Home Buying in 76054>Question Details

Ward Harris, Both Buyer and Seller in Dallas, TX

looking to possibly purchase some income (rental) properties. Any suggestions?

Asked by Ward Harris, Dallas, TX Sat Sep 15, 2012

Help the community by answering this question:



If you would like to contact me in regards to better assisting you that would be awesome. I would love the opportunity to help build an investment profolio. That us work together to build your financing to the next level.

Keller Williams Realty
Real Estate Consultant 3x US Army Vet.
Joseph Fernandez
cell: 817-975-7258
off: 817-635-1157
email: blissfulestates84@gmail.com
webstie: http://www.blissful-estates.com
0 votes Thank Flag Link Mon Dec 3, 2012
Buy 3/2/1 or 3/2/2... brick homes, new homes if possible, in areas with great schools and few apartments. Buy North. Buy in the path of progress. If possible you want the rent to be $1200 or less today. Normally between $1000 and $1200. Maybe you can go up to $1300 or $1400/month, but I would not go much over that.
I ask every sign call what they were looking to pay and 90%+ say $1200 or less. Makes sense as you back their income into what makes sense to pay and that is about $1200. So you can back in to your sales price from $1200 rent based on your vacancy rates, PITI, profit, etc. and then focus from there.

Make sense? Is that what you were looking for?
If not call me and we can talk.
0 votes Thank Flag Link Wed Oct 10, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
nope, dont meet either the 50% or 2%. Loan amount is 80K, rent is 1250 instead of 1600. No way one could get 1600 in rent. House would sit vacant for years...
0 votes Thank Flag Link Sat Sep 15, 2012
Just to get you on my sheet of music. I presently own one rental in the Hunters Bend development down near Grand Prairie. I have about $500 month positive cash flow on that one. I have just come into some unexpected monies and really can't decide if I want to just put it away, or possibly put it to use. I would have about 30K to put down on a property and would like to either be in a relatively stable area, or of course one on the way up.
0 votes Thank Flag Link Sat Sep 15, 2012
Good Morning Ward
This is a great question and a very broad one too. Have you already purchased rental properties in the past and are looking to add to your income stream or are you thinking about getting your first rental property? If you are simply adding I would be delighted to work with you, please contact me and let's go to work finding you investment homes today! However, if you are just in the process of discovery there is a tremendous amount of information you need to know before you move forward. Joe and Steve have both given you a good start and really provided some good information to consider. I suggest to all prospective investors that I meet with that they start by reading a book called, HOLD: How to find, buy, and rent houses for wealth. this book is written by By Steve Chader, Jennice Doty, Jim McKissack, Linda McKissack, Jay Papasan. This book takes you step by step through the process. After you read the book, I suggest that you meet with several investors and ask them specific questions you have about the processs and the risk. In my opinion, only then should you begin discussing financing and actually looking at homes to invest in. I hope this information helps you and good luck! Please contact me directly with any questions that you have.

John Straub
Keller Williams Realty
0 votes Thank Flag Link Sat Sep 15, 2012
DO you research for the neighborhood. Stable or declining neighborhood? Property condition is another factor. If it were me, I would pull out any carpet and put in tile or vinyl, so you are not replacing it as often. The other 2 factors is good credit screening of tenants and lastly good property management company that usually want a minimum of 15 percent per month to manage. If you are going to manage properties yourself and you have never managed properties be careful!

Good Luck and God Bless!
Steve Johnson
Spring Branch, Texas
0 votes Thank Flag Link Sat Sep 15, 2012
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