All Forum Posts by: Daniel Y.

 Yeah, that area is pretty hot. A lot of properties are on the market for an average of 2 weeks with multiple offers. Makes it really tough to get a great deal with all the offers getting to the seller and agent's head. Some decent to good deals, but no great deals when you factor in PM.

I know I asked Caleb this, but are you familiar with the 76108 area and can you care to tell me anything about that area? Much appreciated.

 Hi Caleb,

I appreciate the response, it definitely does help. Unfortunately, I did not pick up that property. However, I am currently looking at a property in 76108, which is still somewhat close to 76114. How familiar are you with the 76108 and what can you tell me about that area if you care to share?

Hi Jon,

Welcome to BP! There are a lot of people in the Dallas market on here, so no shortage of knowledge. You can speak to @Joseph Pytcher, who does flips in the DFW area, to network and get a better sense of everything there. Good luck with everything.

Mike, yeah I figured you did probably look at that option already. And I hear you, I am slowly trying make my rental into my main source of income.

Yeah, this is tricky. If you sell one, you could get one more property mortgaged, but if you try to get two then it will probably really be cutting it thin on the DTI and I'm sure it will be hard to buy the second one all-cash unless you are looking in an area that you are uncomfortable in. However, you would have some additional cash in your emergency fund, if you only buy one.

I guess at the end of the day, it up to you. You have so many options, and I think that is another problem some times...too many options. Good luck with everything, keep us updated. I'll probably be where you are some day and would appreciate the lesson from way back when :)

Ever thought about a cash-out refi as an option? Not sure what your mortgage is on all or if you have done a refi in recent years, however I would guess you already did a refi on the condo that was 10 years old or had it paid off already. So you could always play around with that idea. I guess it depends on your goals and timeline of everything. 

 Was that in the South Dallas area? Because those numbers are really pretty, but too pretty for anything North or around downtown Dallas.

@Steve S.

I agree with you, Steve. To be more specific, I think it is a market thing. I have been researching the Dallas area and it has been growing, so it makes it tough. No one, and I mean NO ONE, can do that in the LA market with zero capital and student loan debt (even without student loan debt, forget about it). They could get private/hard money, but with cap rates so low here, you would be losing thousands of dollars per month if you had that many doors in a strong expensive market.

 Hi Ned,

I appreciate you getting back to me. Just something new to consider in my buy and hold strategy. Heck, if some loan officers are not well informed on the matter, then good luck trying to find this info on search engines without proper direction. BP and its people are definitely a great and helpful resource.

 Hi Jahmal,

Sorry, I should have been more clear. The question was directed to Ned. However, I appreciate you following up with me. I want to build a portfolio where I live, and with the prices here being so high, I would probably need to use some hard money and a quick strategy to get out of it ASAP as well.

That's very interesting. First time I am hearing this. Hopefully you will be willing to answer these two questions. What you mentioned, is something that is applied across the nation or is it more of a MD lending policy? Second, just for clarification. So any 1-4 unit residential property under a LLC, can only apply for a commercial loan?