All Forum Posts by: Kenneth McKeown

@Wesley Van Steenbergen what's your job and financial position right now? What are you paying in rent? I know my first duplex purchase I was able to live for free instead of paying $1500/mo in rent - which was a huge swing in expenses. @Dustin Lang I agree with you regarding prices though. This "recession" or whatever the chaos is that we're in is not caused by the housing market in which the 2007/2008 recession was. If anything buying homes will become much more difficult now with how difficult lenders have gotten on lending. I'm under contract for a new build to be built by the end of the year downtown and I still have my eyes out for a SFR so investors are definitely still buying.

@David Y M. I'm obviously biased because it's the market that I live and invest in - but I saw a picture posted on FB for counties that are the safest against Covid and Dallas and Tarrant counties were in the top. 

@Meg Mussman I agree. Not sure what you purchased it for but in DFW our downtown market is crazy expensive (I'm building a house downtown myself). However our rents correlate usually as well - for instance there are many houses that rent for $3-6k/mo downtown. 

@Alex Grosvenor then yeah - you're likely putting low offers on distressed properties and sellers are looking for someone to buy as-is where-is. Understandably so if they are going to be taking cash offers. I'm not sure when the last offer you submitted was but with all this Coronavirus situation a lot of investors are not out in heaps like they've been for quite some time. I'm personally more of a buy & hold investor and not huge on flipping - especially right now as where the market may head is a big unknown. 

@Alex Grosvenor are you putting in offers on residential buy and holds or are these run down, cash only, sight unseen kinda properties? If you're low balling distressed properties they aren't going to be keen on any kind of option period as you're already offering so low that they won't give you an option to terminate or back out or request repairs or additional changes in the price.

Now if we're talking residential properties - I've closed over 125 homes and not ONE was without an option period... and often times these were multiple offer situations that I beat out other realtors/buyers on.

@Jay Libowitz any way you can remove this tenant? Are they month to month? This could cause a much bigger issue long term if others decide to find a premise in your lease to be removed due to the other tenant and then give you a vacancy issue. Tough to say though - however this is a risk you take by purchasing a property in rough, or D class neighborhoods. 

@Alejandro Piedra Welcome! I actually just visited Tulsa for the first time a few weeks ago for a mini vacation (I live in Dallas) and let me tell you - you can't compare the two markets. Now I'm no expert in the Tulsa market but I did plenty of driving and scouting out houses (it's just what I do) and they had homes in historic areas within striking distance to downtown for under $200,000. That's not possible in Dallas/FW. I'm going to take a good guess and say that Tulsa is overall a much cheaper market but I also spoke to plenty of folks around and the rent is also not as favorable in Tulsa. I have a rental in Dallas that rents for $2,550 that's 25 minutes from downtown - just a 3/2/2 1850sqft that's been renovated and (another wild guess) but that would next to impossible in Tulsa. It really depends on what your goals are with your investments that will dictate what market makes more sense to you. 

@Chris Martin there really isn't "oil states" there are "oil cities". There are a few I can name of right off the bat that have been hit hard by oil prices but cities like Austin and DFW will have little to no harm done by the oil industry.  But I agree @Scott Mac that Texas is a very safe bet to be one of the best states out there to recover quickly from this. 

@Angel Meraz this is big no. Been through it and there's little to no success in it. Do yourself a favor and don't purchase it (IMO).

@Chris Webb Welcome! Is this your first time looking into investing or do you have properties in any of the other cities?