All Forum Posts by: Diego A.

 Your post was in Dallas location so I thought it will be there. 

There are many cities outside the metroplexes that will give you cash flow.

Paris, Tyler, Wichita Falls and San Antonio are some that can find a good cash flow and appreciation.

Of course you have to analyze case by case and it could be many others. 

Every answer will depend of the experience that everyone has in those cities.

@Larry Davis there are many areas in DFW for cash flow. Fort Worth, Mesquite, Lewisville are some of them.

It will all depend on what is you complete criteria.

Hi @Daniel Mendez

You got very good answers here.

My background, I moved from W-2 to self-employed last year running two businesses, one as a realtor and second one as a flip and rental business.

I begun using TurboTax but I found that complex deductions were not taken in count and losing on that. Then I moved to tax consultants but as someone else said there are difficult to find.

In conclusion, I have done it myself, but doing it well will take you a couple of weeks so you have to think of it worth your time.

CPA is needed when you begin with a circle on revenue that is complex to track.

Hope this help.

Hi @Justin Springborn

Well done for closing your first deal

1) those are the most common ways to collect the security deposit when lease agreement is signed and when you hands over the keys

2) I use apartments.com. they have a ACH setup and other features that are useful, simple and free.

3) I use Stessa, It is always good to have some way to track even with one property. Stessa can collect rent too but I haven't used it

Bonus answers, make sure to setup an bank account for the property.

Welcome to DFW @James Phillips

Hi @Philip M.

My stack is,

Payments / repairs: apartments.com

Managing expenses: Stessa.com

I used avail with a client of mine and it seems that is good option, but screening was not very experience. Similar than Zillow, it does not have enough information, not sure if it is the report or what. When using Transunion SmartMove I got the best experience.

Hi @Melissa Lindsey

This is a tricky situation, I will need to know more context, but you should consult with a realtor with experience in these deals.

Hi @Franklin Navarro

I am not an attorney, but transferring the title to an LLC is a simple thing to do. You have to have a Deed written by yourself or a lawyer and record it into the County.

The main things to consider is the loan and insurance, those could be affected if you are transferring to an LLC.

It is alsways recommended to wait a year before is done and then talk with the lender that owns your loan to know the requirements and process.

For insurance, there are some insurance companies that won't accept an LLC so it will cancel it immediatelly so be careful and do your due dillingece before hand.

Hi @Charlie Krzysiak

House hack is the best bet here. From today until January, there is a lot of time.

Ideally you have to focus on two aspects:

1. Savings (in 9 months increase those $10K in as much as you can)

2. Finances, you can talk with a lender or someone experienced in the matter related to qualifications. You have to look at your credit mainly.

FHA will give you the best for the money, but that will depend on the lender. You will have some tough time with what you are telling us, but there is always a way.

Rent for a short time would be another good strategy as well.