All Forum Posts by: Kalen Mills

@Bruce Lynn more or less as I learned more about the former owner I became less and less concerned. Also to maintain preserve and safe keep the house required extensive remodeling so almost all of our expenses are covered in case he did try to redeem he would have to pay for virtually the entire rehab. But he is a fugitive so not too worried. As far as selling goes I’ll just put it in the contract. I’m not worried, but we will see. 

I met with a FSBO today who bought a property for 90 k a year ago that needs 80 k in rehab, but most of the comps are at 150k. Owner can't afford the full rehab. A business partner recommended splitting rehab costs with owner and splitting the profits. With only 40k in we could get a good ROI and owner won't lose as much money. As it stands now I don't know who would buy this for more than 20-30k. Any suggestions on creative ways to make this property work?

I know some real estate investors use tlo for finding motivated sellers. I’d like to not violate any regulations though. Are there companies that have as reliable data that will let me call motivated sellers?

I’ve tried belles link, and a few others. People have recommended TLO but they say it’s illegal to do “marketing calls” when trying to find motivated sellers. I have skip traced hundreds of names and addresses and only found 1 correct phone number. I know people are having success with skip tracing, but I need a reliable source for home owner contact info. I’m targeting vacant properties so I usually have a name and 2 possible addresses to start out with and still can’t get a good number. Have any of you had success with a particular company?

is it a sheriff’s sale (tax sale), or trustees sale ( mortgage foreclosure)   Both are held on the courthouse steps in my county, but are very different. It’s also very state specific judicial vs non, tax deed vs tax lien, etc. I’m dealing with right of redemption, right to contest sale issues right now. But the best info I’ve seen so far on sheriffs sales is from @Arnie Abramson  he has monthly meetings to discuss tax sale ins and outs. And his website is informative too. Good luck. 

so much learned today! First I’d like to thank @Arnie Abramson for the advice and anyone who’s interested in learning more about tax sales in Texas should go visit his monthly meetings. 

It’s not the right of redemption that’s the issue, in fact if they redeem it’s a 25-50% return on investment! The issue to be cautious about is the right to contest sale. Where former owner claims they didn’t get proper notice and buyer can lose it all. 

The lawyer for the county called this case a loan/tax hybrid foreclosure. But should be viewed as a tax sale for all intensive purposes.  

Seller said it’s illegal for them to buy former owner’s right to contest and redeem, but could offer me a special warranty deed if I can get these waivers signed. The title company will give me a title policy if I get warranty deed. So I skip trace the guy and his family says they lost contact with him a long time ago and requested I never call again. 

Back to square one. 

BP people thanks for all your help. 

@Brendon Rogers thanks. I’m tracking him down now. 

@Baraa Yassin yes sir I’d appreciate any expertise I can find right now. 

@Baraa Yassin no clean title promises. I’m responsible for all encumbrances. I was looking for lien encumbrance and not anticipating redemption. 

Thank you @Greg H. !  I think/hope you are right.