All Forum Posts by: Samantha M.

@J Scott Thanks for stopping by J. Yes the numbers work from a rental perspective, after debt service the property cash flows $450 per month.

I know our markets are different, but in general if you were to make a cash offer on a turn key rental in good condition such as this one, what % ARV would you buy at with cash?

I nearly always deal with properties that need some sort of work and have high equity, so this is a bit of a different beast for me.

I got a lead from a property built in 2007, its a 3/2/2 nice property in good condition. The property already has a tenant in it. I might try to wholesale it simply because its in a far away section of Dallas for me (I like to be within reasonable driving distance to all my rentals).

With that being said is there any strategy I could use to Wholesale this house? Being built in 2007 it probably has little equity. However, it is in good condition and already has a tenant renting the place.

In general, do you find the rental numbers reliable using the websites rentometer.com and rentmetrics.com ?

I was looking at a property in a lower end neighborhood and was unable to find anything comparative to the subject property leased in the past 8 months. However, rentometer and rentmetrics both produce a number for me.

I am just not sure how they are getting there data, thus I am not sure if it is reliable or not. Are they somehow able to get off market rents such as craigs list?

Thanks

I was looking at a property here in DFW near Grand Prairie that was built in the late 1960s. The problem with the house is it has numerous cracks on the interior of the house. The seller told me they did quite a bit of foundation work not to long ago and the roof is new. I am wondering if the cracks I am seeing are mostly cosmetic at this point, or if there is greater cause for concern. Please click images to ZOOM in. I am not sure if the damage in the pictures are "scars" from before the foundation repairs.

In the above picture notice crack by fan.

In the above picture here where the ceiling meets the wall, there is a gap on this side. I assume this is due to the foundation shifting mentioned earlier?

I actually went with a friend of mine who wholesales and he was kind enough to send me back some of the pictures he took. You can see the pictures below.

@Tim G.

Very much in agreement. You would be much better off using that $1,000 to get a list of absentee owners with high equity and start regularly mailing them.

My daughter just finished her license, and I was thinking it might be a good foot in the door for her to work with renters and help them find places to live. Are there brokerages you can join that solely focus on this, and is it possible to make a decent living doing this when first starting your career? Thanks everyone.

@Tim G.

How were you able to pick up momentum from taking you a year to find your first deal to regularly closing 2 or more a month?

Trying to find more ideas I can do with leads I would normally call dead. If the property has little or no equity you could potentially use:

• Subject2
• Lease Option
• List it if you are a licensed agent

If the property is upside down with its mortgage you could:

• negotiate a short sale

What else did I miss? Really looking for more strategies to expand upon with these sort of leads.

Thanks everyone!

Agreed. There have already been discussions about this product in another thread. Several users reported they printed out a large list of properties, drove them, and a decent portion were occupied and not vacant.

Gary Clark
Do people in that area even have the income that you need? To make 3X rent for your property they need $4,500 after taxes. That means their salary needs to be around 60k per year to qualify.

At that price in my area most buyers would BUY a home if they are qualified. Where I am at $1000-$1200 seems to be the sweet spot.