Let’s use what happened to the Carrizo Springs real estate market as a case study on the need to do your due diligence when buying property, even if it’s bargain real estate purchased for pennies on the dollar at a tax sale.
The topics I’m going to cover are:
- What Changed in Carrizo Springs?
- Tax Defaulted Property in Carrizo Springs, Texas
- Carrizo Springs: An Example of the Need for Due Diligence
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What Changed in Carrizo Springs?
Not too many years ago, the tiny town of Carrizo Springs, in Dimmit County, Texas was home to about 5,600 farmers and ranchers who leased their property to hunters for a little extra cash. Today, the town has become a busy city of over 40,000 people.
What changed in Carrizo Springs real estate, located in Carrizo Springs Texas?
Texas oil companies have nearly doubled oil production by tapping into the Eagle Ford shale.
They’re producing 1.2 million barrels a day, making Texas the fourth-biggest oil producer in the world.
The region is set to reap more than $90 billion in the next decade, making some Carrizo Springs real estate property owners a fortune by selling and leasing.
For other Carrizo Springs real estate property owners, it’s not so good.
Tax Defaulted Property in Carrizo Springs, Texas
Recently, 11 properties were listed by the tax assessor on the Dimmit County Tax Office Sale list (tax-defaulted property list). I wonder how many will end up at the subsequent year’s event?
Property owners who have defaulted on their property taxes may end up on the losing end of some very valuable real estate if they’re not careful with their money.
Property taxes are one thing you don’t want to forget to pay in Texas.
As an investor, you may want to think clearly before jumping on a Carrizo Springs real estate at a tax-defaulted property sale.
As for the issue of fracking, it’s not so popular among a lot of people for a wide variety of reasons. Fracking, hydraulic fracturing oil drilling technology, is turning the once quiet community into something longtime residents into something they no longer recognize.
The highway leading into town is cracked and pitted from the heavy traffic going back and forth. The crime rate has skyrocketed as sexual assaults, car accidents and thievery takes their toll.
The Sheriff has doubled his force to combat what is suspected to be members of the Mexican drug cartel masquerading fake oil trucks to transport narcotics.
Investors, research before you bid. Texas is a great state for tax-defaulted property investing—one of the best. But some information you just won’t find on a tax-defaulted property sale listing.
Carrizo Springs: An Example of the Need for Due Diligence
As with any property, if you are considering purchasing Carrizo Springs real estate from a Dimmit County tax-defaulted or tax deed auction, we strongly encourage you to do your due diligence homework before you buy. The impact of fracking on Carrizo Springs real estate is a prime example.
A great starting point for all homework is Zillow.com. After that, get creative about your information sources. Check the crime statistics in the neighborhood of the property you are researching. Not just current, but recent trends. Just do your research.
If you’d like to know more about tax delinquent property investing, Ted Thomas provides full support and complete training with home study courses, Q&A webinars, live tutorials, workshops, web classes, and personal coaching with certified coaches.
Learn how to reap huge rewards from tax lien and tax deed investing! Get started today by taking advantage of Ted’s Free Master Class! Act now, it costs you nothing and will give you a big head start!
Ted Thomas is America’s Leading Authority on Tax Lien Certificates and Tax Deed Auctions, as well as a publisher and author of more than 30 books. His guidebooks on Real Estate have sold in four corners of the world. He has been teaching people just like you for over 30 years how to buy houses in good neighborhoods for pennies on the dollar. He teaches how to create wealth with minimum risk and easy-to-learn methods.