All Forum Posts by: Shawna Clark

Investment Info:

Single-family residence buy & hold investment in Watauga.

Purchase price: $175,000
Cash invested: $44,000

Single family home for long term rental.

What made you interested in investing in this type of deal?

Wanted a SFR and self manage.

How did you find this deal and how did you negotiate it?

Found through MLS and saw that it was a flip house and it was better quality than most flips I've seen. Sale price was $180,000 and offered $165,000. Seller came back "too low" so waited 2 more weeks and it was still available then offered $175,000 and seller agreed. I know this wasn't a good deal but single family houses in DFW go very fast and I've put in 20 offers over a year. I wanted something move in ready because working full time I didn't want to renovate myself.

How did you finance this deal?

25% down, bank loan on remaining.

What was the outcome?

Closed Nov. 1, had rented and moved in Dec.1 and mortgage not due until Jan. 1. Mortgage with tax and insurance is $1098, rent is $1400.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jon Sutton of EXP Realty

Strange thing happened yesterday or at least I find it strange.  I've had my eye on a fourplex in the DFW area through the LoopNet website and I decided to contact the agent to get me number so I can do a simple analyze it to see if was worth looking into.  He immediately contacted me back saying it was under contract and if I ever considered Killeen, TX.  He followed up by stating a lot of facts about population growth, how close it was to Austin, how many people live there and commute to Austin for work and how it is a gold mine.  I was intrigued, emailed him back stating that I was open minded so he sent me several properties that are available for sale and even offered to get me in contact with management companies but also wanted to discuss his "Leasing Services".  After a few emails I learned that leasing service is simply handling all the legwork to get a tenant in through screening, background check, etc.  I ended up telling him I would look at this more that evening, as I work during the day.  Later that evening, I received a phone call and it was the agent.  He talked my ear off for about 30 minutes selling this leasing service and the properties he has available while no mention about anything in the DFW which I am originally aiming for.  I think this tactic could be a classic bait and switch situation and I'm not falling for it but glad I listened to everything and keep an open mind so I can continue my learning process.  Has anyone else ever run into something like this?

A few years ago I decided to keep my house and rent it out when I got married and moved into my husbands house. I simply put a home warranty on the house for $500 per year and when anything broke, like a garbage disposal, the home warranty company would send someone to repair it and all I paid was $75 for that repair. This worked out great for 3 years then decided to sell. I recently bought another SFH, purchased the warranty for this one and this is how I handle any maintenance. I work full time and so does my husband and neither of us are interested in making repairs ourselves. I don’t ever hear or see anything about warranties on here so wanted to get thoughts from others. When I purchased this house, my realtor handled all the screening to get it rented for me, only charged $100 and after the lease is signed he gave me the tenants contact info and I took it from there. I plan to continue with this system on more houses I purchased. Thanks for your time and for sharing.

@Maurice Blackledge I reached out and met with a couple of Tk companies. One company required me to have them manage the property, the other company would allow me to self manage. I prefer to manage myself because I have years of experience before I went on my own. If you do not have pm experience it would be great but be sure and check pricing very close because it can take a lot of your cash flow. Good luck!