All Forum Posts by: Michael Thorne

Andy - great feedback, thanks.  I definitely would not want to bid on something w/o knowing the full title status.  I am researching the county recorder for where I live and will post what I find out.  Also chatting w/ some title people I know.

@David Alzate thanks for the tip, appreciate that.  Let’s compare notes afterwards!  That sounds pretty chaotic, 563!  Should be fun!

@Jim Cummings thanks for that, will do. I assume work through a title company to check title?

Hi BP Community -

I am planning on going to the foreclosure auction next month for my county. Having listened to the BP podcasts from those that have done it, since it will be my first time I am not going to bid, but would like to go in prepared to know what I am looking at and get the most out of it so that I can be a bidder in the future. I know that there should be a title search of the properties before the auction - how would be the best way to do that? What else would those experienced in this recommend to do? I am in Tarrant County, Texas in Fort Worth. What should I look for when I am there? Any other guidance?

@Jessica Harrison thanks, yea that helps a lot. Quick question on the closing cost estimate - that’s for the second sale only, after the rehab, right?

And I thought the rehab budget might be light. Thanks for the guidance.

How many flips have you done in Arlington? And are there any groups/meet-ups that you could recommend?

Really appreciate your post, thanks!

Michael

@Bruce Lynn thanks so much, great feedback. It does have a garage and a carport on the other side of the house. Good info too on what has actually sold with these features. You are spot on, it's a little over 1,000 square feet. This will help formulate that MAO! Much appreciated.

Hello BP Community - 

I am looking to do my first flip.  I am looking in the Arlington, Texas area which as of late is difficult to find a good deal in, which if you are in Dallas / Fort Worth or TX you probably know.  I have a property in mind that has shown up on the retail market (I know, I know, find a deal off market - I am working that too).  I am hoping to learn while evaluating this and having the community here poke holes in the plan. 

Here are some basics - it’s a 2/1, ~1,000 sq ft B-/C property.  It’s pier and beam, looks like some floor issues, in the main room has paneling, kitchen & bathroom needs redoing, probably a new HVAC (?).  Pretty good outside.  Rough idea of numbers: listed at 165K, 25k remodel(what do you think, should be less?).  Getting comparables but should be 200k range to sell.  

So looks like they are asking too much.  What questions should I be asking? What approach has worked for you in the past on a property like this?

Thanks, Michael

@Tyler Barton Hi Tyler -

I am not sure if they go to north FW, but I use Kautz Property management in Arlington. Let me know if you contact them.

You’ve got a good deal sounds like as long as there’s appreciation.

MT

Hello @Andrew Thompson glad you posted. I am over in Arlington, new investor and looking for small multi family and duplex.  

Hi Hakeem - Happy New Year!  The City has floodplain maps available - check this out:

https://www.arlingtontx.gov/cm...

Are you local to Arlington?  If not, I live here and could help interpret the areas you are looking at. 

If the link didn't post right, let me know.