All Forum Posts by: Tyler Barton

 Thank you sir! I really feel that the North Forth Worth, Alliance/Justin area is starting to really explode, so I have serious fear of missing out on what could be a good opportunity long term. 

1. The home was built in 2013 by DR Horton, it had a new roof put on back in 2018 or so from a really bad storm. From the inspection 9 months ago when we bought the home, he stated it was in really great shape. We've replaced 80% of the floors in the home and have not seen any major foundation cracks in the concrete. Some minor ones, of which I was advised it was due to "settling cracks" to not be worried about. In some areas the tile guys advised it was a good idea to put down some sealer, so we did. The HVAC was serviced and nothing major was wrong it either by any means.

2. As far as reserves, we have about 4-5 months of mortgage stored up in the event we are unable to find a tenant, but also figured that might be a good little reserve in the event something happens. of course, I have some very high limit credit cards that could be utilized if something extreme was to happen, not to mention our personal reserves for job loss and so on, which covers around 3-4 months of total expenses. 

Overall I feel fairly confident the house is in good shape just by living here for a year. Not to mention the extremely abnormal sub zero temperatures we got 2 weeks ago, our house did great! The pipes didn't freeze up and nothing busted which I consider a win!

Hello everyone! First post here on BP.

To quickly summarize, my wife and I are in our mid-20s and about 9 months ago bought our first home in Fort Worth, Texas. We've spent about 15k on renovations and have absolutely loved every aspect of it. With that, we definitely have the itch to research more on being a landlord, renting out our current property and buying another within the coming year being in Texas or Georgia if we choose to move.

I have recently been proposed an opportunity to relocate to Georgia. With that being said, I absolutely do not want to sell our house in Fort Worth. The area is quickly growing and based on neighborhood comps our home has already increased around 20-25k in value based on what houses on our street are currently selling for, this week! Plus, it is security that if we don't like Georgia, we can always move back :) 

The advise I am looking for is:

1 - Because we only put 3.5% down on the home, what we can rent our house out for, after property management fees and mortgage cost we would make $0. The purpose of the renting out factor would be principle pay down and property value increase over time. I suspect with property increasing around 10% per year, that alone comes out to around $2,000 per month gain, give or take. Does this sound like a dumb idea to solely rent the property out for principle pay down/property gain? Like I said, I would profit nothing by doing so. Of course any issues that arise would come out of my pocket, which I anticipate and have an emergency fund built up.

Thank you in advance!
Tyler