All Forum Posts by: Bart H.
Bart H. has started 11 posts and replied 1128 times.
Post: Northeast Dallas Rent Increase on Renewal
- Dallas, TX
- Posts 1,165
- Votes 745
Post: "Emotional Support" dog in Texas
- Dallas, TX
- Posts 1,165
- Votes 745
Originally posted by @Robert Herrera:
Stephen Hayworth does your lease say no pets? If it does then they need to get rid of the dog. Post an eviction notice. Call the dog pound on the dog being left tied up outside.
Dangerous advice, because if it truly is a support animal you could be in violation of the fair housing act as I understand it. Someone correct me if I am wrong. but you could be opening yourself up to big lawsuits.
Post: Buying rental properties 3 hours away from each other-Good idea??
- Dallas, TX
- Posts 1,165
- Votes 745
Originally posted by @Bryan Tasumi:
Buying rental properties 3 hours away from each other-Good idea??
I am planning to live in Houston and buy rental properties in San Antonio, Austin, and Dallas. The cities are all in Texas but located approximately 3 hours away from each other. Is this a close enough range for rental properties or too far away? I would have to use a property manager for them correct?
IMO if you are new to investing, and dont otherwise have roots like family or whatever in the other cities mentioned, I would stick to buying in Houston. There are just too many advantages of being able to personally get to know neighborhoods, be available for repairs etc.
And I think when you are new, the best competitive advantage you can get in the marketplace is picking a very small neighborhood, and learn everything about it. Drive it, walk it, get updates every time a unit comes on the market. Know what it sells for and rents for.
Then when a deal comes on the market, you know if it is worth acting on, I just dont think you can do that from a distance until you have the knowledge and systems in place that come with experience.
Plus Houston seems like a pretty good market to be looking, they just had the hurricane, there are almost certainly distressed sellers and reluctant landlords.
If we personally lived closer, we would be looking at Houston. Personally, I cant speak for everyone, but I think Dallas is getting pretty picked over. They just had the countries largest addition of apartments, the higher end houses seem to be moving much slower. There seems like a billion all cash buyers for anything priced within reason.
One anecdote. Just today I saw a wholesaler in DFW come onto a local FB group for real estate investors. Here was his offer:
330K-340K ARV (betting it was 330 or even 320K)
295K price
2200-2400 ARV rent (betting it was 2,200)
Needed 30K in rehab.
So basically he is offering a house for 295+30= $325K that is worth $330K,.....with a rent of $2,200. And that doesnt cover any transaction costs.
Mind you these were ALL his own numbers.
The worst part about it, is someone might actually buy that kind of garbage.
Post: Am I paying my project manager too much?
- Dallas, TX
- Posts 1,165
- Votes 745
Post: Peoria IL Bradley area
- Dallas, TX
- Posts 1,165
- Votes 745
Post: To-be investor looking for starting out advice
- Dallas, TX
- Posts 1,165
- Votes 745
Originally posted by @Jon Wimmer:
Hey BP!
My name is Jon and I have been lurking around the site for about half a year now. I got interested in investing in general after basically googling "how do people get rich" I think haha. That led me to real estate investing and then listening to the BiggerPockets podcast while working all last summer. I have attended two meetups hosted by Deren Huang here in Tulsa and really enjoy meeting and listening to locals stories! My main goal right now is to achieve early financial freedom. I will start this by doing househacking in either a single family with friends or a small multi.
Here is where I have a question, right now I am in my final semester to receive my Bachelors in Mechanical Engineering from Oklahoma State University. I will graduate without any student debt or any other debt for that matter. I would also like to mention that I am a frugal person; enjoying Set For Life by Scott Trench so far. What I want to know is if I should be looking to move somewhere like Texas where my income will not be taxed; plus engineers seem to make more in Texas generally. I am not sure if Texas is a good idea because of the high property tax. I do not know the Tulsa Oklahoma all to well anyhow so there seems to be little reason for me to spend time learning this market if I can begin learning others now.
IMO focus on a job and a location where you would like to live, imo the most important part of success as an employee is being happy. I wouldn't worry that much about picking a city based on its real estate opportunities with the possible exception of avoiding dying cities. Ie "Detroit" (just kidding, Josh made me say it)
From there the house hack idea sounds like a great idea.
IMO deals can be found in every city and every economy, even in "high priced markets". As a house hack, consider buying as many units as you can (1-4), and make sure if you cant find any tenants that you are still able to make the payment.
My wife and I bought a duplex a few years ago, more important than a great return was finding a place we could afford and was in line with what we planned on otherwise paying for housing. That way if we hated being landlords, or couldn't find tenants that we still ended up being able to pay the mortgage.
Best of luck to you.
Post: Property Taxes After Acquisition of Retail Commercial
- Dallas, TX
- Posts 1,165
- Votes 745
Originally posted by @Jae Kim:
Hello - I'm looking at a commercial retail deal where the real property taxes shown on the operating expenses are super low in comparison to the purchase price of the building. I know after the purchase, the tax expense may significantly go up (5X) as currently listed. The leases have NNN reimbursements by the tenants, but there will be significant sticker shock when the tax bill comes out or when the new NNN charges are set. I think Seller will say that Tenant have to pay for this so this is not an issue. But I feel like this disparity in the historical property taxes and future taxes will be a risk factor and warrant an adjustment on the purchase price. Anyone have experience in dealing with this issue and can give advise? The property is in Texas and taxes are usually assessed based on value derived from rent stream and with cap rate determined by county applied to it.
Thanks.
I don't have experience in commercial real estate, but remember Texas is a non disclosure state. Is there something that will trigger a much higher tax assessment other than just how the state has been pushing up property taxes?
Post: Rookie from Dallas, TX
- Dallas, TX
- Posts 1,165
- Votes 745
Originally posted by @Erik H.:
Hey @Azaan Ramani,
I looked up your criteria in our system and got a couple potential results that you might be interest in following up on. All have current renters so you wouldn't have to search for tenants right away.
1720 S Denley Dr, Dallas, TX 75216
3928 Kynard St, Dallas, TX 75215
3922 Kynard St, Dallas, TX 75215
Happy Hunting
While everyone has to make their own investing decisions, and this is just my opinion as a Dallas investor, those aren't areas imo that are appropriate for a first time buyer, especially not one that is also trying to do a residency.
Post: Rookie from Dallas, TX
- Dallas, TX
- Posts 1,165
- Votes 745
Originally posted by @Azaan Ramani:
Hi! Thank you for everyone here that is generous in helping out. I have zero knowledge in REI and no background but have been recently very interested in learning about this area. I have been lurking out trying to read as much as I can on BP, listening to the podcast, and reading a a couple of books as well.
I am 25 years old from Dallas and I am about to graduate medical school and start my residency in June. I am mostly interested in a steady cashflow from rentals but also open to other opportunity. Currently, I just want to learn as much as I possibly can and then take action after I have a steady source of income when I start residency.
My short term goal is to have a steady cash flow during residency and pay off my student loan debt ASAP and free up extra capital to invest again. My long term goal is to make RE a healthy part of my portfolio and become financial independent early so I can practice medicine because I love to do it and not because I need to pay the bills.
Hope to get to know everyone here! If anyone in the DFW area wants to grab beer/coffee or just talk about REI and learn just let me know.
There are a bunch of us that meet up every month at the Gingerman, @Nick Hughes usually sets up an event reminder. Its a good group of individuals who are getting started. MY wife and I usually go. There is no pitch, no cost other than what the Gingerman charges for beer and a really friendly group of folks.
Post: New or Used Appliances?
- Dallas, TX
- Posts 1,165
- Votes 745