All Forum Posts by: Troy Ramey

@Jerry Carranza, no I've never used an inspector for rental properties. A lot of it comes down to experience and risk tolerance. I made some mistakes in the past but nothing life changing.

If you don't feel comfortable doing that I suggest finding someone that knows a little more about those systems and taking them with you, or taking lots of pictures and asking for help here. On the other hand, you may be able to find an "investor friendly" inspector that can assist. 

Hi Jerry and welcome to the forum (officially). I can't help with the second question as I live and invest in the DFW area, but I'd be happy to weigh in on the rehab budget question. The article you pointed to is a great way to find the numbers but I use a slight variation of that:
I calculate somewhere around $12 to $14 per square foot depending on the finish level first. Then I go through 6 major systems/features (electrical, HVAC, plumbing, roof, windows and foundation) for defects or issues. If any of these systems/features need replacement/maintenance, I add these numbers to the first estimate. That will give you a rough estimate on rehab costs. It may be difficult to estimate some of the major system repairs initially, but you should be able to get an idea of cost by asking around here or talking with some contractors.

Remember that construction materials, labor and certain issues with homes will likely vary depending on geography. 

Welcome Steve and congrats on being dad. Your story sounds very similar to most of the people on this site, myself included. My only advice is to buckle up and enjoy the ride. It's not a get rich quick scheme but if you're prepared to hang in there and grind it out, there's a lot of things to learn and some money to be made. Best of luck on your journey!

I'm still buying in the DFW area, but I'm looking for flips instead of rental homes. Prices are so high that it's crazy not to cash in if you can still find deals. 

Sent you an email. Looking forward to the virtual meet up!

FUN, FOOD, FRIENDS & FREE EDUCATION!

The meetings are interactive and all your questions are welcome. We are very casual, this is a social networking group and no one will be there trying to sell you anything. Bring some business cards and get ready to meet some new people. Food and drinks are available for purchase during the event. 

FUN, FOOD, FRIENDS & FREE EDUCATION!

The meetings are interactive and all your questions are welcome. We are very casual, this is a social networking group and no one will be there trying to sell you anything. We have a lot of fun and learn a lot. Bring some business cards and get ready to meet some new people. Food and drinks are available for purchase during the event. 

FUN, FOOD, FRIENDS & FREE EDUCATION!

The meetings are interactive and all your questions are welcome. We are very casual, this is a social networking group and no one will be there trying to sell you anything. We have a lot of fun and learn a lot. Bring some business cards and get ready to meet some new people. Food and drinks are available for purchase during the event. 

FUN, FRIENDS & FREE EDUCATION!

The meetings are interactive and all your questions are welcome. We are very casual, this is a social networking group and no one will try to sell you anything. We have a lot of fun and learn a lot. Bring some business cards and meet some local investors. 

Welcome Tyler. There's a lot of great info here and a lot of great people that are always willing to help. I host an investor meet up in Denton on the fourth Monday of each month at the Rudy's on I-35. It's always free to attend. Come on by if you're free on the 25th.