All Forum Posts by: John Hixon

Does anyone know of a great portfolio lender in the DFW area?  Thanks

Does anyone know of a great portfolio lender in the DFW area?  Thanks

Does anyone know of a great portfolio lender in the DFW area?  Thanks

@Robert Gandy that's a great idea.  Not something I thought of.  If I was able to increase the value by that much I could refinance and pull some cash out for another investment.  Thanks.

I have been presented with an opportunity to buy 20 duplexes and 1 seven unit apartment. The details are as follows.

20 duplexes - $1,300,000 – average rent is $700 / unit ($28,000 per month)

85% are 2/1. There is a one 3/1 and a 1/1

7 unit - $200,000 – average rent is $700 / unit ($4,900 per month)

All of these are 2/1.

10 of the duplexes where completely remolded in 2012 and the other 10 where remodeled in 2007. The remodel included new roofs, AC, hot water tanks, updates to electrical, ect… Not sure about the 7 unit complex yet as to when it was last remodeled. 

50% of the leases are one year and the other are month to month.

I stated earlier that the leases average $700 per month. On a majority of the leases the actual lease amount is $855 but the landlord pays a cap of $150 on electric.

Insurance is $900 per building per year.

Taxes are $670 per building per year.

Property management is probably going to be around 10%

They have a maintenance guy that lives in the one 1 bed 1 bath and from what I understand he takes care of the maintenance issues for the 20 duplexes and he has no plans to leave.

Something very interesting about these duplexes is they are basically across the street from a very large Army base. And, the base just announced an expansion including a lot of civilian jobs.

I know what I think about this deal but wanted to get everyone's opinion.

Let me know if I am missing anything.  Thanks.

@Diane Klaas I would be interested in a Plano meeting.  And, welcome to BP

@Luiz Souza congrats on starting your DM campaign.   I am in the last month of my first 6 month campaign so I know how you feel.  I use google voice and it does a good job.  A lot of people will use an answering service. The most popular is probably PatLive.  The only issue with a answering service is they are pretty expensive.  

Best of luck with your DM campaign.

@Bill Gulley I would like to hear your opinion on this topic.

@Antonio Esquivel it is definitely a MLM.  I called one of those signs once that says "investor looking for mentor to make $10K per month"  all he wanted was for me to come to a meeting where they try and get you to pay $15-$20K to join their program.  When i told him I was not interested he got really pissed.  He kept calling and texting for about a month.  

@Christopher Vargas there is no way you can wholesale that property, there is no equity in it.