Searching for single family home rental properties (agent, price, construction)
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Hello all! I've recently started dabbling with single family home rental properties in central Texas. I was wondering how like-minded individuals with more experience than I in single family home rentals look for deals? How do you search? What particular websites do you typically use to source potential deals (other than realtor, zillow, craigslist, FSBO websites). Any specific tricks of the trade that have worked for you in the past? Really any particular information that you're willing to share would really help me out as a novice looking to break into the business.
I've recently noticed that once I run the numbers, the list price is pretty far above the price i'd need to get a home for in order to have a home cash flow on rental income.
Again, any thoughts on this subject, ideas, or suggestions/tips would greatly be appreciated!
...noticed that once I run the numbers, the list price is pretty far above the price i'd need
to get a home for in order to have a home cash flow on rental income.
Of the 100 or so homes close by... how many are already rentals?
You have less chance of finding a listed house that will cash flow. You need a "we buy houses" advertising campaign to find houses with distressed buyers before they get listed.
Of course, the distressed houses need a lot of repairs and updating, so you need a team of construction workers available. That's tricky to do if you don't live in the neighborhood.
Your other option is to find an agent who specializes in fixers for investors. I don't have anyone to recommend, but they are out there.
personally, I don't advise that people make their first property owning experience a rental. You should buy your own home first. Others may differ.
beyond that, an agent in your locale would need to help identify opportunities. In my "hot" market, the hottest locations you can't rent out and get positive cash flow. But there are many areas that you can, and you can see appreciation over the years.
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