Hi everyone,
My wife and I would really appreciate your input. We are moving to Texas in 2 years and bringing my mom and dad back with us (They have wanted to come back home to Texas for years). Anyway, we want to purchase rentals in the DFW area to create enough passive income to semi retire. Originally we were going to go turnkey but the couple we called didn’t return calls back and the homes we saw them selling seemed high vs. comparibles. We made a trip down there and connected with a company that said they would help us buy, rehab, and then manage the rentals. These folks are really nice but after 3 months we just don’t seem to be able to close on anything and often we just feel out of the loop. We don’t need super deals but we’d like to get below market especially if we have to rehab. They have primarily focused us in a semi circle from Rowlett to Anna/McKinney. We have $300,000 cash and $100K more in each of the next two years. Also we have 1 rental that we plan to sell here that should allow us to buy another 2 homes. Here’s my questions. Is this possible from a distance – it seems like we had the right idea but our timing may have been off as the market is so hot right now? Are we focused in the right area – most they show us don’t seem to pencil out to reach our minimum 1.20% rule after accounting for repairs. Is there a different route you all would take in our position? I'm brining my parents back down in July to look around and want to try and get a game plan together to take advantage of every moment we are down there.
Thanks so much for your time,
Brandon
