All Forum Posts by: Account Closed

This is one of the best threads I have ever read.  I had to show my wife just now and she could not believe the pictures.

What sort of disclosure did you make to potential buyers if any about the state of the house previously?

Doesn't really matter. I have always been a Windows user and actually worked for MSFT for 5 years but my latest work laptop is a Macbook Pro (first one) and I like it about the same as my last Windows laptop (except I know fewer of the shortcuts so far.) Ultimately, it's just what 1.) are you more used to and 2.) has more of the software/apps you need. My next one might be another Windows one, or a Mac. Who knows.

I do like the Macbook Pro / Air for how thin and light they are. It's pretty great.

If you are set on investing in Texas, Garland was a really strong rental town, and is where we had some success with our first SFH. Its a lot of blue collar C neighborhoods. Nothing where I felt unsafe, but wouldn't want to live there type of thing.

We made money on a HUD home with no experience and making lots of mistakes. DFW has gone up a ton in the last 1 year so I'm not sure what the deals are like right now though.

As others have pointed out, Texas you can afford a lot (great for personal home) but property taxes are very high. Usually 2.5% +/- of home value per year. Insurance is also VERY high due to high wind, hail, etc... Your roof NEVER makes it to its expected lifespan before being trashed by a golfball size hail storm every X years. So the insurance rates are high too.

Lastly, yes the foundation stuff is really bad here. I think it's partly the clay soil which shifts a lot, and shoddy construction. Most are right on a slab. I've heard so many times, it's not IF you will have to repair the foundation in Texas, it's WHEN you have to do it. With the multi-year drought we are in (and probably this is the new normal) it's a lot worse, and watering restrictions make it harder to keep under control. Our yard right now has huge chasms opening up in the ground its so dry, and the right half of our driveway has dropped about 3-4" since winter.

Holy crap! I'll second that! That is a ridiculous trash out job. If it's that full I'm sure you can smell it from several houses away. The neighbors will love you for cleaning that place up.

It's so painful to see the homes of hoarders especially if you have ever had a loved one with this particular mental illness.

@Peter Lohmann I like your fee structure. I always thought typical property management structure (get paid to fill a vacancy, paid whether or not there is a tenant) was not aligned with the investor desire to keep properties filled with quality tenants and to reduce turnover. It's refreshing to see something a little more in line with what I would consider ideal.