All Forum Posts by: Kristin Flores-Brockman

Hey there! I purchased my first rental property and it needed a complete renovation. The renovation is complete and the property has been on the market to rent for about three weeks. I have only had one person interested. She liked the house and said it showed well but found another option that worked better for her family. I am considering switching it to a section 8 rental. It looks like I can get more rent per month from section 8. Does anyone have experience setting the house up as a section 8 rental and what has your experiences been with section 8? Thank you for any advice or words of wisdom! 

I am seeking advice on what to do with my current residence.

I am 60 years old and looking to downsize. The question I have is, do we sell the house or keep the house and rent it out?

Details

2,819 SF, single family residence, 4 bedroom, 3 bath house, with a pool

The house is in a very desirable location.

Market Value - $950,000

Mortgage Balance - $226,137 (10 years left)

Martgage Payment - $2,250/mo

Interest Rate – 3.5%

Average Rental comps - $4,430/mo (looking at the comps I think it is above average)

It certainly looks like it would cash flow, but that leaves buying a new house with a small downpayment and high interest rate. If I sold, I could be debt-free and have extra money each month to invest elsewhere. If I keep it, in ten years it will have possible appreciated to $1,400,000 now free and clear.

Thoughts?

I have the opportunity for a cash offer where the property has great up side once it is renovated.

We can get in to the property no problem since we have the cash, the issue is how to finance the repairs and renovations since we just got started on the business and no longer have a w2 or 2 years income under the LLC?

If we could prove out income I know getting money for the renovation with the property as security would be no issue, any suggestions? 

Also we could use a family member LLL for this but I am not sure how all the tax situation can get muddy…

thanks 

I already have a broker I am working with for my journey but always looking for brokers for my commercial business. I office in Fort Worth. Do you do commercial?

"Hey Shoaib,

I'm also new to investing, and I can see you’ve got some solid skills. I live about two hours from Dallas and agree with Kristin about attending meetups—there are far more opportunities in DFW compared to where I am, which is why I make the trip there for events.

I’d also suggest finding a good, investor-friendly real estate agent. They can often recommend key team members like contractors, broker, and property managers. If you're interested, I can send you some Facebook groups that host meetups in the DFW area. In fact, Pace Morby is coming to Grapevine on the 9th at the Gaylord, and that should be a great event to network.

Just my two cents. I hope this helps!