All Forum Posts by: Collin Bryston Adams

I'm curious to see what everyone likes to do to find off market deals and how they go about doing so.

They provide their payment standards based on property location and size. My other property had only a market rent about 800-900ish. Section 8 payment standards showed they would pay 1200 for it. They did even though market was 300-400 lower. Now the property cash flows great. 

Can you explain to me how the commercial loan works with a single family residence? or is this a commercial property? 

A new property I am looking at in DFW really excites me! 

There are no rent comps for it and only 2 home comps to compare asking price with, we have nothing to go off of. 

The best rent I can come up with for this property is $1700-1900. At that price though my numbers quickly go red. Where this deal gets fun though is I found section 8 has a huge shortage of homes for this area and pays $2400 for a home like this which quickly moves this deal to a several hundred cash flow. If I convert the garage into a bedroom I also get $2800 rent from section 8. Which makes this a slam dunk deal. 

The fear I have is how hard will it be to find a section 8 tenant for this home or a self pay tenant who wants to pay my listing price of $2400. Like I said, if I do not get this rent payment the property is in the red. 

How would you play this? 

NOTE; the property is a 4 bed 2.5 bath. Garage would be bedroom #5. How many section 8 families need 5 bedrooms???

@Jesse Davis never even thought about touching that market honestly. I’m focusing on outskirts of DFW. As I’m back in Dallas now.

I could see Tyler and longview being some great long term plays. More of Tyler as I bet in 10-15 years the city has grown into Tyler but smaller country side markets scare me as I’m just not too familiar with them and it’s hard to get the best comps in my humble and likely wrong opinion.

It crushes me I cant help!!! I lived in Carthage and spent a lot of time in Longview and Tyler. I wouldnt be afraid to call and ask around in Dallas. Thats where I find all my best people and companies. 

@Brian Garrett I’ve seen more units on the market for a million but I haven’t seen more than a 15 unit that’s a complete scrap job and over priced with market rents.

either a super nice duplex for around 600-800k or a needs some love 8 unit. DALLAS!

@Brad Rehfeldt for example, a 2 acre plot of land that can fit 10 mobile homes. Would the best way to approach be space rent and let people come in? Or should I buy the mobile homes and rent them out? Or do a rent to own?

I feel like for my situation the game is played a little different since I’m doing a small “park” (if it’s even a park) with only 5-7 units closely spaced.

Looking to build a few on some cheap land in Texas. Trying to understand the business better.