All Forum Posts by: Dawn Oishi

@Ali Daiy 

Be cautious if you employ this tactic in the DFW area.  Many university neighborhoods have an ordinance that prohibits stealth dorms.  This means they only allow a certain number of unrelated adults to reside in one house. For example, TCU recently changed its city ordinance from 5 adults to 3.  

Every owner and investor is required to register the home and the occupants.  The leases must be on file and be available for property inspection and investigations.  Fines can be quite hefty.

@Coby Herzog

Hats off to being a young investor and jumping feet first into the market!  Also, thank you very much for keeping our freedoms.

The DFW market is strong.  Most of the good stuff were bought years ago though the hedge funds and rei groups.  You will see some decent deals come through every now and then.  Duplexes are highly sought after as first-time investments.  I tend to spend several days a week viewing them for out-of-state client investors.  

You mentioned staying on the lower end due to capital issues. Here is a quick snapshot. There are currently 17 duplexes available in the DFW metro for under $75k. All are in C neighborhoods and renting for $400-600. There is a little bit of wiggle room on your ROI, but not much. You might do better finding a SFR in the same price to fix and flip to add to capital or even fix and rent hold just to help lessen some of the PM fees. Less units to repair, insure and pay property tax on.

Lastly, maybe see if you can find a reputable wholesaler.  They will get deals across their desk daily. The market is super saturated with investors in the 20-150k price range. Competition is stiff.  However, if the stars align and you luck your way into a great deal then you can do pretty good in our market.

Let me know if I can help you with anything or get you the name of my wholesaler.

As an Accredited Staging Professional, ASP, and a Realtor, the stats are 90% of all professionally staged homes receive an accepted offer within 11-15 days for 15-17% above listing price. Sellers tend to receive over 500% ROI. Obviously, every property is a little different. Our market moves fast. If a home is priced well and staged, you will see offers on it much more quickly than the over priced non staged home. Please let me know if I can assist you with anything or answer anything more about home staging.

Give the tenant a credit as it is an inconvenience to them that they must wait for your insurance check to arrive since you do not have the cash reserve. You are making the tenant feel like you do not care about them or the property.  Start the repairs to make the tenant happy.  

@Jamie Doman

Welcome to BP and the DFW market, Jamie!  You will do great with either strategy.  Plano, McKinney, Allen and Frisco are hot markets due to many corporate headquarters relocating there.  Homes have been appreciating upwards to 7-12% in those areas the past couple of years and will continue on that trend for a few more.  You might also consider some of the bedroom communities of Sachse, Murphy, Wylie as they can have great returns and command higher rents.  If you have questions about the area, feel free to ask.  Good luck!!

@Austin Li

I've worked with several out of state investors and have asked for a signed representation agreement at different times during the process. If you have provided me your POF, PreQual letter and Drivers License, then we are good to go until you want to write an offer. If you ask me to run all over town to view properties, run your numbers, find you contractors, give you cma and rental prices....then, I'm going to make you sign the agreement to ensure my work isn't in vane. A decent Realtor should be able to size up an investor to know if they are testing the waters, riding the fence, or are green to go with a purchase. Next time, request the agent write the representation agreement for just the one property you are interested in. This way you will not feel tied down to them if you are not a good match.

@Xuan-Thy (XT) Bui

Welcome to BP!  There is a lot of great information to be found here.  Take a look around. You are looking at some of the hot markets to invest in.  I have a couple friends who are all over the Kansas City market.  I also have a few out of state investors doing the smaller multi family props here in Dallas.  If you have questions about the Dallas market, feel free to ask!  Good luck!

@Michael Erdman

I'm investor friendly and on the north side of Dallas, but can travel.  Let me know if you need anything. Welcome to BP!

@Huw McDonald

Welcome to BP, Huw.  You will find a ton on information here a lot of people who are willing to share their stories.  Soak it up!  I'm in north Dallas.  Let me know if you need anything.  Good luck!

I could probably swing Plano depending on which side and whether north or south. Keep us updated.