Maybe you don't need to buy that foreclosure to flip in Texas

That's the 1st time I've heard of it. Can this legally be done? I know there are different statues of limitation to Texas Law & I realize people are mad at him & want to kick the guy out.

but it is usually hard to do. This guy just happened upon a lucky situation where the homeowner walked out and the mortgage company went out of business. The law is the law and the neighbors could have done it too. They are just jealous that they didn't get the deal and should stop being crybabies. You have to give the guy credit for working within the system and finding a home. Unfortunately, the media attention will probably spur someone (or some company) to stop it before the 3 years is up.

I agree with the neighbors, everyone else had to work hard to buy there house and this moron thinks it's ok to squat in an abandoned house. It makes me sick that he can get away with it. He's probably a bum taking showers at the ymca and eating at the homeless shelters then coming home to his 300k house. I have more respect for the homeless than I do for him. It even said that it has no running water and no electricity. The only way I would feel it's ok is if he had kids he needed to shelter, but it didn't say anything about that.

These loopholes in the system are exactly why so many people get away with stuff they shouldn't.

I'm really surprised any of you hardworking investors would support him.

Hey I don't agree with the neighbors. They would have done the same thing I bet if they knew they could. This is the reason I am struggling to become educated in the real estate investing, so that I don't have to follow the line of sheep. I can't tell you how long I worked 40 to 80 hours during my life to get by because of no education. That one deal would have put me in the drivers seat! I say work smart not hard...Joe

The neighbors were absolutely hating for hate's sake. Real Property laws are an interesting bunch, and a wholly awesome concept when really pondered on...I mean, we "claim" rights to land. Because so many people have to go a traditional route, buying it from someone, and then seeking financing for that from a bank, they see it more as a car purchase than a bundle of rights, which is what Real Property is.

Many states, like Bill pointed out, have the same provisions. The news article just chose odd words to sensationalize this, "he printed out a piece of paper from the internet and paid $16 to submit it at the county's office..." Nooo... what he did was identify Real Property that had been wholly abandoned, and he filed the appropriate documents with the appropriate authorities. As long as he holds down the fort, and pays taxes when they're due, he will definitely get the title to that. And I applaud him for his diligence.

Easements and encumbrances fall under similar loop holes too. Be careful if your neighbors fence has encroached on your property for over a certain amount of years, you might find that it is not your property anymore.

A fascinating little news piece.

R/
Chad.

Just cause something is legal doesn't mean it's right!

A person that does business ethically and works hard will get much further than the person that tries to get the next sweet deal with no reguard to how it's done.

I never even heard of such a thing...the average person wouldn't even know what that is or that is exists. Think about it? It's perfectly legal if you know what your looking for! You would think if the bank went out of business another bank must have purchased their debts, assets and accounts. Then again we are in new waters with this whole economic situation. I would like to know how he learned about it? I am a Why and How person... I think it is brilliant! I am for him all the way!!