4 Visitor Messages

  1. View Conversation
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  2. 1. Know how to research title on the county clerks website to make sure no federal or tax liens remain
    2. Make sure you are bidding on a first mortgage, not a secondary mortgage or mechanics lien. If you accidentally buy a secondary lien you are secondary in ownership and the sale of the first mortgage at auction wipes yours completely out losing your entire investment.
    3. Learn how to appraise a property externally since you can't go inside.
    4. Don't invest everything you have; you'll have to spend $5k-$20k changing carpet, painting inside, staining fence,... after the sale.
    5. You make your money when you buy the property, not when you sell. If you pay too much up front you likely will never recoup the loss by selling at a higher price.
  3. View Conversation
    Okay...now I am confused. But anyway, you had a good experience. Is there anything I should pass along to my son/daughter-in-law re: buying foreclosures in Texas? Any pit-falls to watch for? Thanks.
  4. View Conversation
    About 10 years ago, or so, you told me you had bought a house that was a foreclosure but something not-so-good happened. The former owner was able to get the house back.....something about Texas law. My son and his wife are getting into flipping houses in the Houston area and have their eye on a couple of foreclosures. I told them to hold off until I could learn more. So....can you fill me in, please. Thanks.
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About DogsWin

Basic Information


About DogsWin
Location:
Plano, TX
Occupation:
Marketing Manager
Interests:
La Tech athletics
Tech Relationship:
La Tech Alumni
Favorite college sport:
Football
Year Graduated:
1987
Degree Type:
EET

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Join Date
09-24-2002
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