Dallas County Sale March 2,2004
First time I go to a sale and it was packed. There must have been about 100 people in the Dallas courthouse today. There where only 23 properties announced as tax deed sale in ****Must Reach Freshman Investor status before posting URL's***.
A lot of newcomers like myself. I think I'm not coming back, too much competition and too little knowledge. I thought I knew little, but some people there had not even done due diligence research on the topic. I'm afraid that the best is over, seems too many people have been reading the same books...
r perez77
i have looked at lots of different programs, different ways of making money, tried my hand a few. Lost the money and time that I spent at it. However I realized that the 40-50 plan won't work for me or my family. (40 hrs/wk 50 years then die broke working for someone else.) SOOO I am 29 years old and i basically started over 3 years ago when my house was foreclosed on. I chose at that point never to go that route again. So what tax leins aren't for you. Short sales, foreclosures, sub 2, and the list goes on. Try not to get discouraged so easily. I've been to a tax sale myself in Austin and was surprised at the crowd and the way it was handled. I learned a thing or two. Next time try a smaller town. Dallas is a big area. find a neighboring county that isn't a pain to drive to and see how it is done in small town usa.
Remember this. in order to get something you've never had you must do something you've never done.
Don't be afraid or discourged so easily. spend some time reading the post in different forums here they will definitely give you a new perspective.
you don't have to buy at the auction. If you have the money that may be way to go but like you said their is a lot of competition.
Buying before the auction reduces the competition and lets you get in for less money.
Thanks for the advice. Next time I will go to a smaller town, I've found one that's close to Dallas and it's been very hard to find out the info for their sale. I assume that if it's hard for me, it's hard for most others that are not pros.
Like you guys have mentioned, I don't want to die broke and having spent my life making somebody else rich. That's why I've been preparing myself for months now. Reading about legal entities, tax law, real estate investment strategies, etc... But I think, that in the end, the key is if one can come up with an original approach that is not popularized in the general literature. That would lower the competition and increase profitability. In effect making you rich.
Dont stop your on the right track it just takes a little time and luck....but if you stop you cant hit that home run...look at a batters avarge.....as long as your in the ball park playing then you have a good chance of hitting a home run....Good luck and keep up the good work...i am about 90 milers north of you and i can help you if needed.....................................
I too have been to several lately. Find the deals before they get to the auction. Hard to do but it can pay off. There are several deals every month here too. I saw a house go for $33,000 where the lot was worth that much. They have to hold for 6 months on this one but still worth the wait. Keep on trucking. I have had over a million equity twice and lost it all in quick down turns. This is my third rebirth. I will be back on top again but this time with some cash and staying power. I have found several good REO and estate properties and am starting my second rehab tomorrow, third lined up and ready to close next Fri
Good LUCK and Thank You
Hope this helps some
Ted Jr
rperez;
Don't be discouraged. Join a nice Group of investors like dfwreicoop, it's free, and network with some experienced and not so experienced people who are glad to share with you at your level.
The foreclosure auctions are somewhat of a joke and the sherrif's auction is not even on the radar screen - too many insiders goofing things up and no real deals there.
Don't give up - roll with the market.
C-
rperez , hang in there.
cpifer, you mentioned dfwreicoop
Do you know of any groups in Houston?
realagent
at the top of the page click on Groups
click on Texas
that will show you the re groups in Texas, see if one of them can meet your needs.
Steve
Please stick to small counties. Larger counties in Texas will bring you nothing but heartache. Unless you are focusing on redemption only then large counties will be too competitive.
Don't give up and keep trying.
[addsig]
Darius,
Thanks for your advice. I read your book last month and I'm already focusing on smaller counties. I've only found one county close to Dallas that has quarterly auctions and doesn't publish their properties on the web. I'm staying away from the counties that are listed in some lawyer firms' websites that handle most of the tax foreclosed property in this area. Counties like Dallas, Tarrant, etc...
The book was really helpful in clearing up a lot of the doubts that I had. Thanks for writing it. Although the more people know, the higher the competition will be.
Yes, the problem with this "creative real estate" is that to many of us newbies read the same books and then we find ourselves competing against each other for the same properties, leads or foreclosure lists. At list finding a day job pays. My 2 ¢
Quote:
On 2004-04-05 15:29, John29 wrote:
Yes, the problem with this "creative real estate" is that to many of us newbies read the same books and then we find ourselves competing against each other for the same properties, leads or foreclosure lists.
I think this is a very valuable point and should be plaster as the heading in the beginners' forum. And when this collision you speak of occurs, it separates those who drop out from CREI and those who persevere and become successful. The books can only provide so much, after that, it's all in the persons boundaries.