All Forum Posts by: Account Closed

@Jose Garcia  You might be able to partner with a sober living or halfway house organization in the area.  Of course the more beds, baths, and parking the better for that.

An additional $350 a month is not a crazy amount for renting to those kinds of businesses.

If I am the agent's client and they do not call me back I will be contacting the broker very quickly.  If the broker does not call me back the same day I will fire them the next day.

If the agent's client is the other side in the transaction, I am not even that nice.  If I do not get a call back within about 4 business hours, I leave a message that I will contact their client if they do not call me back.  Believe me sellers love to hear that their listing agent does not call people back.  I have been known to give listing agent's broker's cell numbers out to their clients.  LOL

This is a very complex topic.  Do not over simplify it.  Very few people on bigger pockets own enough properties to treat them like commodities.  They are not cash equivalents.

Serious real estate investors should always keep enough cash or cash equivalents on hand to jump on great deals.  That is one reason why the rich get richer.

In this part of Texas...

You always want enough cash to buy properties on a 21 day auction notice.

You always want enough cash to buy properties when a major announcement comes out.  These can happen at any city, county, state, or school district meeting.

Maybe in an area that is slow moving and not growing extremely fast, it is different.  In my area, the opportunity costs of not having cash on hand would be unacceptable.

I would suggest paying cash and doing delayed financing or bringing in partners after you own the property.

Of course, if a person is trying to treat SFRs like a commodity then dollar cost averaging is one likely thought process.

I think that rule might date back to the I-30 Condo Scandal.  I just showed my age...   :(

@Jose Garcia   What do you think the long term outlook is for the area?  Do you think the values are going to go down long term?

If you do not think the value is going to keep(?) dropping you might want to refinance.  If you are still on an original 30 year loan and only have 18 years left on it you should be able to reduce the payments by getting another 30 year loan.

I would love to hear more details on how you got into this mess.

@Marlon Long This is going to sound simple but I think nearly all the pros will tell you this. HAVE ENOUGH PARKING. Parking is almost always the start of any problems you might have with the neighbors, HOA, or city.

It can be very profitable. It will also be more drama than the average SFR. That is kind of expected when you are getting five to six time average rents.

What is the current condition of the property?

@Robin Dassy  Why would a person move from Liege to Midland?  Was it the architecture or the mass transit?  I know it was not for better waffles.

I am joking of course. 

Welcome to Texas and biggerpockets.

@Tanner Micheli    You can see the alignments they are considering on the website ....  www.drive380.com... except it looks like the website is down at the moment.

@Tanner Micheli  You might also want to consider some raw land deals in Collin County if you can swing the financing.  The new US 380 alignment will create lots of opportunities.  TexDoT is talking about 100,000 cars a day.