All Forum Posts by: Roy Oliphant

 If you send the email to 50 people you have a current, on-going business relationship with to see if they want to partner on the contract, that is probably not marketing

If you send it to 5 people you hope to have a business relationship with to see if they have any interest in this particular deal, that is marketing.

I'm not a lawyer but I do work with sales people and marketing people.

Angel is mostly correct about the Texas auctions.  The registration requirement does vary by county and only some of them require it.  Also, some counties (Dallas for one) require immediate payment.

1500sf 3-2 in Rosebud (Near Waco) Texas.  Undergoing complete interior rehab.  New wiring, plumbing and sheetrock installed.  Need kitchen, baths and mechanicals.

Rehab to rent estimate $30,000 ARV $95,000 Price $40,000

We own this one and will start the rehab as soon as our crew gets free from other projects.  If you are interested in purchasing it before we start, please let me know.

Also, we can do a rehab to suit if you would like us to rehab it prior to purchase.

Pics at:

https://drive.google.com/folderview?id=0BwvfNSKwomKURTRWMU5zMk9EYlE&usp=sharing

@Omer Husain

You can sell the property before the Redemption and/or Contestability periods are over.  However, because you are not likely to get title insurance for the 2 year Contestability period, who you can sell it to will be limited.  Also, until the Redemption period expires, anyone who purchases it could be forced to return it to the previous owner for the tax sale cost plus redemption penalty so your maximum sale price is limited as well.

We advise our investors to plan on a buy-rent-hold strategy until the Contestability period expires.  Then the exit strategies are can be much more favorable.

@Wisner D.

The homestead rule may apply even when the homestead exemption is not in place.  It depends on whether the owner actually occupied the house at the time the tax suit was filed.  Properties with an Ag exemption also have the two year redemption period. 

Another consideration for title policy is the contestability period.  This is two years and most title companies require it to pass on any property before writing a policy.

@Sam Melson

This might be interesting at $10K in but there doesn't seem to be much of a deal at $35K.

@Josh Tyler

I'm interested in this strategy as well.  Two things I consistently hear:

1) It cost too much to move

2) There is no land available within 50 miles of the metroplex

I think there is a great opportunity if we can solve either of these and HUGE opportunity if we can solve both.

@Travis Gray

Welcome! As an RN you know a lot about hard work and that should serve you well in REI.

The Texas panhandle is a pretty big place and Lubbock barely qualifies as being there.  How far are you willing to go?  As far as Amarillo?  I'm sure you know there is a lot of nothing but cows, peanuts, cotton and wheat out there on top of the ground.  What will be your focus?

@Leigh Ann Smith

If you are going to have them on a trailer, based on the costs, I think just buying some camping trailers would be more cost effective.  If you want to have them trailerable so you can sell them in the future and not have standard house moving fees, you might consider container house.  These fit the tiny house size and cost model but can be trailered out at reasonable cost if you need to relocate them.

@Rebecca Chen

I'm still trying to understand buying a 'pre-foreclosure' at the trustee sale.  In Texas, if the house sells at the Trustee sale, that is the end of the foreclosure, not pre-.

If the house is occupied, you will need to go through the eviction process. If it is not, verified but no utilities, etc., then you have immediate possession and should change the locks to secure YOUR property.  While most of the properties we buy are at the Sheriff's sale for taxes, we do immediately post a notice at the property to let them know the house was sold and how to contact the new owner.  We also let them know if they are paying rent, where to send any rents due for the month.   If its occupied, people ALWAYS call. 

Congratulations!