All Forum Posts by: Jean Norton

It sounds like a great idea to me.  I've never done this but it's a great way to avoid the property going to public auction.

If you can talk him into a quitclaim deed that would be great.  However, he may want it to go to foreclosure so he can benefit from any overages from the sale.

I have a contact that invests in those property - great numbers.  Of course I usually check SPOTCRIME dot com to make sure it's somewhat of a safe area.

You can purchase as low as $30k and put in $15k and rent for 700/month.

I've flipped condos, and I have one that happens to be a buy and hold.  The guru's will tell you to avoid it, however I can tell you I've had good and bad experiences with condos.  The most important issue is surprise special assessments.

The one that is the buy and hold just did a $12k surprise special assessment.  The other issues with rehabbing a condo is you are very restricted in the hours the contractors can work.

You can do a google search for a sample - that's how I found one.  

I'm thinking of offering 2 duplexes (free and clear) to trade with an RV Park.  Is there an advantage to doing this this way?  Any tax savings?

There is a small debt on the RV park which we would take "subject-to", but other than that, the values work out to be about the same. 

(Divorcing couple ran the RV park for years and can't stand to think about doing it in the future.  This allows them to have 2 separate properties and go on their merry way.)

You might try Frizzet Barnes.  I don't have her contact information but she became an investor first, then an agent.

I do out of state investing all the time!  You need to make sure there's enough spread to handle any hiccups, but otherwise you will be fine.  

Find a local real estate meeting that doesn't cost money or host sales presentation.  Start learning and talking.  You will find people will be happy to help you.

I think you are over-worrying about things.  If you property is clean and safe, and you've priced it right, then you will be fine.

If you're speaking about auction, like at the courthouse steps, there is a lot of work involved with researching liens, etc.  There are many liens that follow with the property when bidding on the courthouse steps.  My personal experience is the "good ol' boys" have that system all locked up.   

You may enjoy this expert from one of my blog posts: 

Early on I attended the foreclosures in Travis and Williamson Counties, the counties near where I live in Austin. I even had my cashier’s check ready to purchase a sweet foreclosure at a heavily discounted price. I drove around town, viewed the properties and I was ready with my notes, my values and my “not to exceed” price.

I was ready. I knew which property to bid on and the excitement started when the bidding started. The bidding started. I was up against this cowboy that seemed to know what he was doing. I kept bidding and the next thing I knew the bidding was higher than the cashier’s check I had with me. I KNEW that bid amount was higher than it should be. These guys were kicking me out of the game.

So the conversation I had with this guy went like this:

Jean: “What does it take for me to get a foreclosure here?”
Cowboy: “You might try going someplace else.”
Jean: “I guess I can go to Williamson County.”
Cowboy: “No, we’re in Williamson County too.”
Jean: “What about Bastrop County?”
Cowboy: “Yes, you can go to Bastrop County, we aren’t there.”

Needless to say that was my last visit to the Travis County Courthouse for a foreclosure sale.