All Forum Posts by: Dylan Barnard

Hello,

My wife is a realtor and has used Property Frameworks for all of her clients that buy with her and rent them out to tenants. Everything has been great until they got bought out by another company. Now she can't get them to answer any of her questions and she has no idea how many applications there have been, who they are, etc. No information whatsoever.

Anyways, all she needs the PM to do is provide vetting services (credit and background check) because most of her clients would rather manage their properties by themselves but still need to make sure they are choosing the right tenant up front. Is there anyone that can recommend another company or have any tips they can provide?

TIA!

 Nice! I would probably refine your search to a few areas or at least 1 - 2 counties, so that way you aren't overwhelmed by too much opportunity. We typically stick with Tarrant and Denton counties. We bought our first a few months ago in Tarrant County (Haslet, Sendera Ranch East). 

Hey Craig! 

You are entering a great market. We just bought our first a few months ago in the northern Fort Worth area. Are you targeting only Dallas or the entire metroplex? 

@Tyler Hodgson is our go-to guy in DFW for loans. He's also a CPA and can point you in the right direction at least for your taxes. I did DoorDash for a while and just used the standard mileage deduction myself ($0.57 per mile for 2020 I believe?). 

@Kyle Mccaw

Will do, thanks for the interest Kyle!

@Kelsey Mortimore as long as cash flow meets your criteria and you keep a decent amount of cash reserves, it shouldn't matter when you buy. I would argue it costs more to stay out of the market a lot of the time. Sometimes it does cost to pay prices that seem unsustainable, so I also understand your fear. It's a tough time to wrap your head around at the moment, for us all..

@Bill Crow

You're right about a lot of that. The basis for the expense would be more for resale value than anything I would imagine. I haven't thought through this idea all the way, as I have just heard it from a friend earlier today. But it would be slightly for rentability, but mostly for resale value. That's what I have reasoned thus far anyway.

My friend who also invests in another market in Texas suggested that we plant a tree or two in the backyard of our new rental, says it is little cost now for a good return later. Thoughts?

Investment Info:

Single-family residence buy & hold investment in Haslet.

Purchase price: $230,000
Cash invested: $57,500

Contributors:
Melissa Barnard

We bought a 2012-build home in Sendera Ranch, an up-and-coming neighborhood in Haslet, which is north of the Fort Worth metro area. We are expecting to cash flow about $400/month before accounting for potential vacancy and repairs.

What made you interested in investing in this type of deal?

It was a newer built property that met our cbuy-and-hold criteria. The neighborhood is highly sought after in a great school district as well. The property is also directly across the street from the amenity center (pool, mini park, etc).

How did you find this deal and how did you negotiate it?

We found this deal on the MLS. We offered $7k above asking and gave the seller a free 7 day leaseback, which she only used 1 - 2 days of.

How did you finance this deal?

We used a conventional financing method with our lender, putting 25% down.

How did you add value to the deal?

We added some paint, installed some ceiling fans, patched up some dry wall and a door that someone punched through, and did a little deep cleaning in the master bath. Not much was needed to get it rent ready, since it was a newer house that was well taken care of by the previous owner (who bought it from the builder).

What was the outcome?

We just took ownership this week and are planning on getting it rented out by Nov 1. Our first payment is due Dec 1.

Lessons learned? Challenges?

You need some heavy duty stuff to get hard water stains off of an all-glass shower door.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My wife is an agent and got paid over $6k to buy this house for ourselves. That was a pretty sweet deal. Also, Tyler Hodgson of NXT Mortgage is on top of stuff with his 3 week to close program!

@David Silver I'll try that next, thanks! It's a vertical shower door, all glass.. we are thinking of leaving it, it's not crazy bad, just a minor nuisance to my OCD lol