ADVICE from BP community needed! Purchasing two rentals in Texas
Hey all!
I'm an New Jersey based investor who started purchasing properties this year. I have found a great company to purchase from and property manage two places in Indianapolis. We've been all good out there since early this year. Feels good to have jumped in.
I'm trying to do the same in Texas, near Dallas
I have two deals lined up with a guy who owns 300 properties. He has teams in place to manage and is happy to manage the properties I purchase off him (at 8%). I just had both properties inspected this week and they're not in great shape at all. They're cheap, so I wasn't expecting roses here, but I was told they were in good shape, one specifically was "a great house" and the inspection is showing otherwise.
I have a conflicted gut, and I'm trying to weigh apprehension of getting in versus the need to get out. Any pro's with some advice?
Most Popular Reply
#5 Investor Mindset Contributor
- Investor
- Greenville, SC
Use you head rather than you gut. Facts not feelings. Determine your criteria, run your deal analyzer, perform your due diligence and stick with the criteria. If something comes up during due diligence, price it out, re-offer or move on. And "anxious to get in" is the worst investing strategy...there are lots of properties TX aside from this one. I'm likely just confirming your thoughts.