All Forum Posts by: Bart H.
Bart H. has started 11 posts and replied 1128 times.
Post: South Chicago multifamily apartment market
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Elbert D.:
it's actually very possible.....many investors(some here from BP) have contacted me about setting up an infrastructure to invest in Chicago and or Indiana. As long as you have a property manager who is good with finding quality tenants you should be fine. The same goes for rehabbing a rental or fox and flip as long as out of state and or international investors can use a rehab team here in Chicago and or Indiana they should be fine. Pics and videos are taken, the investor is also free to come look at the work that was done as well as enjoy their stay downtown. It's plenty to do downtown Chicago. This is an unbiased opinion of mine. I'm from here so I pretty much did everything lol. But as long as you have people on the ground or business's systems in place that's all that's matters.
ITs a year after on this post, but I would be infinitely more inclined to do NW Indiana than I would the Southside of Chicago. The politics and landlord rules are a LOT more reasonable.
Now for full disclosure, I have spent a lot of time in every one of the neighborhoods in Lake and Porter county. But Chicago is a different world.
Post: Wholesale property with Leaseback
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Lydia R.:
@Yash Ranadive If you paid the 5k Im assuming you signed a contract or an assignment of contract? If so you shouldve gotten a copy of the contract and it should also include an addendum for a temporary leaseback and it should include language that spells out the terms of the leaseback. It should also include a provision that holds back a portion of the sellers proceeds until they have vacated the property which serves as an inventive for them to leave in a timely manner. That provision isnt a standard part of the addendum so it would have been added in. Who is the wholesaler?
Bet I can guess who the wholesaler is.......
And if they didnt include it in their contract from the get go, I would tell the wholesaler its not your problem.
Post: Wholesale property with Leaseback
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Yash Ranadive:
I just paid the token 5K amount for a property in Dallas to a well known wholesaler in the area after a silent bid. The wholesaler is telling that the closing will happen in 1 month and the seller needs to have 1 week of leaseback after the closing.
Are there any potential risks such as squatting when I do a leaseback? What are the documents I need to have to make sure I'm reducing risk?
I would not do it.
Had a realtor tell me of an incident she had with an other client, on a 500K+ property her buyer gave a leaseback. Walked into 30K in damages.
Your insurance might not cover it, you likely will have to evict. And who knows what the wholesaler has said to the seller. There are some scam artists in Dallas who were selling properties they didnt own.
PLus in a lot of cases the house isnt safe and thats one of the reasons its not being listed on the MLS, as owner guess what, I think you are now liable for the condition of the house.
IF we ever did a leaseback, and I probably wouldnt do one with a wholesale deal., I would put a large amount in escrow until they moved out.
Post: Asking Realtor (Seller) what units rent for, is it wrong?
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Jim Williams:
When analyzing properties, is it wrong protocol to ask the listing Realtor what the units are renting for? I see others using 'RentOMeter' and Craigslist.
Absolutely ask what the units are currently rented for.
But I would also suggest you do a couple of other things in terms of due dillagence, have your realtor come up with a comp. You might find out that the units are under rented. OR you might find that they are over rented.
I mean its easy to get a few hundred dollars more a month by ignoring red flags on tenants not having 3x's the rent in income, or having major red flags with regards to evictions, bad credit, etc.
Post: Trying to buy a fourplex in the DFW area
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Harith Hadi:
Since I'm just starting out,there are a lot of thins that are unknown for me.
for example, how can I tell the property tax for every property before I buy it?
What is the SF price around the DFW area ?
What is the vacancy rate here ?
What is the closing cost % to the property cost ?
and most importantly that I lack the network to find the deals like finding the right broker who actually invest in fourplex not just any regular agent.
I appreciate you taking the time to reply...
In mid range prices, Dallas is more or less 100% price dependent on vacancy rate outside of turns.
We more or less have been a week or less on our last half dozen turns. At least once we get a rental up and kicking.
We dont have any of these, but if you get into SFH's up over 2500 or so and it might be a different story, but in the $1,200-$1,500 range, Even up into the mid $2,000's we havent had any problem with vacancy.
Sf price can be $30K, and it can be $5M. Most rentals are in the $150-200K range. And that generally gets a $1,500-$2,000/M rent.
