All Forum Posts by: Hayden Lyon

So true @Bryan Mitchell! Obviously there's much more corporate growth on the Dallas side than here in Fort Worth, but we still feel the impact over here on the west side. I'm still relatively young, but I'm still kicking myself for not getting started sooner. I had the typical mindset of "I don't have the money" or analysis paralysis to actually go do anything. I've been reading and using BiggerPockets since 2010, but didn't make my first move until 2019! Once you take the first step and get over those initial fears, it becomes a little bit easier to take the action. I've completed three successful BRRRRs in 2020!

All that to say, YES DFW is hot, but don't let that stop you from getting started. Next thing you know, you will have missed out on almost 10 years of deal making!

My last purchase was FSBO and we used the standard TREC contract and everything ran smoothly. Like @KATHY H. said, the title company can usually be helpful as well. The title company we used was extremely helpful and made sure all the T's were crossed and I's were dotted, legally of course. It never hurts to consult with an attorney though. Best of luck finding your next deal @Greg Mesa.

Hey fellow BPers! I know the market is hot in a lot of places, especially here in Texas, but DANG it’s tough to find a good deal here in Fort Worth. I don’t say this to complain cause I’ve had a great 2020, but I’ve realized I need to start putting more thought into how I find my deals.

With that, what's everyone doing to find the best deals in hot markets like this?

Looking forward to connecting with anyone and everyone!

Hey Everyone,

I have two vacant lots next to each other that I want to build two houses on. I’m looking to understand how much it would cost per square foot to build a standard 3/2 1600sf house. Standard being LVP throughout, granite countertops, etc. nothing over the top. I’m in Fort Worth, TX and would intend on selling upon completion.

If you’re a home builder in Forth Worth, please message me and we might be able to work together.

Thanks for the help!

Hey Everyone,

I have two vacant lots next to each other that I want to build two houses on. I’m looking to understand how much it would cost per square foot to build a standard 3/2 1600sf house. Standard being LVP throughout, granite countertops, etc. nothing over the top. I’m in Fort Worth, TX and would intend on selling upon completion.

If you’re a home builder in Forth Worth, please message me and we might be able to work together.

Thanks for the help!

Hey Everyone,

I have two vacant lots next to each other that I want to build two houses on. I’m looking to understand how much it would cost per square foot to build a standard 3/2 1600sf house. Standard being LVP throughout, granite countertops, etc. nothing over the top. I’m in Fort Worth, TX and would intend on selling upon completion.

If you’re a home builder in Forth Worth, please message me and we might be able to work together.

Thanks for the help!

Straight to the point, hope this is the right forum. I'm considering completing a great seller financing deal, but need your input on how I should manage the tenants already in place.

Back Story
Older gentleman wants to sell his investment property and we have come to an agreement on the terms and all signs point to us being able to close the deal soon. The issue: there are tenants in place that have been in the home for over 15 years and are paying $600/month, well below market rent. I do not think they are on any sort of lease agreement either, but will confirm this week. From what I've been told, they are great people and great tenants, but if I take possession of the house, I'd like to increase the rents to be somewhat closer to market rate. The seller has expressed wanting to give current tenants until February to move out. I want to be cognizant of everyone's situation, but I'm also not doing this for charity. How should I approach this situation?

My Thinking
Upon taking possession, I'd ask the current tenants to agree to/sign a month-to-month lease with monthly escalations until brought to just below market rate (the house needs a little work, but still habitable).

Assuming close by 12/31, I'd structure it as follows:
1. Agree to MTM lease with January rent payment being $800
2. February rent payment being $1000
3. $50/month escalation for each month after until reaching $1200/month

If they agree, great. If not, I can start renovations/repairs immediately and get top rent upon completion. My concern is them potentially damaging the property in retaliation for forcing them to move out. Is this a valid concern? How have you all managed this situation before?

Thanks for your help! Happy to provide any additional details if it helps the discussion.

Straight to the point, hope this is the right forum. I'm considering completing a great seller financing deal, but need your input on how I should manage the tenants already in place.

Back Story
Older gentleman wants to sell his investment property and we have come to an agreement on the terms and all signs point to us being able to close the deal soon. The issue: there are tenants in place that have been in the home for over 15 years and are paying $600/month, well below market rent. I do not think they are on any sort of lease agreement either, but will confirm this week. From what I've been told, they are great people and great tenants, but if I take possession of the house, I'd like to increase the rents to be somewhat closer to market rate. The seller has expressed wanting to give current tenants until February to move out. I want to be cognizant of everyone's situation, but I'm also not doing this for charity. How should I approach this situation?

My Thinking
Upon taking possession, I'd ask the current tenants to agree to/sign a month-to-month lease with monthly escalations until brought to just below market rate (the house needs a little work, but still habitable).

Assuming close by 12/31, I'd structure it as follows:
1. Agree to MTM lease with January rent payment being $800
2. February rent payment being $1000
3. $50/month escalation for each month after until reaching $1200/month

If they agree, great. If not, I can start renovations/repairs immediately and get top rent upon completion. My concern is them potentially damaging the property in retaliation for forcing them to move out. Is this a valid concern? How have you all managed this situation before?

Thanks for your help! Happy to provide any additional details if it helps the discussion.

I’d be interested in a Fort Worth meetup. I’ve been to Sherry Patterson’s DFW meetup, and it was a great experience, but can be tough for my schedule with my commute from Benbrook. I’d definitely recommend checking out her meetup if you have the chance.

When investors come to you with a proposal, how do you evaluate the risk? What do you consider or do to manage that risk while your money is tied up? I realize this is very broad, but the thought came to me while sitting at work and thought I'd pose the question on the forums.