All Forum Posts by: Jerry Hodges

HAAAALP! I'm going to my first REI meet on 8/24. Aside from brushing up on my terminology, what else can I do to prepare? What kind of questions should I ask? What kind of people should I look for?

@John Underwood I mean to acquire them through the delinquent taxes, not purchasing from owner or heir. However I can’t find a way to do that unless the county puts them in auction, which they almost never do.

My county does not pursue delinquent property taxes. I know, it’s weird. Because of that there are a plethora of abandoned properties in my county that owe back taxes. How do I go about acquiring these properties if the county has not done anything?

@Caroline Gerardo I do t want a LOC on the property. I want a revolving LOC for my LLC which I will then use for upgrades to the property. The title will be under the LLC.

@Owen Dashner the owner passed in 2007. Never married or had children. Two sisters also passed and can’t find any heirs. The taxes haven’t been touched since 2007. No record of probate.

Filed an Affidavit of Adverse Possession and new deed through my real estate attorney. The burden of property back taxes then falls to me (or my LLc) but they aren’t all due at once because I didn’t get the property through the back tax route. The county will work out a payment plan.

I have a property that I’ve recently acquired. All of the 11 windows seem to be the original install from 1943 with the counter weights in the walls and everything. After the window replacement, some cosmetic work, leveling, and rewiring the house will be livable and ready to rent.

My question is after I finish establishing the new LLC and have the property transferred to it, how do I apply for a line of credit to afford all the work to be done? The LLC could use the house as collateral for a secured line but we have no revenue or business credit as of yet.

@Darius Ogloza sorry I left something out. I believe the attorney said that the redemption period for adverse possession here is 4 years. If no one has touched it in 13 years then I’m not that worried about it. I won’t be able to sell the property until after that 4 years but until then I can rehab and rent.

@Darius Ogloza yes sir I know paying the taxes does not give me possession. The Adverse Possession and new deed will. However as the new owner I will be responsible for paying the back taxes. The county has said they will work out a payment plan if I get the property. They will not all be due at one time. I will still make an attempt to find any living heirs to sign over the deed or purchase the property from but if none can be found then the deed transfer will basically be uncontested. In Texas, the redemption period for unpaid taxes is generally 2 years. If someone comes along during that time in attempt to get the property back then they will have to pay me back the amount of the deed recording fee, the amount the I paid for taxes, penalties, interest, and costs on the property. They’ll also have to pay a redemption premium of 25% if they redeem during the first year of the redemption period or 50% if you redeem during the second year of the redemption period. (Tex. Tax Code § 34.21). Either way it’s solid profit.

UPDATE: I spoke to a local real estate attorney. He checked the taxes and they have not been touched since 2007, $16k owed. He advised that I file an Affidavit of Adverse Possession. I’ll find who filed for the death certificate but I’m assuming it was the now deceased sister. If I or the law firm can’t find an heir then I can basically get the property for the price of the deed. The county will work out a payment plan with me to get the taxes up to date. After I have the deed I can make the property livable and start renting. Not a bad deal huh? I think I found my niche lol.

I’ve come across an abandoned house. According to CAD it’s still under the deceased estate and there is no address listed other than the property address. The owner passed away in 2007, were never married, and two siblings are also deceased. What suggestions do you have about acquiring the property?