All Forum Posts by: Val J.

Thanks for all replies. As a part of my research or field trip, I decided to go in person to view auctions that happen in front of the courthouse. Many people were there. I didn't fully understand all that was happening. Many people were there at the Auction.com tent with papers in hand watching houses that appeared on a flat screen tv. I didn't understand how they went by bidding on the properties. Another auction appeared to be foreclosures.  I finally made my way to the auction for properties that were being sold for back taxes. This is where I asked the most questions and learned that people don't always bid at the minimum bid and sometimes wait until the lower bid. Some houses/land were never bid on and were struck off.  I learned that you have to be careful because these properties could have additional liens and that bargain bid could eventually be a financial disaster. Some of those bids really went up high! I learned that the information that I researched on ROAM may not reveal all liens against a property. I didn't bid on anything. The $5 train ride and the education I received from asking others was well worth the trip. I would like to eventually get into this type of investment but I realized that I need more knowledge before I part ways with my $.

I was interested in a property that I saw on auction.com. I went and viewed it and thought it might be worth a go. The opening bid was $17, 500. By my estimate it would need at least 20K+.  The auction began Friday and ended today. To my surprise this house sold for a about $63k. The previous value was estimated at $83k. I'm in Dallas and I've been noticing housing being snatched up quickly. Personally, I thought the house was overbid. 3b 2ba 900sf in a C neighborhood. I'm new to investing and estimating but has anyone bid on properties from this site. Do people get bid fever and go overboard? Or is my inexperience have my jaws dropping at what people are willing to pay in this current market?

I'm loving this thread because I plan to go to an auction downtown Dallas tomorrow just to watch.  Another will be held on 8/3 that I may actually participate in. I have really gotten an education while visiting some of the properties up for auction. Some I could understand why the owners didn't pay the taxes. The property was totally worthless. And, in some instances the minimum bid was higher than the value of the property. How do you guys decide what amount to bid?  Do only do minimum bid or a certain percent over? 

I'm trying to pick up properties to BRRRR. I've come across a few that I'm interested in. I have a list of properties owned by the city that I live in which are scheduled to be sold at auction next month. Anyone one have good, bad or ugly experiences with these kinds of purchases/properties?

thanks for the reply @Charlie MacPherson How long would going through probate typically take?

I am interested in buying a property in Dallas, TX. from a family member  connected to the house.  I've been told what the asking price is but,  before I purchase I try to do my due diligence. When I go to the appraisal district I notice that the home is still listed in the name of the deceased owner. Soon I will contact a title company to find out about the title i.e additional liens etc. The seller assures me there are none but I'll check for myself. Can this home be sold to me if he deceased's name is still on record at the appraisal district?

I just recently met with one of Networth Realty's agents. I'm not extremely savvy in property investments. I'm actually new to the game. One of the houses I was shown is in the Oak Cliff area near Kiest & Polk. I grew up in Oak Cliff and it is/does seem to be a hot market for flipping. But, I was real uncomfortable with a home in this area with an ARV of over 200k. The guy explained this 212 to me that I was not completely comfortable with. This may work for many but I chose to pass as I couldn't see buying a property in this area at $110k before repairs and then indebting myself to an HML at over 2k per month for at least 4 months while hoping and praying that the house will sell quickly so I can get my $ back. Because I know the neighborhood I wonder who are the buyers at these prices. This is home and others promoted by NR are not in affluent areas of OC. The people in these communities cannot afford 250k homes. Unless the goal is to gentrify the neighborhood and price out/run out the hoi polloi.

I'm interested.

Vincent V. I'm thinking of doing just that beginning tomorrow. I'm debating whether to self manage or seek another PM co. Anyone have suggestions of good PM in Dallas area?

I'm in the DFW area and I have a property with a management company. They called me two months ago letting me know the current tenants wanted to renew. I ok'd this but with a $50 per month increase. Fast forward to the end of June. I still don't have the signed renewed lease so I contact the company because I also notice that I get June's rent check and the payment is still unchanged. They state "oops we let this slip but we will call the tenant and get on this right away." I wait and call again on Jul 5th and they tell me that they've contacted the tenant but they aren't responding back. I state to them that leasing is all about the black and white or in other words some form of lease whether it's annual or monthly. They agree and say we will call them today and keep trying to reach them. These are fairly good tenants who are beginning their 3rd year with me. They are sometimes late but pay the fees. The pay online so the company doesn't physically see them when rent is due. I want to keep them as tenants but I also want the rent increase. What should I do?