All Forum Posts by: Philip Rodriguez

Thanks to guys!  Now, looking for that next deal.  Best wishes to you all!

I wanted to take a quick moment to encourage anyone looking to take that step into REI or have already started the process but have not closed a deal yet. Don't you dare give up! I'll say it again, Don't give up! Battle, fight, work, persevere. Do the process, take advantage of the advice here on BP and some of the other resources out there. Get started and keep going!

I have been working the process diligently for four months now.  I got my first wholesale deal closed last week.  I had two other deals fall through for various reasons but I refused to see them as defeat or failure.  See hard times and wrong turns as learning opportunities.  I once heard that "A man can fail many times, but he isn't a failure until he gives up." 

My perseverance goes deeper than that though. I am a disciple of Christ first and foremost and I only wanted to move into this new profession if I got the green light from Him. I believe He speaks to us and I felt like He told me that I should go for it in REI after really pressing in and searching Him out. Just didn't want to do it if it wasn't something I was led by Him to do. He has guided me through His word so that I may draw strength and faith along the way. He has guided me to key connections and deals at just the right time. And best of all, he let me stumble, fall, cry out, and feel the pain of suffering through losses or setbacks. So many teaching, and humbling moments.

The truth is, REI is a grind in the beginning. But the bottom line is don't give up! Step up to the plate, take your swings, take the risks, and watch what happens. For me, I wanted to publicly give glory to God for helping me through getting my first deal, say a big thanks for the inspiration I have received through the BP network, and share a little bit of encouragement to those wanting to get something going in REI. Happy selling out there!

Thanks Todd and Roney!  I was also informed that Independence Title in Colleyville was an excellent partner for some local investors.  I'm glad to have some options!

Hey BP,  I have a motivated seller who is looking to sell me his home before his home is auctioned at a tax sale.  I would love to buy it from him all cash but I wanted to see anyone here has a recommendation for a title company that can close this out in less than two weeks.

Any suggestions and/or shared experiences with a great escrow officer that can do this would be greatly appreciated!

Thanks BP!

That's a great idea and a great tip too. 

Thank you Chris and Todd, I guess the best thing would be if you can get those people to allow you to buy directly from them prior to them getting to the point of no return and auction of the home.  That way, everyone wins.  Clear title, they actually get some equity and county taxes are paid!

Thank you Tom Bukacek for posting this https://www.biggerpockets.com/blogs/1123/8011-the-... a while back.

I'm new to REI and BP and this struck my interest. I'm here it Texas looking to invest in the DFW market. Maybe someone can go into a little more detail about this statement "Texas offers tax deeds with a 6 month right of redemption on non-homestead & nonagricultural real estate and 2 years for homestead and agricultural real estate. However, after a property is sold at a tax deed sale, the owner still gets a 6-month redemption period to buy back the property before you can obtain clear title. If the original property owner comes up with the money before the time is up then the investor does not get the property. However the investor does receive all investment back plus 25%! The penalty fee is the same regardless of how much time has passed since the auction, so the investor can earn a 25 percent profit in two days or two months. This means redemption can still be very lucrative for the investor, even if they don’t get to keep the property."

My question is, when you say "buy back the property" does that mean buy the property back at the price the home was paid at auction or is it the original tax lien owed by that home owner? Plus, depending on the answer, does that 25% reimbursement rate apply to the bid price won at auction or if indeed it is what they originally owed, 25% of that amount?

Any feedback or advice, especially from my fellow Texas investors familiar with this would be really appreciated!  Thanks for sharing with the newbie!