All Forum Posts by: Chris Soignier

Don't forget to put a sign in the yard!

I read something recently (on BP IIRC) from a CPA that said you need to subsequently invest in that market to get any tax benefit from the trip.    Why did I remember that?    Because it deflated my hope of writing off an 11 day trip to San Diego, Prescott, and Durango last year.

Another option is to offer to lease W/D's to residents - you s/b able to get enough to cover the payment and a good incremental profit, which will also increase the NOI/valuation.

Jay, nobody's going to show up to an auction wearing a shirt that says "drug dealer" on it.    They're discreet enough that you may not realize it, but long-time insiders do.

Jay, I got that feedback from Arnie Abramson, who has as much expertise and experience on Texas auctions (particularly tax auctions) as anyone.    Think about it, they're essentially a cash purchase, then you hold it for a couple of years, deposit proceeds in bank as legit real estate sale.   I can't comfirm or deny this, but it's what I heard and sounds plausible.

Nobles and Richards (in DFW area) seems like they have a fairly solid track record of raising investor funds, but that path isn't cheap.    They charge 15% commission, which means investors need to make around 17-18% return just to break even.

One thing you have to consider is that if someone can't pay the mortgage, they probably aren't maintaining the property that well.  I personally can't stomach auction prices unless I have the opportunity to inspect the property in advance.   Pre-foreclosure candidates are inundated w/ solicitations in DFW.   Really, the only reason a home should even get to foreclosure here is homeowners' self-denial that it will happen.

Another factor (to my understanding) is that a lot of unsavory folks are using the auctions as a money laundering mechanism, which if true, means they're probably not as concerned about over-paying.

I'm not a lawyer, so take this w/ a grain of salt, and consult a lawyer for definitive answers.

In general, a lender is not liable for the property lent against.   However, if he only has a promissory note and no deed, mortgage, or other security interest, a lawsuit could leave him holding a worthless piece of paper.

A promissory note is just a promise to pay, i.e. usually an unsecured loan.    It can be secured w/ a deed of trust or mortgage, depending on where you live.

@Dustin N., feel free to contact me re: specifically what you're looking for.   I'm an investor-friendly agent with Gharbieh + Associates.

76107 is a great area w/ lots of rehabbing, and lots of comps.    Much of it is very desirable, but resale can be more challenging if the property backs up to I30.   Lots of inventory on Calmont last I checked!    I'm also not very enthusiastic about west of Hulen/S. of 30, around Lake Como.   I expect that area will gentrify eventually, but last I checked it was pretty blighted.   In general, the closer to downtown and the Museum District, the better.    

Let me know if you need help closing a lead or selling a deal in that area, I have a sizable oversupply of buyers vs. sellers.