There might be a few, but four-plexes are really hard to find.
Originally posted by @Antonio Ruiz:
Hello everyone,
My name is Antonio but if you prefer you can call me Tony, whichever is fine. I’m new to real estate and I’ve never been so sure of what I want I do for the rest of my life. When the RE bug hits you, it HITS you. I can’t stop thinking about this. I was told by someone that BP would change my life and scrolling through the forums, there is no doubt in my mind that they were right. The amount of support here is great! I’ve been in other groups and forums but this one takes the cake. It’s so active and there are many here who are passionate, hungry, and on fire for RE. I’m doing this for myself but I know I can’t do it by myself. I’m excited to be here with everyone!
Greetings and welcome to the forum!!!
Post: Should I start looking at properties or wait?
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Tyler Lay:
Hello BP community!
I am a newbie who is interested in starting my real estate investment portfolio. A little about myself, I am 22 years old, just moved to the Dallas Texas area and just started a new job. I currently live in an apartment but would like to get into a multi family property when my lease ends. It does not end until December, but my thought was to begin looking early that way I could get a property, fix it up, and move in a tenant before I move in. Should I consider waiting closer to the end of the year or start looking now? Also who would you recommend that I speak with first in regards to this whole process? I spoke with banker to see what I may get pre approved for, but at the moment I am waiting for a response.
I always recommend folks look at house hacking to start.
IMO the best way to start is to buy a duplex/tri/quad and live in one unit and rent out the other units/bedrooms, and live nearly free.
More broadly, I think its possible to find deals in every market. Just determine your investing criteria, pick a neighborhood and get to know it. drive it, walk it, look at every property that comes for sale. Figure out if a property is under or over priced. Then when a deal comes along, you know what it looks like and you buy.
In a market that has run up a bunch, your numbers might not make sense. A few years ago, everything was a smoking deal. But let the numbers tell you if its a good deal.
So in short, I believe you can find deals in every market, but I wouldn't sit it out because you think the market is overpriced.
Post: Breaking FHA rules.
- Dallas, TX
- Posts 1,165
- Votes 744
@Kirk Perecich I believe most of the disclosures are 30 days. We have done this a few times. Buy, do some rehab and then move in.
I can’t say we have always hit the 30 day mark because sometimes our rehab goes a little long.
But our intent is always to move in and we live there for a year or longer.
If we aren’t going to live their we get a non owner occupied house.
It’s not worth it to break the law and go to jail. But you know what IMO it’s more important to do things ethically.
Post: 10 Duplexes for sale to be built in Sanger (DFW) Texas
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Mark Creason:
Sanger (North of DFW) Texas Duplexes to be constructed. Duplexes can be built in 4-5 months. Buildings will be 2968 square feet with 1484 sf units. Units are 3 bedrooms 2.5 bathrooms and 2 car attached garages. Previously constructed duplexes are getting rent of 1600-1650 per side. Pictures below are from a previously completed duplex in this development.
Calll Mark Creason for additional information
469-200-4634
Agreed, what is the sales price?
Post: Foundation repair average costs
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Ben M.:
Originally posted by @Bart H.:
Originally posted by @Ben M.:
Hi Ned, I am not experiencing any issues I but was curious to find out what are the *typical* costs to resolve common foundation issues
You could run a mack truck thru the goalposts of the high and low.
Could be 30K, could be a thousand. IT really depends on how many piers, how much if any in plumbing, walls, etc. It is pier and beam or is it slab. Do you have to replace. DO you need to redo drainage.
There are a ton of variables. Honestly during your option period, get a foundation company to inspect and give you a quote.
We find in Texas, essentially every house has a poor foundation. if its a rental, most of those don't really need to be repaired, or can be tweaked for a minimal cost.
Thank you Bart. It is for a rental. If the home inspector does not see any foundation issues though there should be no need to hire a foundation inspector is that right? The home inspector should be sufficient as far as looking for possible issues?
If it walks mostly stable, and doesnt seem to have major major cracks in the exterior or drywall, then I would assume it was ok. Like I said every house in Texas has or will have foundation issues. Most foundation issues are nuisance issues, it doors not shutting, ugly drywall cracks etc. Very few actually require repairs, especially for a rental.