Who owns Rental Property for Investment?

[lydunn]

Do you guys know what website I would go on to find a private owner. I am hoping to rent a 2 bedroom for under $1,000 when I will relocate Dallas

[granolagirl333]

Originally Posted by lydunn

Do you guys know what website I would go on to find a private owner. I am hoping to rent a 2 bedroom for under $1,000 when I will relocate Dallas

If you are on Next Door you might be able to find an owner in a specific neighborhood.

[TeamLynn]

Much of the slow wealth in this country was built in real estate.
It's typically not a get rich quick method.
Even man of the big tech guys have put money in real estate.
Big hedge funds that cater to the wealthy have hundreds if not thousands of rentals in the DFW area.

It can be some work, but rewarding if you don't mind spending some time and getting the education.

There are some networking groups around the metroplex and you can get some education there.
Be careful though as there are a lot of wannabes that show up there. I'd say often 1/2 the people there have been visiting the meetings for years and never bought anything.

You might also want to read the Millionaire Real Estate Investor or FLIP or HOLD or all three.
That's a good start.

You should work with a realtor. They'll save you lots of time and headaches and money. Make sure the one you work with is also an investor.

Don't spend a lot of money on seminars....spend that money on property. Of course we never want you to loose money, but I often think I'd rather see people lose $5000 on a rental and get real world education vs spending it on a seminar and never buy anything.

[JenH1]

Thank you for all the advice! I am using the Bigger Pockets website as well. However, I still need guidance on how to apply their guidance locally. If anyone wants to PM me with advice (mistakes you've made, what you wish you'd know, how you got started, etc.) I am wanting to learn as much as possible so I would really, really appreciate it.

Originally Posted by TeamLynn

There are some networking groups around the metroplex and you can get some education there.
Be careful though as there are a lot of wannabes that show up there. I'd say often 1/2 the people there have been visiting the meetings for years and never bought anything.

You should work with a realtor. They'll save you lots of time and headaches and money. Make sure the one you work with is also an investor.

Do you have any recommendations on the investment groups and real estate agents? I definitely want someone who can provide guidance and really has a lot of experience.

[ravensix]

I have 18 houses in suburbs N of Ft Worth.

You will lose money on your first couple houses.

If you're serious about being a landlord, you need to do it hands-on.

The margin...is not what you think it will be.

If you think being a landlord is a matter of receiving texts and subcontracting work out, you're going to lose money terribly fast.

Don't fall in love with the property. Your job is to turn over four good walls and a roof, and nothing past that.

Buying a house MLS....well, at least you'll build equity.


Best option for you is to buy a starter foreclosure, and find out what it takes to get a house livable, to your rental/financial standards.

Ignore the seminars - flippers don't really make money, and the seminars are gimmicky to the point of being scams.


You think, right now, that you can somehow find the path that allows you - starting - to both take a mortgage on a rental property and not lose money. The odds of that happening are very low.

Cash, foreclosure, learn the process yourself.

[WorldKlas]

My advise.... Buy a house built after 1978 so the wiring will be up to date and the plumbing will not be galvanized underground piping. And the paint will be lead free and the popcorn ceilings won't have asbestos. The newer the better.

Try to ignore cosmetics and be prepared to do some basic updates to flooring and other surfaces.

Learn how to manage your properties yourself and have a plan for maintenace and repairs.

There are a few groups to join. Look on meetup.com. I think there's an active Landlord group.

In this market its pretty difficult to buy low; there are many first time buyers shopping and those "starter homes" make the best rental properties.

[Lakewooder]

Actually older homes have worked for me. The newest one I have is from the early 1950s. They all have the benefit of location, plus charm. They have appreciated dramatically, much more than newer dime-a-dozen home in the far reaches. I'm not that keen on teardowns and McMansions but almost all of them could be sold for the land.

So, if you don't want to replace the roof....