All Forum Posts by: Ryder Meehan

 Sherman is great for monthly rentals, incredibly affordable and has a good chance of appreciation in coming years.

My short-term rentals are in the Lower Greenville area and stay booked consistently.  I don't think you necessarily need to be near a Disneyland (though it certainly is nice and get a premium!) or international attraction for the model to work, just a central location and a nice space.

@Nikki Stoddart funny seeing you here, haha - glad you found your way into the DFW market!  We'll have to get a coffee again soon - I finally got my Airstream rental in Dallas going live next month!  Much to catch up on.

 Hi Shital, I am originally from Dallas and very familiar with the market before relocating to SF a few years go.  Currently I buy my properties through marketing to motivated sellers and having a local partner inspect the deals.

Sherman is an excellent market for rentals in my experience and has strong future appreciation potential as DFW expands north.  Denison I would still stay out of

Hey @Justin C. and welcome to BP and the world of Dallas REI!

I like your strategy of multi-families in Dallas! MF were a steal in Dallas when I got into them around 2011 but have found MF particularly inflated the last year or two, even more so than SFR. As far as timing, I don't see a crash or correction coming anytime soon to DFW so you may just have to suck it up and know you won't get the deals you would have a year or two ago. That is of course unless you market to motivated sellers finding off-market deals though as a beginner that might be a bit of a stretch.

Personally, I started buying in Sherman, TX waaay north of the growth in SFR rentals and have been quite happy. A $55K house with a little cosmetic updating and clean up can easily rent for $950 which is good cashflow and better than long-term rentals close to the metroplex. If you do decide to stay closer to Dallas also consider being an early adopter of short-term furnished rentals (i.e. Airbnb) which can get you to your $3000 goal quicker. I have 4 that are crushing my other long-term monthly rental.

LLC is the right move.

Good luck!

In October we'll be talking about short-term, nightly and monthly, furnished rentals using Airbnb, Homeaway, VRBO and other sites to keep your place booked! Multiply your cashflow by renting by the night to travelers. Let's discuss how to find good nightly rental locations/properties, understanding local restrictions, furnishing tips, property management and more.

Agenda:

7PM - Networking

7:15 - Short-Term Rentals Presentation

8:15 - Intros

9:00 - Drinks at The Board Room (1609 Powell St, San Francisco, CA)

See you there!

Please RSVP and join the group here: https://www.meetup.com/San-Francisco-Real-Estate-Investing-Out-of-State/events/233744007/

 Hey Kevin, you got it right.  I was able to get my first deal done with $11K profit thanks to the help from @Aaron Mazzrillo and my local title company. As was mentioned, I used an assignable purchase contract, submitted it to the title company, then got the assignment agreement signed by the end buyer. The title company included the spread as my assignment fee on the HUD and all worked out.

Good luck!

@Aaron Mazzrillo haha, yah definitely out of state - if it was in SF I'd need to add a few 000's

 Thank you, this is exactly the process I needed help with.  So after the seller signs a purchase agreement I just need to call up the title company and explain what I want to do then they walk me through the rest of the process?

Thanks @Wayne Brooks

So would that Assignment Contract  that the buyer signs state the assignment fee?

For better or worse, this is the assignment contract I have:

https://drive.google.com/file/d/0B_3bd2Y1V1yvVFlpb...

But as I mentioned, I've completely green to wholesaling and assignments :(

Novice to wholesaling here! So I have a buyer and a seller on my first wholesaling deal (hopefully) and am a little confused on the contracts.

I have an option on a seller’s property at $45K and he has signed the TREC contract and the assignment contract.

I have a buyer that has agreed to a $56K price and is ready to sign the assignment contract as well but where do I document the $11K assignment fee? Should that also be included in the assignment contract?

Any advice or better yet - sharing a contract example - would be most appreciated!

 Hi Jane, as I see it, all DFW is progressing north, it's already well appreciated all the way up to Frisco and McKinney so as those home prices rises more are people are moving further to Sherman, Denison, Bonham, etc where homes can still be had for well under $100K.  

As that appreciation is still 5-10 years for Sherman, I've enjoying great cashflow in the meantime on my rentals - for example, I bought a $55K 2/1 put about $3K into repairs and currently have it rented at $950/month.  My Sherman rentals actually get may more response than any of my downtown Dallas rentals have ever gotten!  I'm talking 20-30 calls the first day of listing.