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All Forum Posts by: Rob Lee

Rob Lee has started 29 posts and replied 237 times.

Post: Property Management Recommendations - Dallas Tx

Rob LeePosted
  • Real Estate Broker
  • Dallas, TX
  • Posts 247
  • Votes 239

Which city are we talking about exactly?

Post: Start off Renting or Own?

Rob LeePosted
  • Real Estate Broker
  • Dallas, TX
  • Posts 247
  • Votes 239

I wish I could go back to 23 when I was in the Marine and tell myself to start buying houses now! (Orahh, btw) If you can get people to be roommates with, all the better! They can help you pay for your home instead of blowing it all on helping someone else pay for their house. Just my opinion brother. I'm kinda bias... 

Post: Not sure how to move from 1 property to 2! Need help!

Rob LeePosted
  • Real Estate Broker
  • Dallas, TX
  • Posts 247
  • Votes 239

Congratulations on getting started! The answer is to understand your finances. Do you have the reserves to cover the mortgage and/or make major repairs if necessary?  Are your parents on board with you staying as long as it takes to save the 2nd down payment?

Post: Need help with managing my first property!

Rob LeePosted
  • Real Estate Broker
  • Dallas, TX
  • Posts 247
  • Votes 239

@Lacey Burns Congratulations on your first investment! First rule, real estate is a business. If you decide to self-manage do not let the tenant know that you are the owner. Instead, you are the property manager. People who self-manage often believe they are saving money. Many don't consider how much they're losing by subsidizing the tenant's rent. We're all human. When you have contact with a tenant you tend to develop personal relationships. It's important to set boundaries. These relationships often lead to a failure to keep up with market rent. Small landlords give hundreds a month in "discounts". Not realizing that they wouldn't give most people in their lives a $200 - $400 a month stipend. 

When the owner is ready to sell he/she might even lock in the rent at a lower rate by renewing the lease before listing the property. This is a short-term fix to what is now a big problem. The tenant can no longer afford the rent. The new owner is painted as a jerk because he/she expects market rent for the property they paid for. I am a full-time licensed Texas Realtor. However, I am not a property manager. I use property managers for my investment properties. If you decide to go with a property manager you want someone who will actually go into the property to check on the condition. I don't think people set out to become slum lords. They just get comfortable when the rent is paid on time. You would be amazed at what people will live with in order to keep a landlord out of their home. Whatever you decide, make it clear upfront that "management" will perform property inspections. Hope that helps. Good luck!

Rob TX Realtor

Post: Looking to get started on this wonderful journey.

Rob LeePosted
  • Real Estate Broker
  • Dallas, TX
  • Posts 247
  • Votes 239
Quote from @Julio Gonzalez:

Welcome to BiggerPockets, Sharon! 

Hey Sharon! We've all been there! I was terrified on my first rental (2013) Now it's just like anything else, but it's building MY net worth not someone else's! You gotta just pull the trigger and get started if you want to learn. And you will learn! Know your numbers and what will work for you, do some sample deals, get pre-approved, and go for it! You sound like you have studied a ton. Good luck!

Post: Starting out in the Real Estate Industry

Rob LeePosted
  • Real Estate Broker
  • Dallas, TX
  • Posts 247
  • Votes 239

Hey Jacob! I think it depends on where you want to end up. Do you want to sell real estate? Be an investor? Development? I don’t know much about the last one. Also are getting some type of degree associated with real estate? These are some of the things you should think about. If I could go back to 18 I would get my degree in something that I liked but mainly helped me make as much money as possible (like software development) then I would take that money and be laser-focused on investing in real estate. (You could possibly retire or live the life you want by 40) Since you already have your license, maybe you are looking to do something different. Hope this helps! Good luck buddy!

Post: Is the HELOC a smart move with an upcoming recession ?

Rob LeePosted
  • Real Estate Broker
  • Dallas, TX
  • Posts 247
  • Votes 239
Quote from @Ben Cochran:

Trying to find the best way to utilize the assets I have, to purchase another home. Quick rundown of my position.

I own 2 homes. One is a rental, appraised for $350k, has no mortgage and brings in $1600/month.

The second is my primary residence which my wife and I are living in and flipping/renovating.

It will be 24 months this December (capital gains). Paid $330,000 and now appraised for $580,000.

We'd like to do two things. Complete the renovation on our primary, sell it and buy our "forever" home. Not sure where to pull the funds from with a possible recession looming. Get a HELOC from the zero mortgage rental or from our primary that we plan on selling? Just looking for the best strategy. Thanks

We prefer cash-out refinance. You have the option to take only what you need and it doesn't count as income. During the last recession, banks recalled HELOCs.

Rob

Post: Moving away from Dallas considering the high property tax

Rob LeePosted
  • Real Estate Broker
  • Dallas, TX
  • Posts 247
  • Votes 239

@Eric Long Yep, house hacking provides an opportunity to get the mortgage paid until you are ready to move on to your next property. Rents continue to rise and DFW remains low on inventory. High property taxes and interest rates aren't going anywhere anytime soon. Purchase something you wouldn't mind living in and refinance later.

Post: Looking to get started on this wonderful journey.

Rob LeePosted
  • Real Estate Broker
  • Dallas, TX
  • Posts 247
  • Votes 239

Hey @Sharon Cain,

My wife and I got started by turning our first home into our first rental almost 10 years ago. We still own that property today. It's been an excellent investment. We've bought and sold several properties since then. How flexible are you?  If you're a homeowner consider turning your current home into a rental. You know the house and you know the neighborhood.  

If you have yet to buy your first home start there.  Living in the house allows you to purchase with a smaller down payment.  Live in the house for at least a year then buy your next one.  This is the easiest way to get started.  Investing isn't a race. Just get started. A Realtor who's also an experienced investor can be your greatest asset. Hope this helps.

Rob