All Forum Posts by: Joe Funari

@Jesse Hubble I recommend you reach out to my preferred lender, and fellow investor @Andrew Postell. He can secure a 30 year conventional loan for investment properties for only 20% down. But may be other factors you need to consider why a lender is asking for 30% down. But worth at least reaching out to Andrew. I, and many of my clients have used Andrew for many years here in the state of Texas. Hope this helps. 

@Jeffrey McKee Some municipalities require it in order to get an occupancy certificate issued that will allow tenants to put utilities in their name. I own rental in some of these areas. Inspections are not a big deal when properties are vacant. But if Commerce is requiring an annual inspection that seems taking it a bit to far in my opinion. Also, city of Dallas has a bad reputation for calling out way too many repairs required before such occupancy certificates can be issued. So I tend to avoid the city of Dallas. Because I help other investors purchase in other municipalities that do not require any landlord registration or inspections. There is so much out there to purchase. Pick the past of least resistance, and less out of pocket for that matter. 

@Malachi Gutt I am a fellow investor and realtor working in the Dallas/Ft. Worth area. I specialize in helping out-of-state investors buy and sell here for +9 years. I will be happy to help you and your partner in your search. Also, my many years of contacts in the business become my clients contacts. Look forward to working with you. 

@CJ Moulton Be careful not to get "analysis paralysis" looking at demographic data for any market. I have been an investor for over a decade and helping other investors (many OOS) buy and sell investment properties here in the Dallas/Ft. Worth area. I would recommend that regardless of market you decide to invest in that you find a fellow investor/realtor that can help you purchase in the neighborhoods that make for ideal long term rentals. "Boots on the Ground" is much more valuable to you as a first time investor than looking at demographic data. We can help you select the right locations based on our years of experence as investors. Also, Dallas/Ft. Worth area is very strong for rentals because of the job market. Relocations to this area support this. U-Haul published data on top locations for one-way relocations. Look at the article here: https://www.uhaul.com/Articles/About/U-Haul-Growth-Metros-An...

If your interested in learning more why I invest here in the DFW area feel free to reach out directly to me. Words are free. Hope this helps.

@Stacy A Stewart I have personally used DSCR loans to purchase rental properties here in the Dallas/Ft. Worth area. You can still get a 30 year fixed conventional DSCR loan for rental properties. The big difference is DSCR loans are higher interest rates. Also, there is a penalty for refinancing out of the DSCR loan within so many years. Usually 3 years from the date of closing. But as you get closer to this no penalty date the "penalty" amount goes down each month. But based on my personal experience you won't cash flow with a DSCR loan on a SFR rental. I strongly recommend a multifamily to start out when using a DSCR loan. If your interested in the Dallas/Ft.Worth area I recommend you reach out to @Andrew Postell. Andrew is my preferred lender and fellow investor I used for my DSCR (and traditional loans) loan for rental properties. Hope this helps. 

@Michael Goddard Moving forward add to your posts where you live and/or where you intend to invest. That way you get specific recommendations for your area of interest. Plus, great way to network with us fellow investors. One recommendation I always give to beginners is find local REI club meetings in your area. I work here in the Dallas/Ft. Worth area. One such club I recommend is https://dfwreiclub.com/. Great way to network with local investors and contacts that will help you in your REI journey. Hope this helps. 

@Rosendo Romero I am a fellow investor and realtor working in the Dallas/Ft. Worth area. I work with out-of-state investors and would be happy to share my experience and how I can help you in your next investment purchase. Look forward to hearing from you. 

@Jerry Zhang I am a fellow investor and realtor here in the Dallas/Ft Worth area. Happy to meet up with you and share my many years experience as an investor and networking with other investors and parting my wisdom. Words are free. 

@James Landsford I would wait to do the remodel after tenants move out before listing it for sale. Especially any landscaping updates because tenants won't take care of it. Also, I have sold a many flips for clients and myself. If you remodel right before listing it will make for a much better listing with fresh paint, etc. Also, you have all the documentation of the updates. My experience in a years time clients lose or can't find all the documentation of repairs.

@James Landsford That punch list is a lot of work that won't necessarily help with you increasing rents over time. I agree with @Taylor Dasch to get more quotes. Red flag for sure. You did mention that this was a nice rental. But do all the other houses in the subdivision have stained fences? If not don't stain it. I never stain fenced when installing new ones in rentals. I would forgo altogether the decorative fence too. regarding the driveway & sidewalk I would recommend not adding a brick ribbon. Over time they get uneven and breakup. Then you eventually have to demo it. Stick with just concrete if you need to expand the driveway & sidewalk. Consider adding gutters and extensions versus french drain. Unless you had a foundation repair company you trust tell you needed a french drain. Because the gutters usually a better solution at much lower cost. Do you need new gas lines? Is there a leak? If not then don't replace. I would leave the landscaping in the front yard as is. Tenants are responsible for maintenance. And you spend all that money on updating it will be for not. Because tenants don't maintain the yard. I would stay away from brick pillars. If the current wood ones are ok leave them. Paint them if you need to. If falling apart replace with cedar wood posts and stain. Looks great and way cheaper than any masonry work. If you hadn't noticed in this post stay away from an masonry work if you can help it. Same goes for the side port steps. If failing replace for sure. But don't add brick. Hope this helps.