All Forum Posts by: Peter Schuyler

Thanks everyone! Since the owner had no real bookkeeping on the property, we did owner financing. We put in $64,000 of rehab. The units were in bad shape and a good $100+ below market rents. Right before the owner sold it, she filled the apartment with tenants. Most of those left on their own accord once we implemented the new rules. We did one eviction.

During the first year, even with 3-4 units empty at a time for rehab, we had positive cash flow and made a 10% ROI. Year 2 Income $86,000, Operating expenses: $32,000, NOI: $53,000, Net cash flow: $27,000 CoC return 13% . We refinanced and had 40% equity capture. We were then able to put our initial investment money into a 160-unit apartment complex.

Now that the majority of the large capital expenditures have been completed, this year will be focused on stream lining operating expenses, cutting costs where we can and raising where needed. Our biggest expense on this property is the plumbing. It's an old building with cast iron pipes and teaching our residents not to flush every item imaginable has been a process! lol

I saw that on LoopNet, is that where you found this deal?

0 Votes

Originally posted by @Loren Clive:

Cozy.co is a free service to collect rent. Highly recommended

+1, Love Cozy.co

2 Votes

Originally posted by @Imelda Interino:

The N Dallas area is booming, take a look at the market insider page http://www.buyorselltexashomes.com/mimarket/zip/75065/ and it will give you a good comparison of sales and other information in any community that you're interested.

Do you work with investors?

0 Votes

Dallas, Texas

I'm looking to add Handyman services to my Dallas Vendor recommendation list. If you are a BP member who is willing to do some part time fix it up work or have a favorite to add please reply and I will add to the list.

Current list can be found here

https://www.biggerpockets.com/forums/517/topics/418265-recommendations-vendors-in-dallas

Right now Jonathan Wheeler on BP is one member I have added who a few months ago was looking for work.

Thanks

0 Votes

Dallas, Texas

Originally posted by @Jon-Michael Clark:

We are looking to move to Sanger in the next few months. What is yalls take on the area? Being close to Denton seems like the rental market should be pretty descent? With Denton expanding this should help the area as well. How well do y'all know the area?

Like most out skirting town north of Dallas, everything seems to be booming. Have you driven down Highway 380 recently from Denton to McKinney, huge construction. I'm looking at investing in Sanger alongside anything in this area, Princeton, Savannah, Little Elm, Prosper, etc. The thing to watch out for is the HOA fees in these mater planned communities at least as an investor. Sanger Circle is $440 a year, Savannah is $850 a year (big pool, club house)

Whether your investing or looking to buy a primary be sure to look at HOA fees, there are good and bad as you might expect, protect home values a bit, but hike up monthly expenses for items you might not use (pool, fishing ponds, etc)

Good luck with your search

1 Vote

Dallas, Texas

Originally posted by @Jonathan Wheeler:

Hello!

My name is Jon. I am a contractor/investor in DFW. Currently I am waiting on my first house to close. In the meantime I am looking for work. I can do a variety of things involved with remodel. I will work for $14 an hour or if you have an amount you want a job done for then just ask.

If interested just reply here or send me a message. Cant put phone number or email on here!

Thank you

Sent you a PM

0 Votes

Dallas, Texas

https://www.biggerpockets.com/forums/517/topics/418265-recommendations-vendors-in-dallas

I posted a BP member recommeded vendor list for the Dallas area, BP moved it to the Marketplace, but link is above for anyone interested.

6 Votes

Dallas, Texas

BP Member Recommendations

https://docs.google.com/spreadsheets/d/1LyBiZk81HiidpdR9GwvmceEE3ZN-XzyrS5JhQtIri-U/edit?usp=sharing

I have noticed that many of the posts in the last year are from BP members seeking recommendations for various professional vendors to help in the real estate function in the Dallas Area.

I went back through all 8 pages of posts (about a year), and collected every BP member recommendation of various vendors in the Dallas area, Agents, PM's, Attorneys, etc.

I did this for myself, but thought it would be useful to share this and keep it as up to date as possible. I have not filled in all the data, but the sources comes from people in this forum.

This screen shot is just a sample, Click on the link below for the full document. I will try to periodically update this and share if there is interest. If any you attend local clubs, they always seem to have a vendor list, well BP-Dallas can too.

BP Member Recommendations

https://docs.google.com/spreadsheets/d/1LyBiZk81HiidpdR9GwvmceEE3ZN-XzyrS5JhQtIri-U/edit?usp=sharing

8 Votes

All Forum Posts by: Peter Schuyler

Peter Schuyler has started 18 posts and replied 208 times.

Post: Book recommendations for tax saving strategies

Post: Real Estate CPA in Dallas / Fort Worth area?

Post: 11-unit Multifamily Rehab with Pics

Post: New landlord - Suggestions for contracts/online pmt?

Post: Duplex Units in Sanger, TX

Post: * Calling all Handyman in North Dallas *

Post: Duplex Units in Sanger, TX

Post: Baseboards, trim, demo, general labor - Work needed

Post: !! I have collected all Dallas area BP Vendor Recommendations !!

Post: Recommendations Vendors in Dallas