Properties out of state

Try www.city-data.com.

In any search engine, look up "crime statistics (ZIP code)" and you'll get more than you'll ever need. City data is great, for cities. Small towns and under? - Not so much.

Special Warning: Be careful investing in TX, especially long distance. Many of the things we do on DG.com strategy-wise are either done differently there, or not allowed at all! Make sure your RE attorney is in that same town if you do any business there. Best of luck to you...

Www.cityrating.com has crime statistics for small and large cities in Texas.To get a feel for the economy,population growth in the target city try bls.gov,The Bureau of Labor And Statistics.

I would research average DOM in the area. What if gangs are everywhere but the properties sell for top dollar in less than 30 days? A goofy example but something to think about.
Also, how do you know the value of the properties? You have done CMAs and know the state of repair they are in?
AND as Dave stated, make sure you can do what you want to do in Texas.
Do you have buyers there?

Good luck and go get em!!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Thanks!

Very easy to use with great information.

thank you for all the valuable information. I don't have buyers there, so that may be a big problem, and David, I did not know that there may be much different rules and regulations. Thank you for pointing that out! Yikes! Maybe not something to pursue, unless I can get a lot more information. I don't even have an attorney yet.

Most of what I've heard may be rumors and conjecture, so ask a TX RE attorney, but I've heard the full gamut of things that may or may not be valid. A few examples to verify are:

1) Due On Sale clauses enforced alot more than other states.
2) Assignments in all forms strictly illegal.
3) Helping someone out of pre-foreclosure considered fraud if you profit more than 10-15% from the property's ARV. I've heard they're even calling it "equity theft" down there.
4) Strict rules on owner financing, including interest rates and fees charged.
5) No lease options allowed over 2-3 years long.
6) Deed transfers not allowed until the closing table, if the property has an existing lien or mortgage on it.
7) Any action that Realtors complain might be construed as "acting like an agent" without a RE license, criminally prosecuted as FRAUD (including jail time). Prime examples of this are classifieds and bandit signs, if they don't like your wording.
Buy or sell more than 6 mobile homes per year, you must have a "auto dealer" license, or it's fraud.
9) Buy or sell more than 4 houses per year, you must have a "real estate" license, or see #7.
10) You can't "hold paper" for more than 3 properties without being licensed with the SEC.
11) If you lease a house that winds up being involved in a drug bust, police can tear the entire front off to make entry, the state can take the house from you if any arrests are made, and they may treat you like a suspect in that bust, forcing you to get a criminal defense attorney to help "clear your name."

CAVEAT: IDK if these are valid or just rumors, but I've heard them enough times from enough credible people who deal in TX to make it well worth your while to verify what you can and can't do down there. I'm no expert on TX REI, but their laws in ALL areas are just a teeny bit different but MUCH TOUGHER on people than other states' are. Please be careful and hire a TX attorney to CYA. People make billions in REI down there, but they already know how it's different. Best of luck to you...

Hi my name is Tajuana, I just started back on REI I have a couple deals that I have with my partners, the deals are all in NYC..

PM me.

I will tell you all about it.

Teescott

Pursue these deals!! The education alone will be worth the trouble. This is how you learn this business. Not by saying this sounds hard I better not do it! Get in there, these could be great deals and you just walk away because there may be hurdles? THERE ARE ALWAYS HURDLES ON EVERY DEAL! Investors are making big money in Texas.
Maybe they will not be deals, but by taking action you will increase your skills and build your team. Knowledge is power. You will be able to present yourself as a professional with experience the more you do and learn. You will learn things you will NEVER learn on DG.com. facebook, twitter or ANY 3 day boot camp etc. etc. Will it be easy? NO! Will it be frustrating? YES!

Go for it Tammy!!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

I had planned to do an assignment, but now I think I should check this out to see if that is illegal in Texas.

@MM with all that David has shared I may not put much effort into this. I will try a little research, but sounds like I need a good attorney for this one. I also don't have buyers in Texas. It is such a small town, however, the owner is stating that the city wants these properties, but she doesn't want to sell to them. On one house they bought on either side and now wants hers. The other house has what she said the neighborhood has a leap grant to clean up the neighborhood? She gave another house and a duplex that I could buy as well. She said the duplex is the nicest of all properties.

WOW, I am left without words if all what was said about investing in Texas is true! I know other states that don't treat investors well but if it wasn't for us the housing market would never recover or show signs of moving forward. We are the bad guys but what about those WALL STREET *&^%$* that get away with anything and everything?
Ray

Tammy,

David, Alpine Investments, is incorrect. Assignments ARE legal in Texas. I haven't done one yet, but I've already checked w/a RE attorney.
Good Luck!

-Teresa in Texas

I agree with Michael. You have been aching for a deal and this woman is handing you several!

Learn what you need to learn! You can do it!

Karen

Thank you for the encouragement. I am still looking into making this my first deal(s)!

I noticed on Trulia they have a tab that says "crime" when you are viewing a property, I have looked at it, but I don't know how accurate it is, it gives you the date and the type of crime and then a summary of how many were non-violent and violent.