All Forum Posts by: Kyle McNeil

John Klaus thanks for the recommendation. John from johns roofing was very courteous and professional and he did have good prices. I didn't go with him though only because Alex was even cheaper and just as great to work with. I'm very happy with Alex's work and prices should anyone else need an investor friendly job in DFW I would suggest him.

I'm looking for an investor friendly roofer to work with in North DFW.  So far all estimates I've been getting have been coming in at 250+ / square so hoping to find someone that might be a better value.

All help appreciated!

@Larry Fried - I thought it was unusual as well.  Evaluating assuming the lease was the toughest thing for me to think thru really.  The rental payments is about $150 / month under market but the gentleman that is leasing is showing pride in ownership and has added granite countertops, refinished the cabinets and built a deck.  So I'm thinking that the capital appreiation he will build for me will more than make up for the gap in market rent. 

@Kiel J. - I have been very selective in the areas I have considered, only looking within a 20 mile radius of my home in NW Frisco, and only in areas with great schools.  That means primarily I'm looking in Frisco, Allen, McKinney and Prosper with no real restrictions on any neighborhood in those communities.  Being from Grapevine, you well know that we are in the midst of a long period of high demand / low supply in my search area, so finding a decent deals can take quite sometime.  And, when you find a decent deal you can't hesitate to get a purchase agreement in place immediately or it will sell to someone else very quickly.   I missed out on 3 deals that I wanted because I didn't move fast enough, missing them by just a few hours or so. 

thanks Jerry,  for the arv I pulled 5 sold comps in same neighborhood ranged from 167 - 176k and did a few puts and takes as some didn't have a garage (my property has 2 car detached) others were  more updated.  For the cash flow I paid cash so it's around 1k month after insurance and taxes.  I do plan to cash out refi on 30 year fixed which should put me around 300/month CF. 

After two years of BP homework I'm very happy, relieved even, to have acquired my first buy and hold single family residential home in McKinney, tx. I picked it up from a dallas area wholesaler, networth realty, who was great to work with.  It's basiaclly a turnkey buy and hold because no repairs are required and there are 4.5 years left of lease left with a current tenant.  The monthly numbers aren't great, right at 1% rent to purchase price, but I did gain 40k in equity at close, paying 130 cash with a 170arv.  The area has been appreciating rapidly as well so hopefull we'll see values over 200 within next 5 years. And, the tenant is a handyman who has already begun improving the property by refinishing the cabinets and building a nice deck. All in all it works for me.   Now I plan to do a cash out refi and get busy buyin another property or two.  

Happy investing!

Kyle McNeil

Thanks for the warm welcome and the words of advice on getting started on BP! To answer your question Jon, I know that I want to accumulate some rentals, buy am also interested in flips.

Hi all,

What a great information resource BP is huh? I decided that it's time to put myself out here for a short introduction. My name is Kyle Mcneil and I am new to REI. I have spent considerable energy investing in equities over the years and am now ready to diversify into the tangible world. I have some very limited experience doing a few FSBO, have helped out on 1 DIY rehab as a child, and took on my own successfull DIY rehab with my first home purchase. My short trerm goal is just to spend more time learning about REI (next fewmonths). IIn the medium term I would like to make an investment or two before the end of 2013. My long term goal is to supplement my retirement significantly enough to fund my travel and golf habits :)

Happy holidays to all!