All Forum Posts by: Vu Trinh

That's not a bad suggestion at all. I'll consider that. I was hoping to do MTR on the ADU to maximize the cash flow while LTR the main house to cover the mortgage.

0 Votes

Quote from @Nathan Gesner:

Quote from @Vu Trinh:

It's best to handle the renovation before placing a tenant. The noise and people on the property may cause problems. If you choose to rent the main house and then renovate, make sure you are very, very clear about what is going to happen. Maybe the tenant works 10 hours a day and won't be home when the work takes place, or maye they work nights and sleep during the day. Open communication is key.

Even after renovation is done, you'll have to disclose the ADU so potential renters know they are sharing the property.

Thank you for your suggestion.

I was thinking after getting the renovation done, I would get a HELOC to use as a down payment for the second home, then I will rent out the main house and the ADU to cover the first mortgage and then some more.

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@Ray Hage

Thank you for your response. That's what we thought would be the best decision too, but wanted to hear from other investors as well. We just recently decided to move to another state and I think we're just too eager to move, so trying to find the fastest way to make it happen.

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I'm in the process of getting my garage converted into a 400sqft attached ADU to rent out while livong in the main house. We're now thinking of moving and renting the main house out as well. Should I wait until getting the conversion done first and then move? Or should we try to look for tenants for the main house now and move. Then when we get the permit, star construction on the garage while the tenants live in the main house? Would that cause an issue with the tenants?

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Quote from @Joe Funari:

@Vu Trinh I am fellow investor and realtor working in the Dallas/F.t Worth area. My experience is that Garland is more of a LTR community than a STR.The main reason is people living within the Garland ISD boundaries can pick any school to attend. Thus, schools there get high ratings. Thus, popular for long term tenants. But since you are visiting family located there why not give a shot. But there are other communities in North Dallas County I would prefer over Garland for STR exit strategy. But they are also more expensive than Garland. Just reach out to me directly if you want to get more insights.

Thank you for the information Joe. That's very good to know. My family are located in Carrollton and Rowlett so that's why I was suggested to look into Garland.

1 Vote

Quote from @Brian Bohrer:

I love the idea of purchase an STR in an area where you regularly visit! Beyond having a place to stay when you need it, you can also write off the travel expenses to that area because you will be "inspecting your investment" while you are there! Great strategy! Unfortunately, I do not know the area, but it sounds like you should have some boots on the ground to help you find the perfect property!

I wish you the best on your investment journey! Take Care,

Thank you Brian. Those are some great points you mentioned. I did not even think about that, and that shows how new I am to all this.

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Quote from @Lucia Rushton:

@Vu Trinh have you looked into the landlord guidelines in garland ?

I have not. Would you be able to guide me to where that might be? Thank you Lucia.

1 Vote

Hi!

I'm currently in LA, CA and I'm looking into investing in Garland, Texas. My main reason behind choosing this location is because I have family living around this city and I would like to find something that I can do STR and if I want to visit my family I would have a place to stay as well.

This would be my first rental property and I would like to hear opinions from people who have or are investing in the area. Would you recommend the area or any area close by?

2 Votes

Quote from @Effram Barrett:

@Vu Trinh I’m not 100% sure how it works in Dallas but Houston has a tax rate that is multiplied by that appraised value of your home.

As far as protesting, the county appraisal district can say my house is worth $260,000 which means higher taxes. I can submit documentation saying my house is only worth $220,000 and they will usually make a decision shortly after that. I had my property appraisal lowered by 20 grand just sending in comps and they honored my request. That’s my homestead tho so idk how it works with investment properties

Shouldn't a house only been appraised when you sell/refinance? In Texas they appraise your house every year?

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Houston, Texas

@Effram Barrett I have a cousin who just moved to Dallas. How does tax work there? And what do you mean by protest it?

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Houston, Texas

All Forum Posts by: Vu Trinh

Vu Trinh has started 3 posts and replied 11 times.

Post: Construction work with tenant in place?

Post: Construction work with tenant in place?

Post: Construction work with tenant in place?

Post: Construction work with tenant in place?

Post: First out of State Rental Unit in Garland, Texas?

Post: First out of State Rental Unit in Garland, Texas?

Post: First out of State Rental Unit in Garland, Texas?

Post: First out of State Rental Unit in Garland, Texas?

Post: Tax increases killing cash flow

Post: Tax increases killing cash flow