TOP 10 STATE PROPERTY TAX RATES
People fly in from other states to Dallas, Austin and Houston for the day and then fly home. They show up and bid on a couple hundred properties in Texas.
AVERAGE OF TAX AMOUNT
EFFECTIVE TAX RATE
AARON AMUCHASTEGUI
Pennsylvania Connecticut
New York
New Hampshire
Ohio Wisconsin
New Jersey
Illinois Vermont Texas
JAN-NOV 2018 SCHEDULED FORECLOSURE AUCTIONS
MARKET SPOTLIGHT
Taste of Texas
from Colorado, New Mexico, California, Louisiana, Arkansas and Oklahoma. Texas also had the highest percentage (93.4 percent) of residents applying for a purchase mortgage who wanted to remain within the state’s borders. Statewide unemployment, which most recently topped out at 8.3 per- cent between August 2009 and March 2010, has dramatically dwindled to 3.7 percent as of November 2018. Between population growth and job growth alone, it is easy to understand why Texas has been, and continues to be, a popular place for investors looking for passive income from long- term cash flow and appreciation. “The only downside with investing in Texas is the property taxes are really high,” said Amuchastegui. “But it is a landlord-friendly state. You can evict someone in just two to three weeks.” With the help of data and local mar- ket experts, I've assessed real estate investing opportunities in the state’s five largest metro areas — Austin, Dal- las, El Paso, Houston and San Antonio.
Texas
New Jersey
BY JOEL CONE
E verything’s big in Texas, including the foreclosure auctions. A total of 27,324 Texas properties were scheduled for public foreclo- sure auction in the first 11 months of 2018, the most of any state and accounting for one in 10 scheduled foreclosure auctions nationwide, according to ATTOM Data Solutions. Texas foreclosure auctions are on track to increase 12 percent in 2018 compared to 2017, the first annual increase since 2014 but still well below the peak of more than 126,000 sched- uled foreclosure auctions in 2006. In Texas, foreclosure auctions are on the courthouse steps on the first Tuesday of each month. “There’s not as many foreclosures as we used to have. People fly in from other states to Dallas, Austin and Hous-
Florida
ton for the day and then fly home. They show up and bid on a couple hundred properties in Texas,” said Aaron Amu- chastegui, co-founder of HomeRock, LLC, who, with his support team, prepares a list of potential properties in those three metro areas to bid on every month. “The trick is having a big list when you come in. Most investors target three or four counties a month.” With an estimated population gain of 1.34 percent in 2018, not only is Texas the home to 8.75 percent of the nation’s population, it’s also a very popular state for people to relocate, according to a state migration study published by LendingTree. Based on the study of 2 million purchase mortgage requests, Texas is a top destination choice for people thinking about moving out of state
California
Illinois
Pennsylvania
New York
Ohio
Georgia
Virginia
Maryland
22 think realty housing news report
february 2019 23
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