All Forum Posts by: Matt Solis

Yo Samuel! I house hack in Arlington and would love to connect. I’ll send you a DM.

Hey Jacob. My thoughts:

- The best contractors I’ve found have been through the recommendation of other agents in my network.

- You get what you pay for.

- Set up a draw schedule and stick to it.

@Daniel Schlittler Sign me up! I’m a new investor in the DFW area. I have properties in Plano and Arlington. Would love to expand my network.

@Charlie Morales I own a SFH near UTA campus and it does very well. Arlington has lots of room for appreciation still.

@Brandon Craig Have you looked into off market deals? There’s a bunch out there where the numbers make sense if you’re willing to buy something that needs work.

Hi Vanessa, I would recommend renting by the room if you only have one rental. $600 per room is my best guess for that area, depending on the quality of the house of course, which is $2400 in gross rents. Compare that with getting only about $1800 for the whole house, even if you are paying for the utilities in the RBTR scenario. An extra $7200 per year in income is easily worth the few extra hours of work for finding multiple tenants. Be diligent in your screening process.

As for rules and regulations, call the city and ask. I'm pretty sure that mesquite requires of certificate of occupancy, regardless if you are doing RBTR or renting the whole house.

Hi @Sean Robbins, welcome to BP. I’m also looking at Dallas proper for my next investment! The Bishop Arts area is particularly enticing. What’s your strategy for financing the fix and flip? 

@Denton Lewis may be able to refer some title companies. The acquisition company he works for does many double closings.

Yo @Brandon Craig

At best you would be able to break even if you turned a 600k property into a LTR, but you would need to rent out each room invidiually to make it work. $700 per room for a luxury home is not too far fetched, which would put gross rents at $3500. Your PITI is probably around $3300 with 20% down, that leaves $200 for reserves. Assuming tenants would also be paying utilities. You will probably need to self manage as most property managers will not do RBTR.

The silver lining here is that the area you described near the Zoo has a ton of potential for appreciation. IMO, the path of progress is heading towards Bishop Arts/Oak Cliff/Cedar Crest area which is where your property is. It might be the hood now but what about in 10 years?

Hey James, welcome to BP and thanks for sharing the beginning of your journey! Multi-family properties are a great move, but are incredibly competitive in DFW as I’m sure you can imagine. I’d be happy to help you in any way I can if you’d like to connect; I’m a somewhat new investor in town and a soon-to-be real estate agent. I’ve started off my journey with 2 houses hacks in back-to-back years, and am looking to do a 3rd early next year.

Feel free to reach out any time.