Randal Best wrote:I think you would run into problems finding potential tenants in the DFW area for properties that are in this price range (or higher). Even if there are several people that will be signers to a lease. If they are sharing the rent for example, one might have trouble coming up with their part of the rent. I would like to hear from anyone that has managed to keep a property under lease that is in this price range or higher.
Randal,
Those properties are the most profitable but can bring you down if you do not by low enough. My most profitable rental is in Grapevine which leases for $2650/mth (Property is valued at $330K). The checks are paid by a third party for the tenant and I receive it like clock work on the 27th or 28th of the month. My cash flow on this particular home is over $600/mth.
I did, however, go through my worst tenant on this home. She filed Pauper's Rights thru the court system and almost got away with living in the property rent free for 5 months. The lost rent and making the property rent ready again was a big hit but as a landlord you just have to make sure to always have cash reserves.
