All Forum Posts by: Garrett Anderson

Thank you all very much for the responses and suggestions. Unfortunately, I cannot get refinanced due to DTI issues (at this point.. wasnt the case when I started, family issues have changed things). My realtor was marketing to homebuyers and not really to investors. It has been really frustrating because I see other places flying off the market and dont have what mine does. The feedback I received on almost all of the showings (and there were a lot) was that, the potential buyers didnt like that there was a tenant there. So basically, non investors.

Im all in at about 115K with repairs, holding costs, purchase price, etc. I know this wont be much of a money maker, if at all, at this point of desperation. Im about at the point where I will accept any offer.  

When I started the process, everything was in place with the refinance and it was going to cash flow easily so I was really excited. I was even cash flowing with the hard money loan for a while before that rate jumped up. Now I am breaking even each month.

At this point, I just need out. Seriously, I will just about take any offer. So if you know anyone looking for a rental in Dallas, let me know. Thank you all again. I genuinely appreciate your advice.  

I bought a house in East Dallas last summer with the intent of flipping and holding as a rental. I got a hard money loan and was told by the lender that I would be able to refinance through them as soon as the rehab was done. Then when it came time to refinance, they said they messed up on the underwriting at the beginning and said my retirement account money doesnt count as reserves anymore, therefore I am not eligible for a refi. 

I have a tenant in place and the house is completely rehabbed and now my hard money loan is due. I have tried selling through realtor but was unsuccessful. I am at the point now, where I will take just about any offer. I need out. Any suggestions, wholesalers, investors out there that need or want a turnkey rental? 

I had it listed at $130K with comps selling closer to 135-149K. Currently leased for $1200 and I get 1-2 tenant requests per week, so it is a very secure rental area/property.

3bd, 2bath, with an office that could be a 4th. big yard. brand new everything. foundation, AC, roof, fence, floors, kitchen, bathrooms, security system, etc

Any help of suggestions would be greatly appreciated. Thank you!

@Jarrod Roecker Best of luck man. I am in a similar situation. Wanting get things going and looking for the best and cheapest way to do so. I have been doing quite a bit of research on the, owner finance-rent strategy, that Eva mentioned above. 

@Eva Melendez I would love to connect with you and learn more from you on your owner finance into rental knowledge. I am looking for good sources of properties (as every investor is trying to do), specifically owner financed. I have been perusing ownerfinancedirect.com. Are you familiar with that site, it looks great, but I dont know much about them. 

I am fairly new to BP. How do I PM you? I will send you a colleague request and see if that gives me the option to send a PM. Thank you guys. God Bless 

@Tom S. Thank you so much for the advice and tips. In my research I was aware of some of those points and others were new, so Thank you! My main focus will be doing it the right/legal way first and foremost. I would hate to get rolling and realize I screwed up and have to pay for it.

Thank you all so much for the advice and tips. I will keep you all posted. I am trying to get my niche as narrow as possible, then expand once I've "mastered" that strategy. I am sick of bouncing around from idea to idea and not moving forward. So we shall see. I definitely plan on screening my tenants very thoroughly as I would rather wait to find a great tenant than just on one who I will end up paying for in the end.

@Hattie Dizmond I listened to that podcast. He pumped me up. It is great to here that he is actually doing it and killin it. Thank you

@Leslie A. Thank you so much for the reply and the positive thoughts. I have read, what seems like, every other real estate book but havent read that one yet, heard good things, but I will definitely check it out. 

I am fairly new to real estate investing but have spent the last 10 plus years researching/dreaming of one day actually getting started. I finally jumped in this summer and am about to complete my first rehab/rent property in the next couple weeks and I am looking to step things up in the next couple months. I am wanting to quickly build a long term portfolio of rentals. I plan to keep a large chunk through my LLC, and then some through my (and my wifes and daughters') self directed IRA.

My current property is located in East Dallas and should cash flow around $650/month. Which I know is ridiculous and I will be very pleased if everything goes according to plan. I am not naive enough to think that every property I purchase will cash flow that much. My goal is 250-400/month. 

I plan on shifting gears from the rehab/rental route to the buy with owner financing and rent. There seems to be quite a bit of properties around the Dallas area that would fit my criteria. There are also plenty that are ridiculously overpriced and wouldnt cash flow a dime. I am leaning toward a really specific niche of owner finance rentals with section 8 tenants. I have talked with several people who rent their properties through the section 8 program and they swear by it.

My question is, has anyone tried to tackle this niche before, what was your experience like? Do you suggest a newbie taking this route? Has anyone used ownerfinancedirect.com as a resource for owner financed properties?

I am in the process of building my team (attorneys, CPA, realtors, remlo, etc) to make my life a lot easier, but I wanted to see if I could find some people who have done this before who I can take out for a meal and pick their brain (if you are local) or pick the brain of someone on here who has seen or done this type of thing. I get almost all of my knowledge and information from BP so I figure I better go straight to the source and learn from the best. Thank you. God Bless

Garrett

I have been looking to getting into the section 8 arena here in Dallas as well. I went to the Dallas Housing Authority building the other day for the mandatory landlord meeting, but I had the wrong time so I will be going to the next one. While I was leaving I got to talking to a guy on the elevator who currently has 8 section 8 properties around Dallas county and he swears by it. He said he has never had a vacancy and he has never had a missed rent payment. There are 10s of thousands of people on the waiting list to get into the program in Dallas County so it is easy finding tenants. Plus if they screw up and get evicted they are kicked out of the program, which they do not want because they had to wait so long to get into it. 

I used to cringe every time I heard the term section 8. Just like I am sure you will hear many people talk badly about it. But since I have started digging into it, especially here in Dallas, more I think I am going to work towards that being my buy and hold niche. I read a great book on buy and hold with section 8, "buy and rent foreclosures.. " by Joseph Neilson. Very to the point and helpful for anyone looking into buy and hold. It isnt dallas-specific but it was a huge help for me and changed my view of Section 8.

I am in the middle of my first rehab that I plan to rent, so that is eating up my focus at the moment and isnt really a solid section 8 prospect due to the zip code it is in. I will be able to get higher rent on the non section 8 market than what they will cover. As soon as I am done with that and get it rented. I am going to hit the section 8 circuit hard. I am researching the highest FMR zip codes that will be solid areas for buying and holding.

Let me know what your research shows as well. Good luck, God Bless.

Shawn,

If you don't mind me asking, who did you end up going with? I am in the DFW area talking with Sherman right now. Was who you went with better, you think? I have been really impressed with them so far but I haven't pulled the trigger yet. I really like their landlord loan program (buy and rehab with hard money at 9.99% then they refi within 90 days to a 30yr fixed at 4%).