All Forum Posts by: Ryan M.

HOA's can also be positive. The rules keep neighbors and tenants from turning their front yards into weeds or parking lots, etc. which hurt your value.

I don't know how Texas works, but if there is a redemption period, you could get the owner to sign over a quit claim deed. But usually, the owners are dead and that is why it went to tax sale.

I would also suggest to familiarize yourself with the Texas statutes, which will have all your answers.

Who is holding the auction? I think Ohio sheriff sales start the bidding at 2/3 of the assessed value.

Depending on the type of auction, I'll bet it has a hidden minimum price and a right of refusal. The starting bid doesn't mean much. I'm sure it will rise to near market value as the bidding nears conclusion. A lot of bidders wait until the end.

I can't recommend any books, but for foreclosures and tax deeds, a good place to start is to get all the info you can from the sheriff or court house clerk who puts on the auction, and read the state's revised code/statutes on the subject.

Thanks for the update. With all the recently announced cancellations and layoffs, I'd be interested in seeing what happens in the next few weeks and months. We just moved here and I'm betting that the market will see a slow down from this.

@Mo Elshall

I bought one at a Florida foreclosure auction and the owner tried to do the same thing. They deeded it to a relative. I completely ignored the quitclaim and so did the title company when I went to sell the property. The bank and sheriff will ignore it too. Neither of them will talk to you as you aren't involved in the mortgage foreclosure. The bank won't take anything less than the full amount.

@Shawn Skaggs got you. I'm doing the same thing with some equity I have, but I'm more buy and sell instead of holding.

I would be skeptical of all turnkey deals and I would walk from this one. A third inspection is just the beginning of what is likely to become a money pit.

Why not get a mortgage on the rental? A HELOC would be good to use for a short term buy and sell, but not a long term hold. You're risking rate increases and your personal residence. I'd feel much better locking in a mortgage on the rental. Keep your HELOC for short term uses.

Airbnb and VRBO should absolutely step in and protect their guest and the industry during this national emergency. Even the fee hungry airlines are refunding fares and waving change fees.

While unfortunate for owners who will lose money, you should really take a long term perspective on this. Do the right thing, and you will more than likely gain a repeat guest for life. Or keep their money and that guest may never book a short term rental ever again.