRE them. It’s your property, your investment, and your business. You have a gut instinct from what I read that’s saying fire them. 

As a PM myself, I only became one because of the crooked PM companies I worked for. Not all are bad, but go with your instinct!!! Great job for doing your own research on the company and tenants. 

@Milla Vesanen check our NE SA. You can cash flow. Well under $200k homes with $900-$1400 rents depending on area.

Hi Joe,

With the amount of equity you have in the house, I would do a 1031 exchange & sell & find another property that cash flows. 

There is so much opportunity in SA right now for investors for SF where you could purchase under $200k with rents the same as yours now. There are also small multi family (2-4) units that would cash flow under $250k in SA.

I’d take a look at some properties on the market (check out Northeast SA for example: Converse ect) and you will get a better idea, but you can definitely get more rents and cash flow! 

Good luck!

-LK

@Charley C. I'm not sure I've heard of surplus... could you explain? Thanks for your responses as well. Title insurance is a great idea.

@Charley C. Yeah, that is a good point. If there was any heirs it seems like they would have paid the taxes by now as they aren't that substantial. (under 10k). I think my main question is if the property IS in probate (The county this property is in does not show probate records that I've found on the County Clerk), can the property still be auctioned off for delinquent taxes, or is the sale not even going to happen if it is in probate... 

I like your point on owners don't ever die too. That does make me think about it a bit differently. 

Thank you all!!! :) 

Hi everyone! If a house is being foreclosed on for delinquent property taxes, but the owners are deceased, what is the process? I understand probate, but if the auction is next month, does that go above probate proceedings? Any knowledge on this would be helpful! Thank you!

@Matthew A Brady you’d need to file an eviction against them. You just file it as “all other occupants”.