All Forum Posts by: Roy Oliphant

@Nick West

Why is helping someone get the due diligence completed 'a problem'?

@Greg H.

Looking through the Texas Mobile Home registry, I see a lot of used mobiles financed by local banks and credit unions.  Probably based on the owner's existing relationships.  Green Tree Acceptance in Houston and Vanderbilt in Nashville seem to show up a lot, mostly for new but on some used transfers as well.

It's a market I keep looking for opportunities in but there are challenges for sure.

@Derrick Webster

Congrats on looking into this area. It can be an important part of your REI arsenal.

You mention "redemption" several times in your question.  Redemptions do play a major role in the strategy for Lien states.  However, Texas is a Deed state.  Only something like 10% of the properties sold at Texas tax sales are redeemed.  While this can bring a nice bump when it happens, it should not be the primary reason you want to invest in these properties.

@Glen Arnell

I sense an implication in your answer that you think there is still an opportunity to get something out of this?  Surely you are not teaching anyone to think they can make a business of getting someone who lost their house to pay them once they have the check in hand from the lawyer? 

It is usually controlled by the language in the code.  Alabama also allows the owner to redeem until the deed is recorded.  Texas (deed state, not liens) doesn't start the redemption clock until the deed is filed for recording.  Remember, the previous owner may be a voter.  The taxing authority just wants the money.  They are not there to make it easy for investors.

ALWAYS, ALWAYS, ALWAYS know the specifics of the code in the area you are investing.

Just don't try this in Texas.  State law prevents anyone except a lawyer from helping someone recover overage and even then limits what they can charge to $1,000.

Makes you think they really don't want anyone to recover it.

@Cody Alexander

@Paul Felix asks a very good question.  Counting 6 touches before you get to a 2% response rate is pretty misleading to newbies.  It would be very helpful to know an expected rate on a single touch basis so you can calculate the real cost and effort of getting to a deal stream.

I have a possible deal that doesn't fit our margin requirements but might work for someone local that does their own work.  Between 190 and 190 BUS near WS Young.

3-1-? Vacant and rough. Best I can get to is about $50,000 ARV or $600 month gross rent. About $22,000 to buy and around $25,000 to fix if you hire it done. So there isn't much there. But if you can do some of the fix, it might work.

Must be able to sign contracts before Tuesday.  It will take some work to make that happen; co-owners haven't spoken in years. If you are serious about doing this, let me know.   $1000 to me if you get the deal for showing you how.

@Billy Rogers @Account Closed

Just so you know, the county clerk will record an invalid deed.  The title insurance isn't to protect your $425 purchase price, its to ensure your ability to sell it when someone offers you $5000.  It is not going to be the best day when you have someone trying to hand you a stack of cash but you then find out about some issue with the title that clouds your ownership.

There's supposed to be profit in flips?  Hattie's right.  It's very hard  to find good deals in most of Texas today.  However, since we are expecting the population to increase by about 5% per year, buy-rent-flip can work if you can find something that will cash flow for the rent period.