All Forum Posts by: Josh James

Who owns the house?

I would ask why none of the taxing entities have foreclosed on it yet. I have seen municipalities let the taxes get that high when they want to own the property. They let the back taxes rack up enough that no investor would want to bid. Then they strike off the property to the city asset manager or whichever taxing entity wanted the property.

This may not be the case in your situation, but 12 years of no tax revenue is a red flag.

I have only heard of this for lending on ag land, never multi family. The first solution that comes to mind is to deed the minerals only into a family trust or friend, then sell the property with no mineral resevrations.

The lender has no redemption rights, unless otherwise acquired. I am not sure I understand what you are asking? After the tax sale, only the previous owner has redemption rights.

Make sure the mortgage company was properly notified in the tax suit. Check their response in the district clerk's office. This is all public info. I am not an attorney, and you should be sure to get in touch with one who is knowledgable about real estate law. In my past personal experience, I have not had trouble with mortgages on my tax sale properties.

Most Texas tax deed sales are held on the courthouse steps of the county where the property is located. There are a few law firms that handle several counties across the state. Look into pbfcm.com and publicans.com for some Texas sales.

@Mehran K. Funny you mentioned the BP profile. I was looking at mine and realized I had not updated it since I had purchased a property. That is what prompted me to make this thread.

@Dell Schlabach I picture board! I had one a long time ago and totally forgot about that! I found it VERY effective then. I am going to start one tonight! Do you prefer QuickBooks for any specific reason? Easy when it comes tax time? I have never used it.

I'm with Will Barnard; it is all about the numbers.

I see a lot of those here in Texas too. Many of the older houses just have siding attached directly to them wall studs. I have not had an issue personally with the units not having a vapor barrier. We give them a good caulk and paint job, so I have not had a problem.
As far as fixing goes, it may not be too expensive to remove all the old siding and wrap the house. Then put up the old siding. We just did this to a 1920's 2br 1ba house in the country. I think it cost about $2700, and that includes a little less than $1k of new siding that was replaced due to wood rot. It only took a few days labor with a small crew.

I set out to do 4 flips this year, and I am on track to hit that goal. I was wondering how others keep track of their goals and results?
Right now I have a giant Google spreadsheet that holds all my numbers, costs, advertising results, calls, and other data I am collecting. I have to imagine there is a better way.

How do you track your various expenses? Advertising, gas, and others?
How do you track your property profits and expenses?

Any advice and tips would be great!