All Forum Posts by: Erin Elam

Welcome to Texas.

#1.  Don't count on seller financing.  Normally not an option.  If it is, might look something like 10-20% down 10 year term 12-14% interest.  Rarely would those type of numbers work for an investor.

#2.  $200K is now pretty tough in DFW area.  Maybe not impossible, but tough.  Might look north to some of the smaller cities outside of DFW, like Sanger, Gainesville, Denison, Sherman, Anna, Howe, Van Alystene, Gunter...so Cooke and Grayson County.

#3.  I'd say get 3bed/2bath if you can and 1car garage or bigger.....with this type of property you're trying to get people out of apartments and into a house, so there has to be some incentive....more baths and a garage helps.

#4.  Might be a little easier if you can bump up to $250,000

#5.  If you haven't done it already, find your lender and get preapproved for investor loan....that way you'll have an idea of down payment, closing costs, interest rates, payments...and if there are any unknown dents or dings on your credit it will give you time to clean them up.

How does airbnb do in Lubbock? 

Hi Robert,

Curious if you moved forward with converting your rental to AirBnB. The tenant in my long term rental in Lubbock just gave notice and I'm exploring options. 

Hello BP. We recently found the DNC project (https://www.thedncproject.org) that will DNC scrub up to 5k numbers for $35, so pretty cheap. Initially we registered with the FTC to get the DNC lists for the area codes we work in, but found that the CSV files were huge (over 1 million rows for just one of the area codes), far exceeding what you can do in Excel. So the next step was to find a scrubber that we can just upload our skip traced numbers to and get results back. With the Y/N results, we simply created a new tab in our prospect lists in excel and used a VLOOKUP formula to insert the Y/N in a new column next to each number. I'd prefer a option for skip trace with a DNC scrubbing already completed, but the extra 10 minutes  of file prepping is not too bad.

Rich & Jill

Hi Geof,

I work w/Joe on syndication deals and we just closed on a 320 unit in Dallas last month.  We had to deal w/a foreign investor and we learned a lot through that process. Essentially, its fairly seem less but there are some things to keep in mind.  I talked w/a CPA who has experience managing the process for both the GP, investor and IRS tax authorities.  They helped clarify the process and steps for this overseas investor.  

I'm more than happy to send you the Dallas deal so you can see the value add approach we take and what investors can expect in our deals.  Accredited rules apply to take advantage of these opportunities.  We have another deal emerging.  If you'd like to PM me on the side, I'm more than happy to give you some high level overview of the process for international investors and an overview of investing in MF apartments here in the U.S.