All Forum Posts by: Rob Lee

When a property is listed for sale, the price should be based on area comps. Before a buyer makes an offer the agent should share recent comps. The offer should be made based on said comps and whatever analysis you choose to do as the buyer. The appraisal is also based on comparable homes sold. In the end, the market determines the price. 

Did you make an offer without seeing the property? Have you evaluated alternative properties in your desired area? Do you have any reason to believe that you should have gotten a better deal? What do your numbers say? Did you waive your inspection? Upgrades are not a requirement. Unless you gave up everything in order to win the deal if you got an inspection you can request that repairs be added to an amended contract. Good luck.

Rob

My wife and I have been real estate investors since 2013. She was reluctant initially but that may have been due to the fact that we were newlyweds still getting our arms around shared finances and managing a household together. As a long-time BP listener, I kept sharing with her until she was ready to listen on her own. She was fully on board with turning our first home into a rental. I used the podcast to help convince her that we needed to go further. It worked because we had a shared vision for our life together. Creating shared goals allowed us to build a solid foundation that lead to financial independence. Neither of us would be where we are without the other.

Rob

For those who are not overleveraged, a crash won't have much of an impact. Rents could come down making housing more affordable. For those holding cash, a crash is an opportunity. The question is, how do we get to a crash when we have a significant inventory shortage?

Rob

We need the inventory in DFW. Put those properties back on the market Zillow!

Hire a property manager. Consider it a matter of cost vs. value. It's worth it to pay someone else to help your business run efficiently and protect your mental health. The last 3 years have given you the insight needed to know what to look for when hiring the right resource. We've had the best luck hiring property managers who are also investors. Start looking ASAP.

It really depends on what you're looking for. Both markets have experienced great appreciation over the last 5 years. Check out 3rd party articles on the best places to live. There are usually 3-5 DFW cities on the list. You may also want to research what each area has to offer when it comes to economic growth, sports, entertainment, and education. Houston has lower prices but has also had quite a bit of flooding due to storms and hurricanes. Houston generally has more mixed-use zoning. Whether that's good or bad depends on your preference. In the end, the individual neighborhood will determine potential rental income. Good luck! 

Rob

Rob

This should not have happened. In your next property management contract limit the amount the property manager can spend without your written approval. Our limit is $200. Make sure you post reviews on Yelp and with the BBB warning others. Good Luck! Rob

My wife and I have purchased both SFH and MF. Can't say there was much difference outside of the fact that the financing was actually easier on MFH. We found it helpful to start with reading as many books as we could listen to. Audible is a huge help if you are on the move. The Bigger Pockets bookstore is a great place to start. Good luck! Rob

It depends on the market. If you are buying in a market like DFW where the properties are gone within 3 days you need to have funding ASAP. If you are purchasing in a market where things have cooled down or you find a seller unaware of the fact that they can sell to Open Door perhaps you have time to figure out your funding after the fact. So, the most important thing is understanding the market where you plan to buy. Good luck!

Rob