All Forum Posts by: Lorilyn B.

Oops, I meant that for Joe Gore. 

That's what I told her Joe. I know that I am so new to even the idea of doing this that I have a LOT of work to do. I have several books on the way, I'm going to set up a meeting with a RE Attorney, and I'll be meeting with a local agent to discuss options and available properties that would make good rentals. I was going to meet with a CPA that was recommended, but he appears to be an investor and not interested in working with investors for anything but doing straight up taxes.

@Account Closed: Well, I certainly do not know what I'm doing hehehe. A few years ago my sister asked about paying the taxes on a property that was getting ready to be sold, down at the county, and she was told the person who owed the tax would be very happy and not even owe her a thank you for doing it. It looks like a real estate attorney will be getting some of my money in the near future, just do I can get all of this straight. At least I'll know what questions to ask because it'll most likely be follow up questions to all of the fantastic information I'm already getting :)

@Josh James: Ah, so you go there personally. I'm getting email updates from the law offices like Perdue Brandon Fielder Collins & Mott, Linebarger Goggan Blair & Sampson and so on, but these are for out of area sales like up in Dallas and down in Harris counties. I've been thinking of coming up there just to watch the auction at first and get some kind of clue as to how it all works. It may be a good idea to look at what they have while I'm up there, it's a long trip, so I'll have to make it as productive as possible. I'm shooting for making my first purchase on a tax deed at the November auction, but that's contingent on whether or not I end up purchasing a rental property down here. I hope I see you up there.

@Josh James: Thank you Josh, you've helped a lot. On the last question I was thinking there may be a % rule like the 70% rule, etc. hehehe. 

So, here's another question, or so. On a property that has been struck off, do you still have to worry about a superior/higher authority lien? If you have experience with them, have you found that the taxing entity that owns the property takes care of basic maintenance or do they just let it go to pot? The redemption period is from when it was struck off, correct?

I hope I'm not being too trying :) Thanks!

Hi all, this forum has been very informative so far and has put a few of the pieces together for me. However, I am in need of some clarification. (I hope we aren't limited on the length of posts :) )

My questions are specifically for Texas. From what I understand a tax deed sold by the county is basically a foreclosure? I was under the impression that the county is the first lien holder so when a tax deed is sold it wipes out all other liens. (I understand that municipalities and other taxing entities exist along side of the county, but it is my impression that they usually lump them together.) Yet I have run into people saying that you have to make sure there isn't a lien on the property. If a person files as bankrupt do you lose all of your investment? Also, what is the recommended ratio between how much you pay for the deed and the property value?

I could keep going but I think this is good for now.

Thanks,

Lyn

Thank you BP for being here! I'm starting out a little late in life, but I've decided I'd like to start investing in real estate, mostly in my area of Bastrop and surrounding counties. I would like to have some rentals and start purchasing tax liens and deeds. I'm not adverse to fixing a house and selling it, if I can get a great price!

Thanks for having me here, Lyn