All Forum Posts by: Kim H.

unfortunately when it snows or ices in Dallas, the entire town shuts down. The city barely has equipment to handle roads. Where does an individual landlord find supplies to take care of icy conditions?

Since all of us Dallas folk are iced in this weekend and I am still trying to do my due diligence on my first MFH purchase, I have an interesting question.....do you sand your sidewalks and parking lots when it snows? Here in Dallas, I would think the equipment isn't readily available to do a decent job? Do you have any policies in place for these out of the ordinary events? What if a tenant gets hurt or their car crashes into other cars in the lot? Who is responsible? How do you avoid liability?

Jack Tucker that would be a great idea if I were 20 miles north near the University of North Texas but I don't think it would work well in my current area. There is a MF available near the university. Maybe I should look into that one.

Real estate agents and assistants cannot allow others access to their MLS accounts. It is best to develop a relationship with an agent or find a broker to sponsor you. That way you can gain access yourself by becoming a member of the local real estate board. It will cost you $ in fees and dues but you will save a lot on commissions if you are selling your own properties. However, I only allow my agents to have two complimentary personal transactions per year. I carry the E&O for all of my agents.

Oh, and I did have a lake house that we used for summer vacation rental that did pretty well until the neighbor pulled a gun on one of my tenants (lost money selling that deal) and a commercial building that I had an office in but is now leased (about to lose tenant on that one and desperately wan to sell it). Those were accidental investments never intended for that purpose.

Carlos, yes, this is my first MF. My other investment is a SFR in Flower Mound and it rents for $1700 per month with a tenant who pays on time and takes really good care of the property. I added new carpet, tile and carpet to this one. My only other investment was a SFR flip, also in Flower Mound that I purchased for $119k and completely gutted. Sold a week after it was on the market with seller financing for $175k with $50k down. My problem (mental block) is renting as is. Even though the units are in decent shape, they are a hodgepodge of fixtures, nothing particularly appealing. Some carpet, some tile, some vinyl, different cabinets, etc. In my mind want them to be nice and what I consider show-ready. I guess my realtor mentality is conflicting with the mentality required to be an investor.

Thanks everyone. I think you all have great ideas. I have a lot to do in my feasibility period. And it may be too overwhelming and all I do is walk away but I am glad I found this forum to post questions and ideas. I don't want to learn the hard way.

I will probably just advertise in MLS. That way it will be all over the Internet. And luckily the main road is Main Street in old town and one black from the new transit center for commuters.

I just pulled comps for the two city zip codes.

Two bedroom leases average $914 for 900 to 1200 sq. ft for the last two years (this eliminates all of the newer units). There is a mix of 2/1 and 2/2.

Three bedroom leases, also eliminating newer units, average $1074 per month for the last two years. If I add in newer units, the average jumps to $1100 per month, but only adds about 3 additional units because the average age is 1972 for the entire area. The mix here is more 3/2 than 3/1.

Average listing time is just under one month for all properties. Currently there is only one property listed under $1000 for both zip codes.

This does not factor in apartments rates. Apartments range from $500 to over $1400 in the second zip code. There are not really any apartments in the property's zip code. One older garden style complex about 2 miles away that rents for $750 (all bills paid) for a 600 sq. ft 2 bedroom.

Mine will be listed in MLS.

Rentometer.com says $900 is reasonable for 2 bedroom and a good deal for 3 bedroom... however I don't really put a lot of stock in that analysis.

Bryce, you said $900 is aggressive. Would you recommend lowering to 750 to 800?

I would prefer not to spend the extra cost adding an upstairs bath, unless I really have to. Walls are easy, but plumbing gets expensive. Although it would be directly over the downstairs bath....

Current leases are $0. The owner is a non profit and current tenants are not paying. All will be moved out before I take possession. I plan to do a major overhaul on the exterior and add front porches, shutters, different paint colors and new windows and make them look completely new. The city has funding for residential exterior updates in old town, assuming I get approval. They really want this property to start paying taxes after 20+ years of being exempt. So I feel like the odds are in my favor. I am meeting with the city designers next week.