All Forum Posts by: Felipe Lois Affini

Hello Community,

Is there anyone here there is an Inner Circle member at TAI or know or have done deals with Dutch Mendenhall (TAI president)? As far as I know, they work mostly with tax auctions in Texas, California, and Philadelphia.

They have this Inner Circle program  (that is pretty expensive by the way) and the reason I am considering be part of it is to have access to a partnership with them (in general the buy the property at auction and take care of all the process till the sell and split costs and profits). As an out of US investor, this is the main reason I am considering investing with them.

Would appreciate any opinion and info you may have.

Thank You.

Thank you, @Bruce Lynn,@Bruce Lynn for the input. Properties going to auction nowadays (as in Collin and other counties) mostly needs a lot of work. Not that it is not worth it, but in general it requires time and money. Since my first post here (almost a year ago) I have been to a few auctions, bought a property and deal (still dealing) with the rehab process. Lots of issues but much more learning! Would be great to meet you while I'm here (maybe after the sale). 

Hello BP community,

I´m looking for a CPA in Dallas area that have experience working with international investors. I would appreciate any recommendation you could give me.

Thanks.

That´s right @Dylan Hargrove . You cannot go through a proper inspection before buying the property so You may face some Rehab issues. By doing Your due diligence You can avoid other problems (like liens that will remain in the property and problems in the foreclosure process), but your rehab costs may increase (example: Got a property that I - and a contractor, believed had an HVAC in good condition, and turned out to be ruined. Plus 4K in rehab costs). So You have to figure it out what Your numbers are.   

@Dylan Hargrove, first You should find all the information on the websites of the County You intend to invest (like You mentioned, Tarrant). Tax Office, Appraisal District, etc.

1. Adjudged Value - like @Tyler H. mentioned it is the value that the court gives to the property. It may differ from what it is appraised and the real value (ARV for ex.)

2. Must check the rules from Tarrant. Cash or cashier check. Some Counties only accept cashier check. 

3. If it happens is on You - that´s the importance of Due Diligence. The property is sold "as-is" with no warranties related to its structure (foundation, etc). Generally speaking, the liens will remain if they are federal or state liens, some code enforcement liens, and few others.   A mortgage would be wiped out. But is Wise to talk to an expert like a Real Estate  Attorney. 

@Arnie Abramson knows everything about Tax Sales and could be a great source to You.

Good luck  

@Steven Young, 

I have attended an auction (Dekalb county) and what I could realize is: As it is a redeemable deed State You gonna buy the property and only will be able to gain possession of it after a year (redeemable period) - also going to take some extra days to deal with the foreclosure process. Besides that, the value bidders were paying in the properties was - in some cases - near 90% of ARV. I believe that these bidders were more interested in the 20% interest (in case the previous owner redeem) than in the property. Keep in mind that during this time, the previous owner keeps the possession of the property.

Kolton Lynch, first congratulations on Your purchase. Take action is decisive. 

I know how complicated is to invest in the US being a foreigner.  I don't live in the US (I live in Brazil) but I decided to invest there. More than that I (after a lot of study and research) focused my strategy on tax auction properties (Sheriff sale), what is somehow even more challenging. I already bought a property (under rehab) and will attend another auction in October. It has been an amazing journey so far (lots and lots of challenges, problems, and most important learning). No having an SSN makes everything harder. Being a newbie with no other deals to show too. But this is part of the game right? Partnering with reliable local partners in Your target market is primordial, and I have been lucky in this area so far.

 Keep the good work and soon You will be a fellow investor in US real estate. 

Great Job @Randall Barrett ! 

If You could, I would like to ask two questions: 1) What is the ARV of the property? 2) Could You give us a little more detail on the monthly costs?

Thanks and good luck on Your next projects!

 Thank You Account Closed for the info. Good to know that, is some cases, we could sell the property in less than a year. My ideal strategy would be: buy the first property at tax sale, rent/hold for 3 to 6 months then sell and reinvest in a bigger (more expensive) off-market property to defer tax using 1031. But I know this is hard to accomplish in this short time frame.   

 Account Closed this is good to know. Do you always use the same title company? Can You tell us - on average, in how many months after buy at the tax sale you get a clear title? Thank You.