John Beck's Method In Texas?
Just curious if anyone has bought properties in the Houston Surrounding area using Tax Sales?? Just curious if you can really buy residential lots as cheap as John Becks' program states.......pennies on the dollar......... As well as what the redemtion period is in texas??
Any responses will be appreciated......
Any real estate program that teaches get rich over night or even implies get rich overnight in real estate AVOID.
I have been an investor for some time now and have had my share of home runs but most deals are 1st, 2nd, & 3rd base hits.
I have made some good profit in tax sales but in all my years of investing I have never gotten a property for cents on the $$. The cheapest property I have gotten has been around 40% of market value after it was all said and done because I still had to pay off the 1st mortgage holder to acquire the property.
Now I am not saying you can not get property for cents on the $$ just think about the reality and your other investors in the market as well.
Most of my investments are redeemed, but the interest rate is great.
Now in Texas all properties sold at a tax sale are subject to the previous owner's right of redemption. Properties that do not have a homestead exemption or agricultural land use designation may be redeemed by the previous owner within six months of the date the deed was filed for all taxes and fees paid plus 25% is paid to the buyer. Properties with a homestead exemption or special land use designation have a two-year redemption period in which 25% is paid to the buyer in the first year and 50% in the second.
Do keep in mind that in this form of investing it is your responsibility to determine the liabilities that exist on each property before and after the sale.
You are buying the property "as is."
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