Updated about 4 years ago on . Most recent reply
Buying a House in This Dallas Market With Equity at Purchase
Hey everyone, I just recently stumbled upon an opportunity that is once in a lifetime and I'm very torn on how to handle it. I'm currently renting a 3/2/2 in Carrollton from an older lady who is, lets just say on her way out. She's sold all of her other properties and is willing to sell this 1,900 sq ft house to me for around 60k below market value.....which is insane in this market! But what do I do with this house once I have it!? I work in construction so I've done some inspecting myself and I've had a foundation looked at by a company and everything checks out. Which is also insane for a slab home in North Texas dirt. So I don't know if I should hold onto it for a bit and flip it in this market, or do I clean it up a bit and start renting it back out? Part of me thinks I can sell it within a year and save that cash for another property to rent out when this market crashes. However depending on who you talk to, this market may not actually crash. If I try to rent it out, as it stands right now I could rent it our for around $2,200 with my mortgage payment being around $1,800. So I won't net that much cash in the beginning, which is why I'm debating on a quick flip for the cash on hand. I do ultimately want to have rental properties for the passive income in the long run, but the current state of the market has me questioning myself. I know this isn't exactly a bad problem to have but any advice from someone who can put their self in my shoes is appreciated!
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@Richard Rigsby. Where will you live if you flip it ? I am in favor of house hacking it and growing your portfolio.