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All Forum Posts by: Josh James

Josh James has started 8 posts and replied 121 times.

Post: 3200 sq. ft. Hoarder House

Josh JamesPosted
  • Professional
  • Wichita Falls, TX
  • Posts 124
  • Votes 70

edited

Post: Texas tax lien question

Josh JamesPosted
  • Professional
  • Wichita Falls, TX
  • Posts 124
  • Votes 70

@Angel Bowers For a lien to be extinguished by the sale, the lienholder must have been properly notified in the foreclosure suit. The sale itself does not extinguish the liens. In addition to liens, there can also be judgments against the party which may not be satisfied/extinguished at sale. 

Yes, there are title companies that can assist you with a search. You might need to explain your investment objectives to them. I would expect a cost of $300 to $400 for their services. That might get expensive though, depending on the number of properties you intend to bid on.

Post: Somewhat new here - from Houston Texas

Josh JamesPosted
  • Professional
  • Wichita Falls, TX
  • Posts 124
  • Votes 70

@Theodore Thorpe 
I also have a lot of experience in the WF market. I would say you have received a lot of good advice in this post, and I would like to anecdotally echo @Alfred Litton. Had I a mentor of his wisdom when I was starting, I would not have been forced to sell my 17 unit rental portfolio in 2011. I was over leveraged going into 2008/2009 and I was not able to lower rents to be competitive. I was forced to exit at much lower price than I wanted, but I netted cash at sale. However, it really hurt watching my net worth plummet. I certainly paid for that education. Today, my RE portfolio is 42% leveraged. For me that is a very comfortable number, if a little low. I will be increasing it with some projects coming this winter, but for now it sits there. 

I say all of that to convey to you a sense of my knowledge of this market. I have lived here for two decades, and invested here for most of that time. So, on to my advice for your situation. 

Considering you live South of Houston, WF may be a long trip for you to rent this property, to work on it, to show it, etc. Older homes require more work. Unless you get a handy tenant and trade rent for work, you will need to have things fixed often. Contractors are expensive, and paying them will wreck your profit quickly. Remote landlording old properties is a tough job, and I wouldn't wish it on anyone. 

Have you considered offering it for sale by owner finance? I think that strategy benefits out-of-town owners/investors better than renting, especially with older houses. The WF market is very flat, meaning prices here do not swing with the broader market. You will not see much appreciation here like you might in other markets. Where your property is located will certainly not see any appreciation. Owner-financing may be a buyers best option for a property like this one. You might get a qualified borrower who will want to care for the property. For example, you might offer it for sale for $25,000, 10% down, 10% interest for 10 years. Taxes and insurance will be escrowed monthly for a total payment of ~$400 per month. After paying taxes and insurance you net close to $37k in 10 years, or 26% per year. Of course there are risks to this, like all investments, but I just wanted to give you the idea.

I wish you the best and hope you make a great return on this investment. 

Post: Getting Eaten Alive on Insurance Costs--Help!

Josh JamesPosted
  • Professional
  • Wichita Falls, TX
  • Posts 124
  • Votes 70

Yes @Alfred Litton, I pay that on my flips, which are twice or more the size of yours, and vacant. 

Post: Getting Eaten Alive on Insurance Costs--Help!

Josh JamesPosted
  • Professional
  • Wichita Falls, TX
  • Posts 124
  • Votes 70

For insurance on rentals in the Wichita Falls market, give Craig Cotton Insurance Agency a call. They underwrite through Lloyds, Columbia, and other cheaper insurers. It's a small shop, so you might not get someone right away. 538-6441

Hail claim "capitol" of Texas. Lol

Post: Real Estate Agent in Wichita Falls

Josh JamesPosted
  • Professional
  • Wichita Falls, TX
  • Posts 124
  • Votes 70

As to the Wichita Falls market, is is quiet and doesn't move much. Take a look at historical median home prices during the last recession. The area has very low volatility, or is very stable. Judging from past performance, the market is not prone to more wild swings of Austin and other larger Texas cities. That said, the labor market is tough. As others have mentioned, getting a good GC and other contractor types can be difficult.

Post: How do I find someone to help with an out of area eviction?

Josh JamesPosted
  • Professional
  • Wichita Falls, TX
  • Posts 124
  • Votes 70

@Krystal James Is this something you could help with?

Post: Anyone know a property manager in the Wichita Falls Tx Area

Josh JamesPosted
  • Professional
  • Wichita Falls, TX
  • Posts 124
  • Votes 70

Sandra Wortham can be hard to get in contact with. She rarely answers her phone. Also, I second the comment to stay away from Brown. 

As to who is a good manager, it depends on the property. Some managers are better at managing the "A" properties and some are better at the "C" properties. What streets are your properties on?

Post: 4 Single Family houses for sale in Wichita Falls, TX

Josh JamesPosted
  • Professional
  • Wichita Falls, TX
  • Posts 124
  • Votes 70

2507 GRANT ST, ASK $24,500, 3/2 (or two 1/1s,) rented $500/mo,

3214 MARIAN LN, ASK $31,000, 3/1, rented $650/mo,

1614 TILDEN ST, ASK $64,000, 4/2/1 and 2/1, rented $500/mo and $400/mo

I am the owner, not a broker/wholesaler. I want to sell all of the houses as a package. 1614 Tilden has two separate houses on one corner lot. One house faces the side street. I am asking 80% of the total appraisal value, so the purchaser will have 20% instant equity.  

Post: Rental Properties / Multifamily Wichita Falls Texas

Josh JamesPosted
  • Professional
  • Wichita Falls, TX
  • Posts 124
  • Votes 70

@Robert Davalos Just do it! It is like the last question of the fire round, you just need to get started.