All Forum Posts by: Dan Shoemaker

Welcome Meggie! If you have any questions about investing in Dallas, just let me know. Glad to help in any way.

Texas is a great place to live and invest! Good flip and buy and hold opportunities!

Another option is north Fort Worth, Keller, and Haslet. Extremely good school systems and excellent price to rent ratios!

Geents,

For tax related questions, reach out to @Steven Hamilton here on BP. If you really want someone to speak with, I can get the contact information for someone local who I have heard good things about.

For a lawyer contact, reach out to

Beth Staggs - 972-298-2677 She can point you in the right direction!

Raven,

I'm interested. Are they asking FMV for the property? Do you have any information on the lease payment history?

Steven Hamilton II, Jon offers an intriguing suggestion....

I will start researching this myself, but since I have the ear of an accountant... ;-)

Do I have to use ALL of the proceeds to purchase the rental property? Do I have to set those funds aside and/or leave them in escrow while I'm looking? Can the funds be used for rehab on the next rental property? Is there anything else I should be considering?

Thanks gents!

Jon Klaus, yes and no. My plan is to use the proceeds to purchase more rental property OR to go into a rehab somewhere down the line.

Steven Hamilton II, would the $200k be combined income between my wife and I?

I hope this post is appropriate for this forum...

I have a deal under contract in Richardson, Tx. I will be funding the rehab personally. I have the ability to close it using hard money, but I'm looking for private money to avoid some of the fees. The loan will of course be facilitated through a title company and will take 1st position on the note. I have a package I can forward demonstrating prior projects we have completed as well as providing personal and professional references.

DOM for resales in this market is less than 30. Rehab will take 2-3 weeks, so my lender can expect to have his/her money back within 60 days.

I'm looking for $160k. We are putting 30k into the rehab. ARV is $230k. Please feel free to contact me right away if you have interest. We are looking to close on 7/12/13.

Thanks!

Gang,

I have a rental property I am planning to sell. I'm expecting to clear between $38k and $45k. I have owned it for over two years. What percentage should I be setting aside for tax purposes?

Aluri,

I have a rental property in Mesquite that has cash flowed quite nicely over the the past several years. Garland is another great option. For the best schools, consider Keller ISD or Northwest ISD.

It's pretty hard to go wrong in the dfw market in general!

Good Luck!