All Forum Posts by: Kevin Von Storch

@Kemi Okafor theoretically the sale of the house would be able to knock out some of their debt but the sale of the house is not a given (asking price, quality of home, rates, location, etc.), so, if it were me personally, I’d move on to other options. But this is your investment and only you know your risk tolerance.

@Kemi Okafor what makes this tenant a good fit? To me, that amount of debt is a huge red flag. If your property is priced right and in a nice neighborhood, I have a hard time believing you wouldn't have better candidates than this individual.

@Max Bellino have you considered a family mortgage? Essentially, your family acts as the bank. The IRS sets the interest rates and they are much lower than the market rates, just above 4%. Not everyone can take advantage of this but if you are in a position to, I’d highly recommend it.

You can find out more info at https://www.nationalfamilymort...

@Grayson Grzybowski if you're out knocking and can't get the owner, you might as well knock on the next door neighbors door and ask if they have the home owner's phone number.

@Andy Webb incredibly helpful, thank you. I’m more than willing to put some money into freshening up places to make them rent ready but trying to avoid major upgrades like cast iron pipes, foundation repair etc. Realize this may not lead to much of a discount on purchase but I’m planning on buying and holding for 10+ years assuming nothing drastically changes economically for DFW.

@John Slater the county clerk maintains this record for most counties. If you just google the county and preforeclosures you should land on the right place. In my experience Collin, Dallas, and Denton county have pretty manageable data sets. Tarrant county is a bit more difficult to deal with.

You can also look at Roddy’s Foreclosure Listings. You have to pay monthly for lists but everyone at auctions tend to have these data sets with them. They start populating about 35 days prior to auction.

@Andy Webb what are some pockets of Carrollton you’d recommend looking in for a rental investment? I’m targeting Coppell at the moment but am eyeing an eastward expansion and Carrollton seems to check a number of boxes.

@Lynn Nguyen this might be tough to swing but wanted to let you know of an opportunity in Buckner Terrace I came across as I was looking through foreclosure notices.

Address: 2506 Dorrington Drive Dallas, TX 75228

As of now, the property is going to auction on 4/4. If you have the cash or could get it, this could be an opportunity to get into the area at a reasonable price point. I would run on Dorrington often, it's a good street for the area.

@Lynn Nguyen I would advise staying north of I-30 if you're looking in Buckner Terrace. I lived in East Dallas for five years before turning my primary home into a rental about nine months ago. It's in the Eastwood Hills neighborhood which is just north from Buckner Terrace.

Homes have become increasingly less affordable in the area following a significant fix and flip movement over the last three to four years. That being said, you can still find a deal. Given it's still relative affordability compared to most of Dallas and proximity to downtown Dallas, White Rock lake, Casa Linda I think over time the area will continue to improve, however, there are still many rundown apartments in the area, gun shots are not uncommon, so desirability is hit or miss.