All Forum Posts by: Ryan Green

2/1 two units In the east Dallas market. Price is 179,000 Rent rates are around $800 at current home condition. If upgraded could get $900 maybe. 3/2 two units In the east/south Dallas market List price is 210,000 with multi offers I'm planning on offering 215,000 Rent rates are at $1000 with current condition. Small rehab investment could get rates to $1200. I feel 215,000 is a good offer but don't want to lose the deal over low balling my "best offer" Any advice, thoughts, suggestions would help.

So they will tell me what i have to do to the property to get it zoned residential.  Regulations and stuff that differ for commercial.

Yes, i want to buy the home and live in it

NICE! About how long was that process to get the zoning hearing scheduled and then approved? How did you get into contact with the "zoning board" as im typing this i guess i will just google search "dallas zoning board" 

If you financed this property could you get it all set up for a residential / owner occupant loan in the hope that the board changes it over?

Property is zoned commercial. The property is 2 average home lots in a neighborhood. Both neighbors are zoned residential. I want to purchase the property to live in and possibly rent out in the future. 

Its in Dallas Tx. 

Can I live in it as a commercial property/rent it out? 

How will the loan be structured if i bought it as commercial? Could i get a loan for owner occupant for a commercially zoned property?

Would i be able to change the property to residential easly?

Anything else you know about this situation would help!!  

THANKS BP!!!!

I am looking to purchase a multi family in Dallas. Duplex, Triplex, or Fourplex. I know that you can get a multi financed with an FHA loan (http://www.fha.com/lending_limits_state?state=TEXAS) and that there are incramintle increases in how much you can barrow. Does anyone have any experience with this type of purchase and be willing to give me some advice?

I am looking to purchase a multi family in Dallas. Duplex, Triplex, or Fourplex. I know that you can get a multi financed with an FHA loan (http://www.fha.com/lending_limits_state?state=TEXAS) and that there are incramintle increases in how much you can barrow. Does anyone have any experience with this type of purchase and be willing to give me some advice?

Qualification: Im new to REI but have been researching and studying for about a year. Closed on my first property in August of 2015. Grew up in plano and currently live 8 min east of Downtown Dallas. Lived in the area my whole life.

That means you're talking about Richardson, Addison, Garland, Plano.

AREA: all have at least some multi-family homes

PRICE: you might find a duplex in Garland for under 200,000 but it will need work. You will have trouble finding a Duplex for under 200,000 all the other cities of "North Dallas"

SCHOOLS: In order of quality; Plano, Richardson, Addison, Garland

LOW CRIME: Some areas of Garland are a little suspect other than that its all good.  Overall "North Dallas" and Texas in general are pretty safe.

Im thinking you'll have to compromise on something on your list. Whether that's how far away from downtown Dallas, (Denton, Frisco, Lewisville, Murphy, Sachse) or your price range, (200,000-300,000 is your sweet zone for duplexes in North Dallas)

Im looking for the same kind of deal and those are really hard to find. (200,000 under duplex)

What helped me, and continues to help me, is to sign up with some wholesalers. Have them put you on their email list and they will just shoot you off market homes. Even though most wholesale properties from the companies are on the bubble of profitability they are still good to practice with.

Good Question. I'm in a similar position in experience and have wondered the same question over many properties with converted garages and such. I have found that the "comparable" properties must also be conversions/additions. The price will be dictated on how well the finish out is and in my limited experience usually brings down the $/sqft compared to neighborhood averages on non converted/additions.  

Anyone with more experience on how better to estimate the ARV for converted garages or additions?