All Forum Posts by: Jorge Barrera

It depends @Sadiqa Noori...what kind of property are you looking for, and in what condition? Single family, multifamily, fixer-upper?

I was not aware that LVP can be more expensive than refinishing hardwood floors, so that can make it a tougher decision, but I tend to agree with most others on here that you should keep the floors and use either LVP or carpet when renting out.

Hi @Sam @Sam Pat,

I agree with @Alex Grosvenor & @Justin Tsoi, at your price range there is probably more realistic opportunities in east Dallas. North Dallas has appreciated a lot in the last years so it would be pretty rare to find a SFH under 200k. If you consider townhomes or condos, then you can still find some properties, but that would bring in to question what your strategy is.

All the best,

Jorge

Hi @Thomas Milas, 

I second everything that @Luke Trovingersaid, and I would add that you should interview a few realtors that have a proven record of working with investors and investing themselves, and if they are just getting started then they should have a mentor with the experience guiding them. I would also consider someone you think you can work well with and who communicates well with you. 

Like most things in real estate, you should do your due diligence upfront and shop around so that you know you are getting a good deal/agent/loan.

All the best,

Jorge

@Bruce Lynn That makes sense to me, especially the point on the short term rentals. I guess I am just not sure how an HOA can regulate who your roommate is, as long as they are your long term roommate. Am I making sense? But you are right that it will always be a risk that the rules can change, and usually not worth fighting an HOA.

Although I do not have experience with Capital Title of Texas, I have heard some really good things about them, and they have an app/website that lets you estimate your costs. I have an investor friend that uses them.

@Bruce Lynn why would you not recommend to house hack in property that has an HOA? Is it mainly because you do not think the numbers will work out, or is it because HOAs have rules against house hacking?

Hi Victor,

I'm also 25 and grew up here in Dallas. I have a friend that has been investing in Dallas for over 10 years now and he is always recommending the Oak Cliff neighborhood. There are many distressed homes that can be flipped. This area has been very hot for some time, but considering I still see many investors in the area, there is still a lot of potential.

Jesse, I am looking to do the same and I have been submitting offers on properties. The market is very competitive, but I'm hoping persistence will pay off and I will eventually get a good deal. As far as pricing for rooms, I am thinking of charging a bit less than what a 1 bedroom apartment would go for in the area. I am not sure how well this will go, but we will see.

As a recent college grad, something that many landlords would do around my university is ask individual renters to find roommates. So instead of having to do rent by the room, they would rent the whole house on one lease. I'm sure this will reduce how much you make from rent, but it will also make it a lot more simple when you look at the logistics of it.