All Forum Posts by: Collin Bryston Adams

What’s the basics I should know before I perform my first one.

One question I have is if I sell property X for 200k can I do a 1031 on only 150k of the sell and pocket and pay taxes on the remaining 50k?

How much debt is too much? When is it time to build equity instead of using more leverage?

How do you weigh the market going bad and protect your self in terms of equity?

In this hot Dallas-Fort Worth area it seems impossible to find a deal. Even offering cash on over the asking price on houses and multi family.

Everything is under contract in one day and going for way over price especially to rent out.

Any tips?

I’ve been looking at a property in the Dallas-Fort Worth area. It’s a newly redone 2 bed 1 bath. I’m worried that a 2 bed 1 bath may be hard to rent out. Does anyone have any insight on the demand for 2 bed room houses on the rent market?

@Lamont Chen great answer. This is no doubt a class A area.

Potential property value from 180k to 450k with 100k rehab.

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@Brian Bertschi the way it works in my area is the give you a spreadshit of the max rents you can charge in each zip code based on bedroom size of the house. My area each section 8 tenant is required to at minimum pay $50 but section 8 direct deposits the rest of the rent straight to you (I usually get in on the 3rd of each month but still make my tenant pay her portion on the 1st)

Inspectors can be heaven or hell. As you’d expect there is some (super) dumb rules that need to be met. Some inspectors overlook these and some don’t. For example Fort Worth housing made me put 3 dead bolts on a back door because the patio door only had one look. It was a terrible pain to add 2 more deadbolts to the back door (as I’m not good with my hands, I ended up bidding it out.) but they were threatening to remove my tenant along with make me pay back up to 6 months of rent if it did not meet it in their time frame.

@Julie J. I’d talk to a CPA or Broker

@Brian Bertschi

I’ve had 2 section tenants. One who was evicted within 5 months. The other I still have and have had for over 2 years.

What I wish I knew going in is they have been slightly more difficult than normal tenants in these areas.

(This is my experience)

The reason I’ve found it most difficult is adding the 3rd person to the mix (Uncle Sam).

I’ve spent more time dealing with the section 8 office than both my tenants at this duplex combined. It’s the biggest headache I deal with.

I would recommend it though as I never had to worried about not receiving a check during covid. And the tenants I have picked from section 8 pay so little that even if they don’t pay their portion I can still make my numbers work for the property.

I love it but with the take you have to give and that’s dealing with the people at the office and the inspection officer who can be the biggest jerk you meet.