All Forum Posts by: Rod Hanks

Lease options in TX should give you troubled thoughts! Don't do it. Owner finance with a wrap is the only legal way to do it.

@Michelle Elsaid

It just looks like normal cracking. Nothing I would be alarmed at by the few pictures I can see. Open all the doors and windows and if they don't open properly then you may have a problem. Also, if there are cracks above the doors and windows on the interior you may have a problem. Its always a good idea to get an inspection on the properties you buy when its under the option period.

@Sandeep Baldawa

If you want cash flow and appreciation, Arlington is a great area to start. Arlington is a city in between Dallas and Fort Worth. Most of my rentals are in Oak Cliff which is a diverse area in South Dallas. Not much appreciation but the cash flow is outstanding. Cedar Hill, Lancaster, Desoto, and Duncanville are good areas South of Dallas with good appreciation and cash flow but deals are hard to come by.

PM me with your goals and expectations and I will be happy to help.

Dallas and Fort Worth are pretty big areas. There are good bad and ugly. What areas are you looking at?

can't see the picture

I'm in Dallas and I look up vacant properties on the county appraisal district. You can get the name and address and send a letter. Also ask the neighbors who the owners are, most of the time they will know.

All of the above. Craigslist is the first place I post.

Good Luck!

@Dave Labowitz

Hi Dave welcome to BP! You have received a ton of great advice so far and looks like you may have some potential partnerships to explore in this thread. That's the reason I love BP is that sometimes you feel like you are on an island by yourself but you come to this forum and interact with a ton of like minded individuals.

I have been looking for a spreadsheet for my rentals and I would love to see what you have developed with your VBA excell spreadsheet. Please share!  

Also, If there is anything I can do for you in regards to insurance please contact me.

Seems like an ok deal.  Austin is and has been a hot market for a long time. This would be more of an appreciation play.  I would try to pay less than 400k though. Since your goal is to hold for 10 years this would be a money maker for you. 

Doesn't sound like much of a deal if you have to bring 30k to closing. Most hard money lenders will balk at a 24k assignment fee. If the numbers fit 65% ARV minus repairs there are a lot of hml's that will fund 100% or close to it.