North Texas Investing

[Roger Evans]

Hi Y’all, My name is Roger, I’m a VERY new “Newbie” to the BP community living in Round Rock, TX. I own 3.5 acres and an almost completed 1 bedroom 1 bathroom cabin in Sherman, TX. I am thinking about completing it to rent it out. Would it be ideal to finish the cabin (I’m thinking it’s going to cost about 20k to finish it) and put renters in it to start bringing in cash flow and then mortgage the property to take that cash and invest in other properties? The land is completely paid for. Any ideas or suggestions would be greatly appreciated. Also, I am looking for good reputable Real Estate agents in the Sherman/Denison area. Thank you guys!

[Account Closed]

Roger,

Welcome to Bigger Pockets! Is this your first time investing in the Sherman Area?
I would recommend checking out some of the comps in the area to see what 1BR/1Bath properties on large lots are renting for before making any decisions. It is important to make the numbers work for you before moving forward. Some important questions include: What would you like your monthly cash flow to be? How long would you have to rent to reach your goals?  Is leasing then selling the best option? What is fair rent to charge after my renovation cost? Drawing comps will be a great resource and give you an accurate read on the market immediately surrounding you! 

Please feel free to reach out with any questions!