All Forum Posts by: Darren Looker

@Meng Khong tong

Honestly neither of these jump out as good deals. It all depends on where they are and what rental and sale comps are in the area. The general rule of thumb around here is rent to price ratio of 1%. These don’t meet that hurdle which is ok if this is an appreciation play. Did you run your numbers with a BP calculator to look at cash flow, coc, capex, vacancy, etc.? More info is needed to do real analysis.

@Michael Ealy Awesome job! Thanks for writing such a clear and succinct post. All your posts are so inspirational. Now I have to go read up on land contracts so that I have another tool to use.

@Immanuel Sibero Thanks for providing such a clear and succinct explanation.

@Angelica M Garzon Thanks for providing an actionable plan for getting the cap rates in an area. I'm new to analysis and want to get my feet wet in some market research.

Michael Blank sells a course for $1997 that looks sufficient for getting your first deal done. It also connects you with his network so they can look over your deal and help you raise money. This does not seem like an unreasonable price for getting 1 apartment deal under your belt. If you work at it, it will pay for itself.

I recently converted my primary residence into a SFR and completed a cash out refi. I plan to invest some of the money in a business doing flips and remodels with a partner. Are there any strategies to avoid my profits being taxed as ordinary income?

@Laura Hunt

That’s crazy! I’ve never seen that. Dcad.org has a ton of info including a downloadable list of all Dallas county properties.

I recently converted my primary residence into a rental property and have a tenant for 1 year. Market rent is $2800, mortgage, taxes, and insurance is $1500. If I max my LTV to 75% with a cash out refi, I will break even on rent or possibly be negative in cash flow. The property is in a Dallas neighborhood that is experiencing large growth and gentrification and within walking distance of popular restaurants and entertainment. Equity growth has been solid and shows no sign of stopping. I plan to invest the cash in fix and flips and I already have an experienced partner in place to work with.

Should I leave more equity in the property to make sure the rent covers this additional debt? How much cash reserve should I set aside for vacancy?

@Sarah Lorenz

Not having the appropriate amount of plates, utensils, pots, etc. for the size of the rental is very annoying. Not having a dishwasher is also a pain if you don't know this up front.

Our family of 5 stayed in a 3/2 run by a single person and it was stocked for a single person minimalist with very few plates and utensils.

I would always provide a basic set of spices for my guests. Salt, pepper, garlic powder, etc.

@Daron Whitfield

I’m interested.

[email protected]

Does anyone have a recommendation for a contractor to do blown-in attic insulation and/or attic sealing in Dallas?