All Forum Posts by: Dwight Crocker

So we are a family that lives pay check to pay check for the most part.  I've been trying to save $500 -$600 each month recently  but it just isn't enough.   My wife isn't to happy about it but the $10 per hour on Saturday will help. 

To close on my last property I took out a title loan on my truck which is killing me!  Taking the part time job will enable me to get that SUPER HIGH interest rate loan knocked out and start putting that $$$ toward the next rental and two new roofs this summer.

@Kevin Tran 

I've done rehabs in Ft Worth and I think your estimates are on the high side so Yipee!  If the numbers look good to you now I think you'll be happy at the end of this project.  Btw what house size/rents do you get in your part of TX?

I used to feel that 3 months rent in reserves was good enough.  Over the years I have decided that number is a little low for me personally.  6 months is what I am building up now.   That is enough to cover anything I can think of and still have some cash in the bank.  

That is great!  Good luck on your 2015 goals.  I like that you are taking steps to make it happen.

Hi @Victoria Jonagan

What did you end up doing?  I have a single family 3/2/2 in Arlington TX and plan on going with stained concrete everywhere except the bedrooms.  It is a rental in a decent area so cost and durability are important.  Lots of higher end homes in the area are doing this so I thought I would give it a try whenever my tenant moves.

Awesome!!!! I'm inspired.

@Keenan Kelley I like the Tulsa and Texarkana areas as well. There are sub 10k houses that will rent for $350 - $400. They do not pop up every day but they do come up . Find the right tenant and they will stay forever for the cheap rent. You could also end up renting to a meth addict so make sure you screen your tenants.

I have a thing for super cheap houses and have casually looked at Detroit. Small towns in Texas, Oklahoma, and Kansas have houses in the 5k range that pop up every so often. They always need the cosmetics but will rent for $300 - $500. Finding the right manager in those areas can be a challenge. I'd pass on Detroit.

The first rental I bought in 1993 I used a cash advance for the 40% down payment. The balance was OF over 48 months. I just recently used a title loan on my truck to buy a MH on a small lot. The fees and interest are super high but I'll pay it off this summer if all goes according to plan.

Our PM in Kansas keeps a $100 balance.  If there is something over a few hundred I get a call asking how we want to handle it.   

One of my houses needs a new roof so I'm saving every rent check to get that taken care of.  Normally 3 x rent is what I like to keep for each house.