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All Forum Posts by: Patrick Rabalais

Patrick Rabalais has started 5 posts and replied 13 times.

Post: Picking a rental market

Patrick RabalaisPosted
  • Lender
  • Dallas, TX
  • Posts 13
  • Votes 3

@Richard Helppie-Schmieder

Thank you sir! This is where my heads gone to over the past few weeks as well but I wasn’t 100% positive.

From what I’ve see, the sub 200k market here in Dallas allows for a low barrier to entry and there for a higher saturation of buyers driving up prices in less desirable long term neighborhoods. That’s not to say the deals don’t exists, just that they’re harder to find.

The Plano market seems to have risk mitigating factors and less competition. I just wasn’t positive there was a renter base out there that supported the price point.

Post: Picking a rental market

Patrick RabalaisPosted
  • Lender
  • Dallas, TX
  • Posts 13
  • Votes 3

@Joe Villeneuve

Thank you for the detailed response. I’m sorry if my question was unclear. I used a reference to 1% as a way to frame the question as market and it financials.

The heart of my question is do you prefer to be in an area where the number of renters is greater however the quality of the asset is lessor or an area that has a more established and affluent resident requiring a higher end product?

Post: Picking a rental market

Patrick RabalaisPosted
  • Lender
  • Dallas, TX
  • Posts 13
  • Votes 3

Looking for just some general advise here: I how

much is too much for a rental property?

Let’s assume I’ve found two places that hits 1% or very close to it. Do you want to go after the 180k property in an “up and coming” area or the 260k property in the established market with better schools and infrastructure.

For those of us who operate better with tangibles; I’m looking between the East Dallas- Ft. Worth markets vs the Plano/Frisco areas.

Post: 200k Minimum For Financing?

Patrick RabalaisPosted
  • Lender
  • Dallas, TX
  • Posts 13
  • Votes 3

@Jaron Walling

I about fell out of my chair when he said that. Needed the quick gut check. Thank you.

Post: 200k Minimum For Financing?

Patrick RabalaisPosted
  • Lender
  • Dallas, TX
  • Posts 13
  • Votes 3

Per the advise of some smart people here on BP, I started looking in to financing for my first rental investment. Thanks to their low barrier to entry, I started with Rocket Mortgage.

The feed back I got was to expect a 25% down payment (okay), 13-14k in additional closing costs (woah!), a mid to high 3’s interest rate (solid) and a required appraised value of 200k or greater (huh?). All properties I am looking at are in the Dallas area.

That uh, seems prohibitive. Is the 7% closing costs and a 200k required minimum value of the property common? I plan to talk to some other lenders but wanted to make sure I had my bearing straight.

Post: Getting Started in Dallas

Patrick RabalaisPosted
  • Lender
  • Dallas, TX
  • Posts 13
  • Votes 3

@Richard Helppie-Schmieder

Thanks for the advise! I actually live in Casa View. Seeing the area come up around me over the years has been eye opening.

I’ll work on getting the financing nailed down next week!

Post: Getting Started in Dallas

Patrick RabalaisPosted
  • Lender
  • Dallas, TX
  • Posts 13
  • Votes 3

@Micah Sweeney @Raul Saucedo

Pleasure to meet y’all. I sent connection requests to help stay in touch.

Post: Getting Started in Dallas

Patrick RabalaisPosted
  • Lender
  • Dallas, TX
  • Posts 13
  • Votes 3

@Kenneth McKeown

Hey Kenneth, I have funds available for down payment and repair costs though I would prefer to finance as much as possible.

My idea was to start getting the pieces (financing, title, appraisal, closing attorney, inspector) in place after I had an idea of what the off market landscape looked like and where I would fall in affordability.

This would be a pure investment home. I would not be living in it.

Post: Getting Started in Dallas

Patrick RabalaisPosted
  • Lender
  • Dallas, TX
  • Posts 13
  • Votes 3

Hey guys, I've asked a few questions in here but realized I haven't introduced myself. I'm new to the real estate investment game and looking to get my first deal done (setting an end of January time frame). I'm targeting SFH at a <200k price point in East Dallas or Houston for a long term lease hold. My goal is to build in to 2 purchases in 2021 and 4 in 2022.

I have access to updated MLS listings but I'm looking to get keyed in to some of the off market stuff. I've seen some of the lists posted for meet ups and will be digging in to that over the next week or so!

Post: Looking for the Data

Patrick RabalaisPosted
  • Lender
  • Dallas, TX
  • Posts 13
  • Votes 3

Thank you @David Lee Hall, III. I'll play with Rentometer over the next few days and see how far it gets me.

I was finding City-Data was cutting off in 2010 ish depending on the area. 

Neighborhood Scout seems extremely promising but wildly expensive for my purposes.