All Forum Posts by: Kenneth McKeown

@Ryan Verbist are you wanting to relocate or invest from afar? Dallas is an exceptional market but it's going to be very hard to penetrate the fix/flip market with really no experience or boots on the ground. I personally invest in LTR/STR's and don't dabble too much in flipping because anyone and everyone is trying to flip homes and I see firsthand how devastating a bad flip can put someone in their life.

If you are relocating - will this be your full time job? If you're not relocating - what's the plan to form a team with having very little network and expecting individuals to not run off with your money? It's almost an every day occurence where another GC runs off with someones money. 

Just trying to get a little more clarity. I love the DFW market - and FW will definitely be a cheaper entry price point then the N Dallas area. 

@Chris Hamm I'll do my best to answer some of these.

1. Why are you wanting to get in touch with a wholesaler? Are you looking to purchase something cash? Purchase a distressed property? Sounds like it based off your second question. It says you're in Killeen though - are you wanting to jump into a flip while not even being nearby the house itself? 

2. Definitely plenty of companies out there that will handle STR - but just be aware that STR PM is more expensive than traditional.

3. What type of return are you hoping for in a $200k condo/townhome? I'd be weary of the large HOA's and restrictions for STR with condos/townhomes. They are only going to get more strict.

Is this your first investment? Do you own any STR in Killen? Or any rentals at all? I can understand the desire to visit Dallas a few times a year and enjoy your own place... that's being rented out during the other times of the year. A good friend of mine is doing that in Destin, Fl.

@Jaki Ollango Sounds like a situation that's just gone wrong. I would get it listed cheap and get it sold ASAP. Hopefully it's enough to pay off the HML and a small enough pill to swallow. Unfortunate situation.

@Tyler D. if you're strictly looking for best returns - the above mentioned areas will be better than any of the large metroplexes. But if you want the lifestyle that comes with a large metroplex - then SA, DFW or Houston would all be viable options. 

@Tyler D. what are you looking for most in life? Obviously moving and finding a job here in Texas may offer you a different lifestyle in each city. San Antonio, Houston, DFW and Austin are all great metroplexes with (maybe excluding Austin) pretty decent returns and a great lifestyle. $800k for a 4-plex for instance where I'm at (DFW) would buy you a completely remodeled 4-plex right in the thick of things in downtown Dallas. Or you could be in Arlington for half of that. Both would offer you a much different lifestyle but one will cash flow much better than the other. 

I have a 4-plex that's in a very heavily Hispanic neighborhood. I've had a ton of calls with folks that do not have a SSN but rather an ITIN number. One in particular is a single mom and has sent me proof of income, rental history and bank statements. 

What can I do to minimize the risk of not being able to run a credit & background check? Monthly rent is 925/mo and she's comfortable paying a $1500 security deposit. 

@Haley Powell definitely. Coppell was a very sought after school district - and still is. Prices are crazy high though. Not sure if 8 offers in one day - but still a great area to raise a family. Certain parts of East Dallas are definitely a potential - but you're not going to get M streets or near Mockingbird or Vickery Place/Lower Greenville areas without creeping above ~$450k++. A 4-plex for $800k is definitely not going to cash flow either. A single family near downtown beyond WRL or potentially in other areas nearby without a super awful commute could be an option though. Props for getting ahead of the game and looking into it now!

@Haley Powell what a small world. Summer of 2017 I moved to DFW and took a full time coaching job & teaching job at Coppell High School. Glad to know you're familiar with the areas to an extent though! Cash flow is really going to depend on the neighborhood you desire to live in. Obviously a D class neighborhood will often cash flow much better than a B or A class neighborhood - but it comes with a cost of sacrifice (usually pretty extreme) when you compare it to living in an A or B class area. But on the flip side - an A neighborhood likely won't cash flow at all. 

@Andrew Grandon first off I'm sorry that the said realtor essentially screwed you over. Sounds like selling as is will likely be the best route for you unfortunately unless you plan to stay in DFW long term and put the $$ in it long term - but sounds like you want out as you mentioned moving out of Texas? 

There's not a lot of cost benefits of putting in all the work only to end up getting what you would get NOW for the house as is. 

@Andrew Grandon the biggest question is going to be where are you financially NOW and where would you be financially AFTER the sale. It sounds to me like it's a pretty significant amount of work that's left to do - and you would have to run your numbers in terms of what makes the most sense. Is the amount of $$ you're going to put into it going to ultimately net you more? Do you have the additional funds to complete the work? Lots of questions here.