All Forum Posts by: James H.
James H. has started 24 posts and replied 135 times.
Post: Bandit Signs in Fort Worth
- Investor
- Dallas, TX
- Posts 135
- Votes 62
No comments about Ft. Worth specifically. But, I put some out in a area with a high percentage of target home types (price, size, variations in maintenance/updating, etc.) I have 4 investment homes in the area and know it well. The area had no other real estate bandit signs. So, I do not believe they were taken by other investors.
I put out 50 signs over a 5 to 6 sq mile area. The signs lasted for 7 to 10 days.
Not a single call. I deemed them a total waste of money.
Post: tub replacement question
- Investor
- Dallas, TX
- Posts 135
- Votes 62
From things I have seen in this business, it is very possible.
Last year, we tried to buy at foreclosure. We offered the distressed homeowner a generous, fair, price. She almost took our offer but then was offered a completely unreasonable offer that nobody could possibly make money on. We advised her to take the other offer and consider herself very lucky.
9 months later, the HML foreclosed on the buyer and the general contractor had slapped a mechanics' lien on the property. The HML and the contractor got their money back in the final sale. I shutter to think how much the would be flipper was out, though.
A little investigation on our part showed that the HML and the contractor were both associated with a "guru seminar." Cannot prove anything. But...
Sad.
Post: tub replacement question
- Investor
- Dallas, TX
- Posts 135
- Votes 62
@Zoe Lee -- As @Mike H said, $125/hr for a plumber. I do not have a "magic contractor." Just call a couple from a Google search and pick out one you like. Again, assume 4 to 6 hours of work plus tile.
As for the tub itself, go to Home Depot and pick out a nice one.
Post: How to Tell if a Home is in an HOA
- Investor
- Dallas, TX
- Posts 135
- Votes 62
Hello Everyone,
Followup: I have discovered that some cities have a list/map of HOAs that can be used to determine if a property is in an HOA. Here is an example for Frisco:
https://friscotexas.gov/DocumentCenter/View/1446
And here is a link to an interactive map of Dallas neighborhoods and HOAs. This one answered my original question.
http://gis.dallascityhall.com/hoana/
Hope that helps someone else!
Jim
Post: tub replacement question
- Investor
- Dallas, TX
- Posts 135
- Votes 62
The price is outrageous. We had a steel tub installed in a BRRRR for $800 last summer - materials and labor. A fiberglass tub would have been $700 or so.
Post: How to Tell if a Home is in an HOA
- Investor
- Dallas, TX
- Posts 135
- Votes 62
@Ronald Rohde:
How do you find the deed? I see transactions in the County Clerk's records. But, I do not see the deed with restrictions, etc.
Originally posted by @Ronald Rohde:
Originally posted by @Aaron K.:
If it is in a developed neighborhood just look at the neighbor's houses on places like redfin, or the MLS and you will see whether or not it is in an HOA. If you are looking at land in an undeveloped or developing neighborhood your best bet would be to ask the listing agent if it is listed.
Honestly, I wouldn't trust the MLS listings anyway, I've seen many errors between mandatory or voluntary HOAs, fees being listed wrong, etc. The deed is the only legally binding document, MLS and agents are just opinions.
If you checked the deed and there is no restriction, then its clear.
Post: How to Tell if a Home is in an HOA
- Investor
- Dallas, TX
- Posts 135
- Votes 62
No listing agent. The lot is not on the market and neither are any of the homes in the area.
Originally posted by @Aaron K.:
If it is in a developed neighborhood just look at the neighbor's houses on places like redfin, or the MLS and you will see whether or not it is in an HOA. If you are looking at land in an undeveloped or developing neighborhood your best bet would be to ask the listing agent if it is listed.
Post: How to Tell if a Home is in an HOA
- Investor
- Dallas, TX
- Posts 135
- Votes 62
Where do you find the deed? The other homes in the area were built in the 1990's. I see the deed transfer in the county clerk's records to the developer. But that does not describe anything about restrictions, etc.
Post: How to Tell if a Home is in an HOA
- Investor
- Dallas, TX
- Posts 135
- Votes 62
How can I tell if a home is in an HOA? I have found an area I am interested in targeting for a new construction project. The property I am interested in has a permit pulled 3 years ago for a SFR. The foundation forms were laid and some plumbing was done. But, then the site was abandoned. Why? I want to evaluate potential HOA regulations before pursuing purchases. I have looked at the CAD website, the county clerk's website, and have looked at everything available online regarding the permit. I do not see any HOA mentions. But, also, I notice that the permit information available online does not show anything about the proposed home except for simple things like square footage and number of bedrooms. Surely there is more... What else am I missing and where would I find it?
Jim
Post: Zip codes recommendations for buying rental property in Dallas
- Investor
- Dallas, TX
- Posts 135
- Votes 62
Anything that meets your price criteria. Look at Zillow for that price range, pick a neighborhood, and then look at the rentals available in that same neighborhood. Garland is very hot now for that price range. So is Mesquite. Look for homes where CMAs indicate that the neighborhood will support $100 - $120 per sq ft. Otherwise, you are probably looking at an area that is somewhat "rough" or are looking at an area that probably will not cash flow.
There are "We Buy Houses" signs everywhere. So, the competition is stiff.
Because of high property taxes, you really should be close to the 1% rule or you will not see a cash flow. Along these lines, beware of huge property tax increases each year. Many homes have had increases of 50%+ since 2012.
Originally posted by @Lalit K.:
I see @James H. what are some good neighborhoods to look at?