All Forum Posts by: Andrew Herrig

Sold! For priority access to future deals, join my buyers list at http://www.andrewbuyshousesdfw.com/investors

Newer build (1996) in Dallas, TX would make a great Section 8 rental or owner finance note. Interior needs a lot of trash out/cleaning and some work.

ARV: TBD (tax appraisal $75,000)
Repair Estimate: $15,000 - 20,000
Market Rent: $900 - 950
Purchase Price: $35,000

For more info and pictures, click here to see property flyer.

To get on my buyer's list for future deals, click here.

This would make a great cash flowing rental or owner finance note. It's in the 75210 zip code, so obviously not the best neighborhood, but there is some development going on nearby.

Structurally the house seems to be in good shape. Roof, HVAC, and electrical appear to be in good shape and functional, but do your own due diligence. It is a newer build (1996) and was recently tenant occupied. The house needs A LOT of trash out and cleaning. Previous tenants bordered on hoarders. It needs new paint and flooring throughout, some fencing repair, and I'm sure some other miscellaneous items. Per owner, there was a plumbing leak that ruined the floor in one bedroom (but it needs replaced anyway).

For a rental, I think the best strategy would be to go Section 8 where you could easily get $900-950 per month.

Terms:
- Assignment of contract
- Cash or hard money only
- $3,000 non-refundable deposit
- Buyer pays all closing costs
- Property to be sold as-is
- Agents add your commission to purchase price
- Please do your own due diligence before signing contract

I'm confused. Are you talking about wholesaling (in which case you would put it under contract and could market the equitable interest you have in the property), or representing them as an agent?

If you're just looking to pick up business as an agent, I would use a different marketing piece that makes that clear.

@Tim Koger Are you getting a HELOC on an investment property or your primary residence? If investment property, do you mind sharing the bank? I have called 10+ banks in the Dallas area with no success.

@Mathew Jacob Most of the lists you mention can be found through the city or county. Finding the right person to talk to is the hard part.

@Sean Ray If you're set on the house hacking model, I'd go with the duplex in Bishop Arts. If you look hard, you can find some duplexes that come close to meeting the 1% rule that aren't too far out (e.g. Richardson, Garland, Irving).

Alternatively, live where you want to live, and invest elsewhere. I live near White Rock Lake, but have rental houses in various locations in the Dallas area.

@Sean Ray I would agree DFW is closer to a peak than a trough. Personally, if I was going to buy a single family home to live in and then turn into a rental down the road, I would want it to be a good rental property now. A $300k house in East Dallas may be a nice house and may appreciate (I wouldn't count on the gains we've seen the last few years), but it would certainly not cash flow as a rental.

@Jay Thacker As others have said, I would strongly discourage you from properties that do not cash flow from Day 1. Even in the Dallas market, it is not hard to find deals that meet the 1% rule if you know where to look. I would consider 1% rule here as about breakeven in terms of cash flow (property taxes in Dallas are very high).

@Tom Olson Would be interested in getting more info as well. I am looking to add more cash flow to my rental portfolio.

@Heather Keller Dallas is certainly a hot market, and a good place to invest long term. You could find a condo here in your price range, but I would caution against going after the really low end condos ( less than $50k). For around $70k +$300 HOA fees per month, you could probably get rent of $1000-1200 per month. If you're serious about the Dallas market and need help in your search, PM me - my wife is an agent here.