All Forum Posts by: Leslie Chukwuleta

Congrats on your first flip! It's smart to consider your options carefully.

To give you a clearer picture of the market, properties listed on PadSplit in the Dallas-Fort Worth area, including Garland, are currently 94% occupied. The demand for affordable, shared housing is strong here, so filling vacancies shouldn’t be a major concern.

We have an interactive map on our platform that will show you how specific zip codes are performing!

Quote from @Leslie Chukwuleta:

Hello everyone,

My name is Leslie from Plano, TX and I am new to investing. My  ultimate goal is to buy and hold but with the higher interest rates I am trying my hand at flipping since its difficult to cashflow with a long term rental.

I am  about to complete my first flip project and  wanted to weigh my options between selling or keeping as a mid term rental. 

1) I am curious how the market is fairing particularly in Garland Texas. Is the market saturated? Difficulty filling vacancies? etc.

2) Also, I could really use some hand holding if I decide to rent mid term. Are there any services that offer help with the initial setup and listing of a property? I have read books, joined forums and probably know all I need to about mid term rentals. But I prefer the guidance of someone with experience.

Thanks in advance for any guidance provided.

 Have you gotten out of the original hard money loan or still paying the double digit interest cost?

Quote from @Leslie Chukwuleta:

Quote from @Jessica Hughes:

Quote from @Leslie Chukwuleta:

Hi Matt, it doesn't cash flow as an LTR which is why I am trying the mid term strategy. If interest rates settle down and rents improve I may try the Long term route. 

 I'm an investor and property manager who is extremely knowledgeable about the Garland area. I was wondering how the midterm strategy worked out? What part of Garland is the property? Firewheel or a house off First and Miller are like 2 different planets. If you ever need any advice on the Garland market, feel free to ask! 

 Hi Jessica, 

I put the house on the market instead as the MTR strategy involved significant upfront capital that I wasn't ready to for. It is now 3 months and the house hasn't sold so I have to weigh my options again. My property is in the La Prada neighborhood but in Mesquite ISD if that helps.

I know that area pretty well. It was appreciating pretty rapidly for a while and a lot of flippers moved in. A lot of work from the city improving the roads in those neighborhoods as well. Prices have been coming down rapidly since the rates spiked. I had a few houses that lost about 30k in equity overnight in the area (had been considering selling to do a 1031 into some new builds, but that turned into a less attractive idea after the equity drop). A lot of it has to do with the rates right now. 

The area is very good for long term rentals right now however. If the house has the right updates for electrical it is a very in demand area for Section 8 tenants as well. It would rent out pretty easily if you needed to wait for prices to stabilize and more buyers to come back into that area. I love the area for long term rentals, I personally still own 4 in that older mesquite/Garland area 

This was awhile ago, but in case it's helpful---

There are companies that focus on supporting investors to rent by the room. Recently I've connected with a company called Padsplit that does exactly that. If you wanted a local contact in DFW let me know and I can connect you.

They will be honest too if they think you would make more to rent the entire place vs room by room. 

I help investors in Plano, Richardson, North Dallas area manage their furnished rentals, but I focus on renting out the entire home

Hey Leslie! Congrats on your investing journey!
I've been operating and investing in MTR"s since March 2020 and I've learned a thing or two over the last 5 years!  I am actually hosting a Masterclass in Plano on Dec 7th. 

I've spent a lot of time looking at what resources are out there any honestly, my favorite is Pricelabs. Building a compset and diving into the details about the competition, cleaning fees, length of stay, and really, seeing who is out ther doing STR versus MTR etc.

I have a free training on YT on how to do this. You'll need Pricelabs though. Feel free to DM with any questions. 

Quote from @Leslie Chukwuleta:

Hi Matt, it doesn't cash flow as an LTR which is why I am trying the mid term strategy. If interest rates settle down and rents improve I may try the Long term route. 

 I'm an investor and property manager who is extremely knowledgeable about the Garland area. I was wondering how the midterm strategy worked out? What part of Garland is the property? Firewheel or a house off First and Miller are like 2 different planets. If you ever need any advice on the Garland market, feel free to ask! 

Does it cashflow as an LTR? If your ultimate goal is to buy and hold long term I think it would make sense to pursue that strategy and try and make it work. Unless the numbers are really off it likely should be feasible 

Welcome, Leslie! Flipping houses in the current real estate climate with higher interest rates impacting long-term rentals offers exciting possibilities.Given the strong seller's market in the Dallas-Fort Worth metroplex, including Garland, selling your flipped property could yield a quick turnaround and potentially higher profits. However, the rising popularity of mid-term rentals, lasting 3-12 months, is also noteworthy. While it provides a steady income stream and potential appreciation, it demands active management, thorough tenant screening, and may involve higher vacancy risks compared to traditional leases. To make an informed decision, research the mid-term rental landscape in Garland, considering average rental rates, vacancy rates, and competitor offerings.

@Leslie Chukwuleta

Congrats on the first big step. You did the hardest thing, which is simply buying that first one.

I may be biased (no, I'm definitely biased) but @Erin Spradlin is kind of what you're looking for in terms of hand-holding. Reach out to her to see if that would be helpful.

About how MTRs are in Garland ... I don't know the Dallas market, but it seems that midterm rentals do well in the Denver suburbs here in Colorado. But really it's about knowing the right furnishings, photos and listing description/headline to best position yourself.