New Investors South DFW Area

[Darryl Taylor]

Hi -

My wife and I are new real estate investors in the south DFW area.  We currently live in Mansfield, TX and are looking for properties in Mansfield, Midlothian and Waxahachie.  

We recently purchased a HUD home in Waxahachie that was in rough shape. My wife and I fixed up the home on our own and had it rented in 5 weeks. In my opinion, we are doing OK on it. The rent is double the monthly payment and after saving 20% of the rent for repairs (working hard at building up a solid reserve) and 11% (six weeks) of vacancy, we are cash flowing just over $300/month. There is roughly $35,000 in equity.

Our goal is to purchase another property by the end of the year.  I'm a little cautious of some of the creative financing plans out there so we are doing traditional financing through our credit union and all out of pocket funds come from commissions earned at my day job.  I understand that I'm limited with this strategy and want to learn more about creative financing so we can do more deals.

On another note, we would like to rent out our home in Mansfield as the rents are going through the roof and purchase a larger home in Midlothian with a minimum of 1 acre.  Please let me know if anyone knows of a deal.