All Forum Posts by: Gonzalo Gaston

Garland as a whole does not have an immediate appeal for STR. Furthermore, Garland in general is an area where you have to know very well the area, or risk getting into a different class of rental from what you expected. If you are a long distance investor without first hand knowledge, I would look for another city in the Metro Plex.

I will support what others said up here. With that down payment and budget in this environment I am unsure you will be able to hit that goal in the metroplex. 

For example, I ran your numbers in a unit that I am planning to list very soon. Currently leased, fully updated and in a hot, very centralized and desirable area, but it has HOA and that alone would kill your plans based on the numbers you have provided. And again, assuming the numbers you are providing, even In the case of an SFR, you would not be able to obtain such cashflow if you look for a B or A area right now when you factor taxes and insurance.

If your focus is long term appreciation, that is a different story as cash flow right off the bat may not be your main driver.

Not discouraging you but either more capital, a different strategy or a different goal may be needed?

 And the houses are now twice as big, have you factor the sq footage of a home? It is like comparing the adjusted price of a home in the 50's where less than 1,000 sq ft was the norm. Then you have the land value, you are from Dallas, how many quarter acres can you find at a reasonable price in the desirable areas? Because if you go outside towards Terrell, you more likely found big lots for $30,000 o $40,000. Good luck finding anything in the 10x that price in Dallas or the metroplex as a whole. 

You may want to know the cutoff date in which your CC issuer reports their balances to the bureaus. If you pay the balance before one-two days, your utilization will reflect $0, therefore, your score would not be affected. As someone said before, the balance is affecting your utilization in two ways: 1) the total debt to limit ratio, and second, the debt to limit ratio of EACH card which are two big credit points sinkers.

Otherwise, if you are in the business of RE, why do not you get a Business Credit Card that does not report to your personal CR and avoid the hassle altogether. That is the precise point of using a business card for a business purpose. AmEx, Chase, BoFa, Citi and plenty of others would work.

Condo in an upcoming area in dfw? 75254 a multi billion development on its way that has been cooking for years (midtown Dallas), new big boys apt complexes being built with apt rents between 2 and 2.8k. 

You are welcome.

Hi there,

Someone from BP provided me information of two private lenders, among them was Next-financing. I was curious about other investors experience with this private lender, from the process to the after closing relationship.

Thanks

Do you know any private lender offering 20-25-30y amortized loans in the 5% range right now? If so, and they work in TX, Please share. 

Thanks.

Email the management company and ask the most pressing questions directly. The seller's agent should be able to provide you answers, and even the seller can (and should) provide the copy of the bylaws that he had received in the past. 

Let me tell you about my experience with Nucore. I've installed an 8mm 20 mil top layer vinyl with cork back and irregular width planks . 3 different widths to mix and match. 

Several appraisers and agents thought it was engineered wood. They are truly waterproof, a minor leak went under a small portion and made the cork backing wet. Nothing happened to the floor, just pulled it up, dry with a fan and re-installed. Any water spilled on top will stay there or dry/evaporate if you leave it unattended.

Regarding scratches, over the years I have used different brands and qualities of vinyl. Scratch resistant in any flooring is a way to say that it is not wood that will scratch easily. Vinyl scratches, but it is usually not easily perceived.

Hey Randy, I am not going to be the Brandon Turner here, not even trying, not even remotely close. A few things I would consider, multifamily is definitely a better option for cashflow, but you also need more reserves even if you are living on one side. The storm we just had should ring a bell there. I sold two properties I had as rentals in the last 6 months and both had pipes and/or fires in the middle of this Texastorm. To be honest, I had reserves and adequate insurance for them, but I would not have liked being in that position if I am too tight as you mentioned. And since you said you were a new agent, well, new agents do not make a stable and predictable income that you can count on right off the bat. DPA is a great alternative, but are you willing to take on a property that is not a B class and stay for a year to hold on to it? Furthermore, many of the agencies offering DPA have tighten the requirements and force you to stay or live for 3 years. just FYI