NEED Advice In Buying A Rental In Dallas TX
hi i need some help in deciding wether or not to purchase a 4plex in the Dallas Fortworth area. I have done a little research and have been dealing with a realtor who lives there but i am in bay area CA and will be renting from a long distance. fully rented and in the worst case scenario I stand to make profit 750-800 a month. should i go for it? the property is cheap and does not need work besides carpet and interior paint in one of the units. it is also fully rented with long term renters already.
We have boughjt property out of state site unseen and it has been very profitable for us. If the numbers then go for it. A word of caution however, A good property manager is of the utmost importance. We have had bad
[ Edited by joel on Date 11/08/2005 ]
If you can afford to purchase a property sight unseen, then you can afford to lose your shirt. Seeing as its such a large investment, are you going to let a flight and a few hundred bucks stand in the way of you seeing and checking out details for yourself?
I am goint to fly out there to see it before anything is set and done. thanks
It seems good on the surface. Which RE agent are you using?
I also live in California and I purchased 4 properties in Texas, I would highly recommend it. I would take the advice of the plane ride, its worth it to see 1st hand what is going on. Good luck! Mike
I also will need some help finding a good property manager. Does anyone know of one in the Dallas/ Fortworth area?
You understood correctly as long as you have lived in the property as your primary residence two of the previous five years.
can I do that 1 time or keep doing it?
$294 a sq. ft. is a good price. I am investing in Clearwater for around $300-$350. What is your appraisal coming back at, is a baot slip included, what additioanl ammenities are there that are going to carry the appreciation? I found a investor friendly developer and have been with him for a few years now, where they offer optional leasebacks at closing 15% of the sales price paid back to us for return of a 24 month lease to them. Here is there webiste if you want to compare www.waterfrontresortinvestments.com
Best,
CB