All Forum Posts by: Ryan Swift

Being in Texas you just wait a few years till a hail storm comes through and let insurance pay for new roofs on all your properties. That’s what I’ve done or pay up front when purchasing the property. If it’s really bad to begin with sometimes insurance will not cover it.

I agree with what others have said that many roofers will tell you it needs to be replaced way before there are problems because that’s how they make money. Really most roofing materials are very durable and will last decades. With that said i would not be worried about looks, I would be concerned with operation. Missing or torn shingles and vents should be repaired to prevent costly leaks. These can easily be spotted by walking the roof.

If you have a friend that does flips I would take time to shadow them on a project. Offer to help out where you can. Real world education like that is invaluable.

I can't speak for Arizona but I've lived in Irving for 35 years and have investment properties here. Currently the market is moving well and property values are on the rise. Not so much to create a bubble as the market here has been fairly conservative. South Irving has some older properties in good working class areas and the north has a lot of construction for higher end properties. PM me if you want to discuss further.

I agree with having a scope of work. Any major work I type up a simple page and print it out for the contractor to sign. Trying to be as detailed as possible so there aren't any surprises. Include payment terms and completion date. Do you know any friends or relatives that may offer some advise on what repairs needed. You could also reach out to a property manager or realtor for advice on what fits your market.

I like Irving but stay in B areas (middle income working class) 80-150k. I have rentals in north of 183 but south of 635. It's a decent stable market.

Welcome from Irving. DFW is a great area to invest.

Exactly what I was going to say as well. Most mortgages have a due on sale clause. I have heard some use the logic that as long as you are current with your payments they likely won't call the loan but it could happen. But don't take my word for it talk with a legal professional. 

Also what is your end goal, if you have a mortgage on it do you have enough equity to want to put it in an LLC? For my rentals with mortgages I have a landlord insurance package that includes protection from lawsuits so I don't have these in my LLC.

Alfredo you can expect an average of around $250 per pier. $100 extra each if they have to bust concrete. 

Thanks everyone for the great leads. I got four quotes and spoke with many recommended foundation companies. In the end I went with DFW Foundation Repair Services LLC for 2 of my properties. I am pleased with the work they provided and how willing they are to work inside my budget.

Chris that is great advice, thank you for taking the time to respond. I really like the idea of investing up front in doing it right the first time. On some of my earlier properties I did not do this and found that I had the headache to go back and do it again later. Keep a year net income sounds like a much easier solution, seems I might be over analyzing these expenses.