Renter · Killeen, TX · Member since 2014 · 9 posts · 7 votes
Hey BP!
My wife and I are ready to buy a second property. Here's the plan:
2/1 Condo or Townhome in Dallas
Looking for centrally located; we'll be using it for business purposes a couple weeks out of the year, but want to AirBnb it the rest of the time.
We've been pre-qualified for 200k in conventional financing.
So, the questions:
1) If we wanted to get in touch with a whole saler, how would we find someone? With this, any recommendations for a rehabber with experience with this model?
2) Are there any good companies in Dallas that manage short term rentals, since we'll be pretty hands-off?
3) Is there anything else we should consider?
Please, this is the model that best suits our needs, so our goal is more "how can we make this work," not "will this work."
@Chris Hamm I'll do my best to answer some of these.
1. Why are you wanting to get in touch with a wholesaler? Are you looking to purchase something cash? Purchase a distressed property? Sounds like it based off your second question. It says you're in Killeen though - are you wanting to jump into a flip while not even being nearby the house itself?
2. Definitely plenty of companies out there that will handle STR - but just be aware that STR PM is more expensive than traditional.
3. What type of return are you hoping for in a $200k condo/townhome? I'd be weary of the large HOA's and restrictions for STR with condos/townhomes. They are only going to get more strict.
Is this your first investment? Do you own any STR in Killen? Or any rentals at all? I can understand the desire to visit Dallas a few times a year and enjoy your own place... that's being rented out during the other times of the year. A good friend of mine is doing that in Destin, Fl.