All Forum Posts by: Hattie Dizmond

Completely respect Ali, but I disagree with some of the generalization about Texas. MFR will work, just not the 2/3/4 plexes in the heart of Dallas and Ft Worth, unless you want to pay a lot down, at which point anything will cash flow. However, duplexes and other smalls in the suburbs will work. Just like anything else, you have to shop for them and stay true to your financial criteria.

The same holds true for SFR in DFW. What you can buy and how it performs is dependent on where you're looking and what class of neighborhood you are targeting. I would recommend targeting the 3 tier suburbs on the north side of the Metroplex.

 Bill...great job!! And. Whatever you do, DO NOT undersell the Richardson property. Canyon Creek is one of the 3 hottest areas of Rivhardson, because of the elementary school.  The houses in that area will sell and sell quickly. One question, what was your source on that property?

I would go the Brandon Turner route and see if you can negotiate a creative owner finance arrangement. 

It completely depends on your end game.  Denton & Plano are completely different markets...not even similar.  

Are you looking for value, appreciation, good schools, the ability to live in it for a couple of years and then hold on to it as a performing rental, etc.?  What's your price point and what size/configuration are you looking for?  The answer to those questions will determine the best area for you.  

Richardson is fantastic for schools.  East Richardson is probably the better for rentals, because property values are lower.  Plano schools have declined in recent years, including West Plano.  But, we're only talking about 2 cities in and among 10's.  There are plenty of other places between Richardson and Denton, so a little more information to frame up what you're looking for would really help to point you in a better direction.

Not likely.  However, there have been any number of article written about the benefits of staging

I agree with @Greg H..  My one caveat to that would be, if you are looking at the property you will purchase as an investment more than a personal residence.  i.e. Your plan is to live there for a year or so and then acquire another property and rent that one out.

I'm saying this even though I did buy a property sight unseen as a personal residence.  :)  It worked out for me, but I didn't have a lot of must haves for a residence.

But, whether you work with an investor who is trustworthy & knowledgeable to provide boots on the ground type of help or strictly work with an agent, you probably need to make your make & break list.  You said Denton or Plano, but those 2 locations couldn't be more different, so it leads me to believe you don't really know much about the area yet.  I could be wrong, but I'd spend some time defining what you are looking for, both in terms of the actual house and the neighborhood/community/sub-market it is located in.  That will make a huge difference in where to start looking.  Also, my experience is that, because the DFW area is so large, some realtors will try to cover the whole of the market, but the reality is that most agents are only experts on a fairly narrow group of sub- or micro-markets.

Just my 2 cents.

I'm just trying to figure out if you're actually looking for a Project Manager or a Property Manager?  ;0

You should always be transparent with the seller, explaining to them exactly what it is you intend to do and ensuring they understand. 

Also, if you are not positioned to close the deal yourself, in the event you cannot find a buyer, then you should NOT write a purchase contract on the property. Instead, lock it up via an option contract, which gives you the right to purchase the property, at an agreed upon price, for an agreed upon period of time. This aproach ensures you don't tie up the seller's property, but allows you to lock in the price and show equitable interest. 

Wholesalers get bad names in part for locking up properties with no ability to close and no regard for the seller's best interest. Remember, your job is to help solve their property problem. You can't do that by creating additional problems.  Be transparent and always protect both your buyers and sellers. 

Finally, if your analysis and pricing are solid, you should have no problem finding a buyer. 

The last wholesale deal we sold was 70% (including rent ready repairs and the assignment fee.  

There are some really good wholesalers in DFW. There are also ssome questionable characters. 

Texas didn't bust in 2007/2008 James, so you didn't really miss anything here. However, that appreciation you're talking about completely stagnated for about 5 years. Prices receded slightly, but that was mostly due to folks that had to sell at that point being forced to reduce their prices, because there were so few buyers, after banks stopped lending.

My advice to you, if you're looking to invest, is to view appreciation the same way you would a bonus at work...it's a bonus...never depend on it to make your budget work.