All Forum Posts by: Roberta Langford

Robert,
I thought I would give an aside to our market particularly if an REI is from out of state looking at this area-- our property taxes are high and it is hard to find a home.

Robert Steele,
I am a newbie, and I live in the same area you reside. I am buying one home now and looking for a 2nd.
I think there are more newbies because of several factors. Yes, stock market and 401k disappointments. I still like stocks if you pick the right ones. BUT I remembered our huge loss in 2000,and diversification is key to me now.
I would think most Newbies are not making this a full time job...passive income for later payoff when I sell. If they think it is a career I think they will be sorely disappointed very soon. I was thinking 10 properties max in 5-7 years. Now I am thinking 4-5 properties max in 5-8 years.
Competition is stiff even here in DFW. Homes are flying under contract in no time. DFW is growing in leaps...per reports of our area growing fastest in coming years. Great for business, low taxes (our property taxes are the our "NO state tax"...hello 4-5k/yr on 120-175k house).
It is all cyclical. The ones losing out right now may be some full time REI and new home owners trying to find affordable housing. I think it will all calm down as I see the interest rates are rising.....kicking out those that do not have the extra cash.

Steve Babiak,
I am uncertain if I will follow through....with auctions,and that is why I stated that last line impulsively.

If I can not find a lawyer Monday to perform title/deed--then I will not bid. If you and other wise investors tell me it is not a good idea. I am going to listen. And I am thankful for your honest opinions.

I have other options on the open market with a realtor--plan B and C. Always thinking ahead...

I asked an old friend who had several properties how he screened his potential tenants on neatness.

He said he would walk them to their car to be polite--and he could see the inside of their car. If it is filled with trash, then you know you have a sloppy client who probably not respect your property if they do not respect their own.

So even with all the research described you do no think I should follow through....even if I have a lawyer look over?

Hubby works in foreclosure, and he can review as well. BTW no inside information nor conflict of interest in potential properties. I am ethical.

I am tempted to go to the open market with cash offer.

Robert Steele and Carlos F.,

Glad you like the power point.

Thanks for telling me more about that Texas Code.

Glad you like the history lesson. Great to know there is another person who appreciates genealogy like me.

What about Waco? I know the surrounding areas are flourishing eg., China Spring, Hewitt and beyond--and around the University. The Baylor U. bubble is tight and expensive IMO.

There are a lot of SFH that are inexpensive (rents are lower too). There are some good old homes that need rehabbing--think Craftman style in the 1920's and 30's. There are some smaller homes in the 1940-50's too. They are in the aesthetically-challenged areas with mostly good people...but lower income... some immigrant populations, from Mexico. I am not saying to bring the SFH to the full historic potential (mucho $), but to clean min/moderate changes, eg., cosmetic reno--paint, flooring, maybe kitchen redo's--scared of electrical, plumbing.

But I worry about is it worth it? For what I can buy for a decent home in Collin County, I could buy 2 or maybe 3 in Waco--but would need to do DTI to see if it is worth it.
Do you dabble in areas described?

Thanks to everyone who helped men and spent a good deal of time replying to my recent thread. I do not know if this will help, but if you want to know more about Texas REI and Liens then this is for you.

I was doing some research and found this Power Point--and it is worth reading:
"Lien Priorities and Post-Foreclosure Redemption Rights"

https://www.stewartaffiliates.com/download/575/2012_Pdf/051712.pdf

I believe this is written in 2012: gives concise information about all tax liens specific to Texas, some rare, and some unheard of. ?Texas Workforce Commission Lien?

Older problem solving paper on texasbar. org
.
http://www.texascbar.org/content/legal_library/real_estate/downloads/titleproblems.pdf

Maybe worth a look, but please check with a lawyer:
Since many laws/acts do not change---including Homestead Exemption. That was derived when Spain colonized the area. This is true.
Cool aside: I have a copy (in Spanish) of the land grant from my GGG grandmother from 1836 (a few weeks before the Alamo). Wish we had the 4,428 acres aka league of land-Spanish measurement.
I wish the Alamo waited a year so they could have established the land, a condition to be met in the first year--but bad timing made it impossible.

If I am doing anything improper showing this link please remove, but it was found during a google search.

Joshua Dorkin, I will let you know what I think. I will be reading The Ultimate Beginner's Guide, this weekend.

Steve Babiak,
He did not think it was wise to do auctions because I am sure of the infamous (jr/2nd/3rd) liens. But he did offer to be there to bid for me if needed. But he did not seem to have his heart in that offer. It is a lot of work and time I am finding.