All Forum Posts by: Account Closed

@Hattie Dizmond thanks for the advice on different locations.  I will add those areas to my search criteria.  I may need to start doing mailings to find what I am looking for.

I actually just purchased a SF in your farm area. We closed about two weeks ago and already have it rented. I happen to stumble on a home that had a contract fall through and was able to be first in line before any other buyers. That's one benefit of the MLS.

@Josh R. I agree about the MLS. I actually found an "ugly" house that has been on the market for over a year... there's no sign in the yard and the seller is marketing it himself, so it really isn't getting much attention. Even priced under market, it's still too high to get a good return.

I am searching for my next SF purchase in the north DFW area. I think I can come close to 1.5% of the total price for the rental amount (2% is out of the question), but it's the ROI that I am having trouble justifying. For example, I would need to purchase a property for less than $100k (and that's fixed up ready to rent) to get a good return using the 50% rule (I actually prefer to use closer to 60% to estimate my expenses). I am looking at properties that would rent in the $1500 - $1700 range, which means they are listed around $139K to $150K. Even at a good discount off of list price, it's tough to get down around $100K.

I realize the 50% rule and 2% rule are just guidelines, but most SF properties I look at are coming in at a 6-7% return when I run them through an analysis calculator.  

What return should I really expect in the Dallas area?   Am I looking at this all wrong for SF buy and hold?

@Stephen Salerno can you put me on your email list?  I am looking for additional rental properties and want to do another flip soon.  I prefer properties in the North Dallas/Denton County area.  PM me and I will give you my email.

@Jon Klaus yes, playground is gone.  Insurance company encouraged it.

@Brian Oney yes this is the property.  We closed in May and are finally ready to rent some of the units.

@Jon Klaus these were at $850.  We have the end units priced at $895. However, the people that were approved and ready to sign the lease backed out this morning...Concerned about the size and wanting a yard for their kids.  I still have the apps on the 2 other units. 

1 lease and 2 more apps on the 5 unit town homes!

@Jon Klaus good to hear from you!  Yes, we have signs out front.  

Well I did a little staging (bought out the red line items at Garden Ridge pottery) and went ahead and dropped the price to $850 at the one week mark and now I have so many showings I can't keep up.  I am actually going over today to try to fit a full size bed up the stairs.  

I have three people who "claim" they are putting in an application... we'll see.  It's like offers on my listings... I don't believe it until I have it in my hand.  

We are doing an open house tomorrow from noon to 3 so hopefully by the end of the weekend we will have some tenants ready to move in.  Even one qualified tenant will be good for me now :)

@Bryce Y. The stairs just have a really low ceiling around the turn.  I would imagine some furniture has to fit because the downstairs bedroom is an add-on from the 90s.  In the 50s the units only had the two upstairs bedrooms.