All Forum Posts by: Austin Bright

I've decided to get started in Real Estate with Wholesaling (around the DFW mid cities area). What are some effective ways to build a buyers list?

I frequently go to meetups and am slated to go to one today.....So other than meetups, how can I build a buyers list?

Thanks!
  

Thanks! always helpful @Andrew Postell

@Ricoh Glover

http://www.dfwreiclub.com/

 

Can anyone speak to whether or not buying a condo as a rental property would be a good investment for a beginner? I don't have a lot of cash, so I am attracted to the price range of condos vs other housing.

Besides HOA, what are considerations that are unique to condos? Where can I learn more? Anyone care to share their experience? Where can I learn more

Thanks

Austin

Thanks!

It was owner occupied before. should I budget a 40K increase in assessed value? from 183K to 220K?

I plugged it into my calculator and got around around $120-$155/month. Although I may have different assumptions than you.

Namely

Property management expenses (~$200)

Owner paid utilities

Vacancy (~$84/month)

Mtx Reserves (~$100)

My property management expense assumes a 1 yr lease, and does not take into account paying finders fees more than once/year.

How much are repairs? That can throw off return, but could maybe reduce a mtx reserve if they are significant enough. Do you have enough cash for holding costs? Or is it move in ready?

Are property taxes/insurance in the mortgage? How much did you put down? How much cash do you have to sink into repairs? What's the market value on the property before/after repairs?

It meets the 1% rule, but I'd want to know about repairs/debt service. Also, I'm only looking at CF.

@Bruce Lynn

When you talk about comparing value... Are you talking about tax assessed value, or market value? In my research, I've found that tax assessed value is usually lower than the market value. If surrounding properties say have a taxed assessed value of 170K, is it ok to purchase the property for 220K and assume my taxes should stay the same, based on tax assessed comps?

Or do I need to look at actual neighbor selling prices over the past few months to estimate my new property taxes?

@Lucia Rushton I'd prefer the mid cities. Not too far east of Irving. I work in Ft Worth off of Highway 360/Trinty Blvd and would like to retain a 30 min commute

I would hope the area's safe as well.