All Forum Posts by: David Ward

Great question! We may not have a large population in Abilene compared to some places, but I have to believe that when companies apply cookie cutter demographic studies to a place like Abilene they always fail to see the potential. Abilene has Dyess AFB & great colleges bringing in large groups of people with a high turnover every few years looking for fun. And there is a fairly large number of those who settle here and stay. Hope you do bring something great here someday! Good luck with your career.

Welcome to BP Jacob! I hope you do look into investment properties at one point. I will warn you though, once you start you might not want to stop!

Welcome to BP Van!

8 rentals is a great start, and 30 is an awesome goal. I invest in Abilene rentals also, and wish you the best. I learn something every day I take the time to spend on BP. If I can ever share information with you about local contractors etc. just let me know.

@Steven Woon has made some good points here. Not knowing if you have an actual verbal lease agreement that establishes the terms, we would both be guessing in the dark as far as enforceability.

TREC (Texas Real Estate Commission) has lease agreements and other forms on their website you can use, however, TREC stipulates that you assume all risks associated with their proper use.

Check out the free education available here on bigger pockets. (Use the Education pull down menu at the top of the page) There is more free information here than most "Real estate gurus" charge thousands for.  It takes a commitment in time - but you can get there.

Hi Daniel,

Welcome to the world of real estate investing!

I am an investor in Abilene with rental properties, not an attorney, but from my understanding of Texas law you have what is known as "A tenancy at will", and can be terminated at the will of either party upon "fair notice". It really helps to have a lease even with a friend in order to avoid any misunderstandings. I would also be concerned about the liability and safety issues if the house is not "up to code" while your friend is living there and working on it.

I would encourage you to have a written lease agreement as soon as possible, even if it is a month to month lease.

Wish you the best in your investment. If you put in the time to learn here on Bigger Pockets, you will learn all you need to know to be successful.

Welcome Jonathan!

You're in the right place to learn all you need to know about real estate investing.

Wish you the best as you learn and grow.

Great job!

Isn't it amazing how you can become an overnight success...

By working overnight a few times.

Welcome Jessica and I wish you the best in your investing. I have been investing in single family houses in Abilene for 3 years. The "sweet spot" you will want to charge for rent is going to depend a lot on location, condition of house, # of beds and baths, etc. My 13 units range from $600 to $1400 per month. Make use of the investment calculators here at the bigger pockets site. I try for at least a 10% cap rate or I will pass on it. Read a lot of the posts here and listen to all the bigger pockets podcasts. You will start to get a feel for what to look for to and what to charge for rent. The last piece of advice if you are doing your own property management is take advantage of all the free sites to advertise your rental on, and oh yeah... screen those tenants good. You will always talk to that person with a horror story about a rental they had. If you screen your tenants right you will not be the one telling someone else someday how bad it sucked to be a landlord!