Dallas buy and hold 1st time investor need advice

[Chris C.]

Good afternoon,

I'm new to investing in the Dallas area and have great credit and want to buy, hold and rent property to create an income stream. If someone could give me advice on where to start with the below 3 I'd be very grateful:

- find a lender with good rates who will let me setup structure under LLC/Trusts etc. I've called 2 banks so far and when they do Fannie Mae loans any structure other than personal is out of the question. apparently.

- figure out which property is the easiest to find tenants and most profitable in the area to rent, how to locate it and successfully purchase it with financing (non cash deal).

- I was thinking about doing more short term / furnished places listing on AirBNB & VRBO etc. because my guess these rates would be better than more long term but could be wrong?

Any info would be good.

Thank you,

Chris

[Erick Harbert]

@Chris C.

It is hard to get financed in an LLC, but a TX company called Visio can help if you get set up with them. You will probably need a hard money lender or a private money lender on the front end.

If you are doing VRBO you need to be in a desirable or tourist location/area. Try to stick close to major metro and hospitals. If you are looking at a normal rental the first few are easier close to home. Look at neighborhoods that are near you and that the rent to purchase ratio is high. I would recommend trying to get a cash flow of $400 or better. 

If you reach out to your local REI clubs and a few realtors then can get you lined up with good areas close by.