All Forum Posts by: Dylan Hargrove

@Andrei Stegger jr I'm in Fort Worth and I can promise you if you have 12 3 bed homes being rented for that cheap then they are indeed well below market value...

That being said if this is your first experience with property management, I would recommend reaching out to some property management companies who are professionals and can handle the legal and tenant concerns. Once they are rented out again you may drop the property mgmt company and assume the role yourself once the ball is rolling.

If it were me... that is too much of a mess to try to handle myself. And if you just want to get rid of some of the properties, feel free to let me know hah!

Congrats @Liz Ridgway on turning this over to renters. I plan on doing similar with similar numbers in the Saginaw area.

@Samantha Miller

I haven't gone through every comment, but have you tried working with your lender to add an addendum before you close that waives that portion of the document, or perhaps allows you a small portion of time, say 2 years, to rent it out while you yourself are a full time resident there? If that doesn't work... I'd tough it out, complain to the lender about future business possibilities being impacted - and then refi and absolve yourself of the lenders strange contractual language. Hate that fine print and that this happened to you... good luck!

@James Miller Thank you for the insight, would this right of redemption be specifically in the pre-foreclosure scenario? In other words; it the home has already been foreclosed then the prior owner would still have no right of redemption correct? That is definitely something I'll have to keep in mind going forward.

@Ryan Blake I read your latest comment and it spiked my interest, what Fort Worth lenders would you recommend? And do they do portfolio mortgages?

@Hao Dinh Hey there Hao. When it comes to estimating taxes it obviously depends on the state and your tax bracket primarily since flips are treated as an exchanging of inventories - like selling a newspaper almost - so for that reason its hard to give a specific number... In general I would say 28-25% is a comfortable estimate, and if it ends up costing you less then you can simply think of it as a pleasant surprise, and perhaps re-baseline your estimate using the local actual numbers you've accumulated! Hope that helps.

@Jimmy Jean-Louis I'd need some more information for some input... does TCL include foundation, roof, or other majore rehab work? Where did you get the "28k below market value"? I live in a much nicer area right around there and the house was 200k... I'm not quite sure 116k for a 3/2 from 1940 is warranted. If the touch ups are just cosmetic you could make the numbers work, but after taxes (especially if it's a flip) if you're not going to do a 1031 it could just not be worth the effort. The cash you're putting up is egregious as well, 36k is 20% for a 180k all-in cost.

Also, IMO... idk who would want to have a turnkey out there towards Lake Worth. If I'm booking an Airbnb I'm going to stay closer to downtown, 7th street area, or the stockyards... but hey if that's the strategy you'd like to pursue then it could work out fine with some effort.

@Rodolfo Morales Jr Welcome to BP. Reiterating everyone's thoughts on here... continue to share knowledge and resources with people interested in similar and different investment strategies and learn as much as you can from BP's resources. I would definitely recommend some REIA's in the DFW area, just beware some that will just be guru's selling you master plans! Hope you continue your education and begin your journey on the right foot, reach out to the community (both BP and Fort Worth) if you ever need anything.

@Jacob Mallison

Welcome to BP and Fort Worth! Glad to hear you are diversifying via real estate, always a good addition to any portfolio.

I've never entertained the idea of incentive's for GCs... I can certainly think of GCs being interested in some contractual or non-contractual incentive to pay for some portion of it in cash. 

Will be interested to hear others input on this, great question!