All Forum Posts by: David Veeder

Don't rule out finding a duplex, triplex or quad if your budget will allow it. The rental units will help you qualify for a loan. That is how I started, I found a duplex and one side paid for 3/4 or better of PITI.

 I believe there are more factors:

- Are there professional pictures to drive traffic?  
- How does the property compare to other properties that are listed? 
  - Is there something your rental doesn't have that others do?

How do you improve the value to the future resident? It could be price but also could be, non-trimmed hedges that make it unappealing (had this happen once), lack of a dishwasher, and lack of great pictures....

The fastest way is to drop the price, however, it is not the only way.

What do you consider midsize?

There are two groups out of Dallas, That mentor students in how to purchase and run multifamily properties, that I would recommend because I have participated in some of their mentees' deals.  These groups market to investors that have saved money and have it available for investing.  They do not teach any no-money-down strategies.  If interested in learning my experience DM me.  I fear that by mentioning their names it will break some rule of conduct on the forums.

Sounds like you are very busy.  I would probably go with turn-key investments or syndications.  Not quite as much upside as doing it yourself, but don't need to spend all your free time finding deals out of state.  The problem with syndications is that you don't directly control the asset and you could be investing with a crook or some who is incompetent.  So there is a lot of time that needs to be spent on getting to know someone. 

I have done both single-family on my own, a new build with a turnkey provider, and participated in syndications.  Let me know if you want to talk.

Joseph,

I would warn against trying to find the "perfect" duplex.  I know for my first 4 months looking for a single-family deal, I wanted the "perfect" deal.  It was only after I change my mindset to get a deal that works, that I found and purchased a deal.  Of course, I did not plan to live in the deal. 

I would be concerned with being comfortable living in the area since you will be living there for two years.

I launched my career as a real estate investor without knowing it by purchasing a duplex and living in half of it.  My top priority at that time was low property taxes.  I think it was the wrong thing to concentrate on. In the end, it did work out well.

Good Luck with your search.

I would go to Zillow and Realtor and find out what your competition is.  Are you just slightly pricing below other rentals in the same neighborhood?  You want to have the most applicants to screen from as well as get them fast, you are burning through money every day!!!  HOWEVER, with this caveat, IT IS MORE IMPORTANT TO GET A GOOD TENANT than to just fill the house.

It is a slower time of year to find a renter and the pool of renters will be a bit smaller.  However, if priced right and marketed well you will get some interest.

I have gone back to putting a sign in the yard.  It seems to bring in candidates that are more committed to that particular area. In the past, I have opened the window shades and put a list in the window of the updates and features of the house.  Of course, you want to make sure that you have a vacant home policy, most policies cover vacancies for a very limited time.

I realtor that will list it on the MLS, and use CSS to schedule showings for a flat fee. However, you will need to pay the cooperating (renters agent) something or they won't show the house.

Hope this is helpful.

There are a number of Platinum Properties turnkey investments.  

My life changing experience happened by attending and then joining the Lifestyles Unlimited program. You may want to check them out.  I know Brad because he was my mentor when I joined.  Around 2014 or so he started his own program.

I believe in recent years Brad has spoken at the secrets of syndication seminar that the real estate guys hold. 

I know Brad's program works because I have been in three deals with his mentees and of the two that we sold I more than tripled my money in three years.  I am also in three LifeStyles mentees syndications but they are more recent and don't have completed deal returns. I am happy with the progress of the deals, probably not as good as my first two home runs.

You need to find a mentor that you are comfortable with. 

You may want to listen to the old capital podcast they have a lot of information on the topic.

Kevin,

You have many options.  I would say that holding the house and renting it out is not a good option.  The rent to value ratio on higher-end homes is generally poor.  

Depending on your income you may be able to refinance up to 75% of the value out of the house.  

Of course, you could sell it as well.  

I think that you probably need to learn more about the options of where to put your money before taking any of these actions.  It takes a bit of work to find a house to purchase and rent out profitably here in DFW.  There are also groups in the Dallas area that purchase apartment communities through syndications, that is another option that can work well, although you don't have direct control.