All Forum Posts by: Andrew Jones

Closed today!

Welcome to the area!  Frisco is an amazing place.

Got a base hit under contract!

I just started hunting in that area myself and there've been a few potential deals.  I think the best deals will be had by people with good contractors that can handle the substantial rehabs.  Some of the older 30's homes are very large, but in poor condition.  I've seen a few houses that list as 3/2 requiring substantial rehab, but could probably become 4/2 with the right plan.  These are just barely out of my target, so I see them but they're not for me.  If you're looking for something like this, I'd be happy to pass the one's I see your way.

...and got outbid.  Looking for next!

First offer out.

I'm hoping to get contractor estimates and inspections during due diligence, but I need a shorthand in the meantime to help me filter deals.  Ideally, I'd be able to use an approximation like: cosmetic rehab $20/sqft.  However, this is outside of my area of expertise and experience.  I need something that helps me know what's practical to follow up on, and what I can auto-pass.  Any suggestions?

I live in a B neighborhood in Allen TX and if it's in your price range, it's great for living and access to 75 and Frisco and McKinney area.  Several employers have settled around the North Dallas Tollway and Sam Rayburn Tollway.  Many of these are white collar and tech jobs, as well as some higher profile sports projects.  Pushed development up to 380.  Beyond Prosper is Celina, as @Bruce Lynn mentioned.  This is probably a pretty good bet in general, and I'd be there if it were in my budget.  The new PGA alone would be enough to push values.  Closer to 75 (Mellissa and Anna) you've got McKinney growing and adding jobs, which makes it more palatable to live that far out of the, current, urban area.  It's worth looking into the city leadership when investing in some of these towns.

@Christian Oaxaca will PM.  Thanks!

Thank you to everyone for the encouragement!

@Bruce Lynn, you're right about areas like Allen.  My 3/2 in an older neighborhood would go for 200ish, that's about 4% appreciation.  It's just outside of my price range right now. However, if it's in your range, Allen is a great place and probably pretty low hassle.  Next door is a rental, and I've had two neighbors over 17 years.  Anecdotal, but the other rentals nearby are well kept and occupied.  The local EDC has a lot of growth on the roadmap, even now.

As for contractors, I'm hoping to find some referrals or at least get references.  I'm willing to pay a bit more for reliability, particularly on my first outing.  My plan is to split the draws into 3 or 4 pieces, progressively larger, as the properties I'm looking at will probably support projects of that size.  While I'm expecting to do walk throughs on draw days, it's not practical for me to wander around construction sites since Old House + Construction Site + Wheelchair = PITA.  Photo/video communication is going to be important for similar reasons.  I anticipate doing more work on the front end vetting and am willing to accept that.  Are there other steps I can take to mitigate the risks associated with comparatively smaller pools to draw from?