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.

Comments(9)

  • GoBelly31st October, 2005

    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 ]

  • stevequan31st October, 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?

  • mkguyverboy31st October, 2005

    I am goint to fly out there to see it before anything is set and done. thanks

  • gahooper31st October, 2005

    It seems good on the surface. Which RE agent are you using?

  • mdavey847831st October, 2005

    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

  • mkguyverboy2nd November, 2005

    I also will need some help finding a good property manager. Does anyone know of one in the Dallas/ Fortworth area?

  • getitqwik2nd November, 2005

    You understood correctly as long as you have lived in the property as your primary residence two of the previous five years.

  • mcq2nd November, 2005

    can I do that 1 time or keep doing it?

  • cbrechbill13rd November, 2005

    $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

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