All Forum Posts by: Carlos Encarnacion

Thank you everyone for great advice. 

In regards to Ben's comments, the main reason why we are only getting 32 units is because of "net worth" limitations since we are working with Freddie Mac to finance 75% of purchase price.

I can't afford to owner-operate this property since I run another business that requires 80% of my time and I don't have the time nor the resources to put together a team before closing, therefore I need to find a good PM company that runs this well, even if cash flow is substantially reduced. I am calling Wehner Multifamily to discuss as per your recommendations.

I do appreciate all of your comments and it is always good to hear different opinions.

Stephanie,

If you own your residence thru FHA, then the probabilities of qualifying for a rental property thru FHA are slim to none.

If you don't own a residence yet, then you can buy the duplex with FHA loan 3.5% down which is close to what you have now, live one half and rent the other half and have a cash flow of $200-$300.

A duplex is a better investment and is easier to sell than a condo at least here in Fort Worth. That’s just my two cents on the matter.

I am closing on a 32-unit apartment complex in about 3 weeks in East Dallas, TX but I’m having a very hard time finding a Property Management Company.

Current PM is not doing a good job so I need new management.

Can someone please help me with PM Company recommendations in this area?

I think Jason meant NOI / Debt service for the ratio, because 1.2 would be too low if gross income is considered. In the DFW area, the banks I've dealt with are looking for a DCR >1.25

Excited about my first post. I live in Fort Worth, TX and I've had a single family rental in Belleview, NE for 8 years. The house has 5 rooms and 2 bath and lately I've been thinking about splitting the house and make it a duplex. The house is laid up to where is very easy to make it a duplex. I will have to add another kitchen to make it a 3-2 upstairs and a 2-2 downstairs. I have a cash flow of about 100 dollars a month and the house is managed by a property management company. I have about 28k in equity and I've also been thinking to re-finance to a 15 yr mortgage. House is worth 150k.

What do you guys recommend?

Thanks,

Carlos, Fort Worth TX