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(upbeat music)
Hello everyone I'm John Larson one of the partners
here at American Real Estate Investments.
I'm joined by my good friend Keith Weinhold
from Get Rich Education.
He has excellent podcasts that we tune into every week.
Keith is joined us here in Dallas all the way
from Anchorage, Alaska to come tour the Dallas market,
meet the American Real Estate Investments' team,
tour our areas where we invest in
and check out some great investment properties.
So for those of you that don't know about
Get Rich Education I'd like to introduce you to Keith
at this point and Keith why don't you let the audience
know a little bit about the podcast,
some of the topics that you cover
and why it's a good kind of show to check out.
- Yeah well thanks John and I appreciate being here
at American Real Estate Investments in Dallas.
My name is Keith Weinhold you might know me
because I'm the host of the Get Rich Education podcast
and own getricheducation.com where we use
an abundance mindset to invest in real assets
especially real estate for an outcome
of lifestyle improvement, not just more doors,
not just more income, not just more time
that that opens up but an outcome of lifestyle improvement
typically secured with real estate.
So I've had the good fortune to host Robert Kiyosaki
and most of the Rich Dad advisors on my show
and I'm a contributing writer
to the Rich Dad advisors myself
and I often provide content to you so we can really
help you build the passive income in your life
so you can live a life better than you ever thought
you could through Get Rich Education.
- So at this point let's get in the car let's go drive
around Dallas, check out the area
and then let's go check out some great properties.
How does that sound?
- Let's do it.
(upbeat music)
- Here we are at one of our investment properties
in Lancaster, Texas which is just south of Dallas.
It's about a 15 minute ride
into the central business district.
This is one of our recently completed homes.
We do a lot of homes like this here in Dallas.
It's a standard three bed two bath
just over 2,000 square feet.
This property was built in 2003 so it's generally
a newer built home.
The sales price on this home, it's already under contract.
These properties do move very quickly here in Dallas
on my acquisition side and on my sell side.
Once we get these homes
under American Real Estate Investments' ownership
we're already marketing them to our clients
and they're basically getting contracts in
and just waiting for the renovation to be done
so it's move in ready for a tenant.
But this home here will rent for 1550
and the net operating income per month
is just under $1000 at 985 so really really solid.
If you look at the neighborhood here Keith
I mean this is a really solid A class neighborhood.
You see a lot of newer built properties here.
It looks like people are taking care of their lawns.
You can tell this isn't just
a heavily renter type neighborhood,
you know investor owned neighborhood.
There's owner occupants in these neighborhoods as well.
That's where we really like to strategically buy.
That way we just feel like the investment ends up being
a lot safer for our investors.
The exit strategy is there, solid exit strategy.
You could easily sell any one of these homes on the MOS.
So that's why we really like to target neighborhoods
just like this.
- [Voiceover] Just tell us a little bit
about the renovations that were done in here.
- Yeah so pretty much a full cosmetic overhaul
on this property and that's what we're doing generally
with the newer built homes that we're getting.
Obviously this house was built in 2003.
You know there is no need to replace the roof
on this property, nothing structurally wrong with the home
so this property here obviously had a full cosmetic overhaul
which was paint, flooring.
If you look all the light fixtures, the fans,
everything is brand new.
- And it matches.
- Exactly, we want everything to match everything.
When a tenant comes in this house,
a perspective tenant we want them to kind of be wowed
like oh my gosh, everything's new everything looks good.
This way we can get the property leased quickly.
We can get it leased at top of market value,
obviously we want to command as much rent as we can
for our owners so the cash flow increases.
Yeah we do this epoxy coating on our kitchen counters.
Sometimes we'll buy our houses there's granite already
in place obviously we're going to leave that
but we're not necessarily going to put granite
in a rental property, it's a rental.
We want it to look nice but we don't want
to put in too many expensive high end finishes, right.
So we have a different color scheme that we'll use here
with this epoxy finish which kind of makes it
give it a feel of like a granite
but obviously not expensive like granite.
We did put carpet in the bedrooms.
You know the tenants do kind of like to have carpet
in the bedrooms they kind of prefer that.
We do like to use the plank when we can.
A majority of the plank because that stuff will
withstand more turnovers, right.
It's just a little more durable.
Carpet can tend to get dirty from time to time
and might only last two to three turnovers right at most.
(upbeat music)
We're in Seagoville right now which is actually
just east of where we were and southeast
to the city of Dallas.
We're a little bit farther out from the city.
I would say it's about 20 to 25 minute drive
into the city from here.
This is another kind of style of home
that we do here in Dallas.
- [Voiceover] You know the thing finds us here
in a place like Seagoville, Texas here
just southeast of the city center of Dallas.
You know that's because often times right
the inner city of Dallas is where we kind
of have that class D or low end C property.
- [Voiceover] Right.
- Where we just can't really even get a tenant
that will reliably pay the rent
and then also we don't want to go north of Dallas
because we're also on the other end there
right as I've found out from our visit here
because you might get the same rent amount
that you do in some of those homes
but the purchase prices extend to a much higher extent
such that it's not consonance anymore
like a property in Seagoville does.
- Exactly exactly so yeah we try and avoid the inner city
neighborhoods around the US.
It's just you're dealing with more distressed properties.
You're dealing with lower income earning tenants
which generally can set you up for a higher risk profile
and then also you're not going to have a professional
management company like in American Real PM
that's going to be willing to manage homes
and tenants like that and great point to touch on,
why we don't purchase in areas in the north like
if people are doing their research on Dallas
Plano's going to be an area that comes up in conversation
as a really really booming economy right now.
Lot of fortune 500 companies moving into that area.
Problem is just the property values up there are
just too high which also makes the property taxes higher
which can really negatively effect cash flow
but then also you know a 2,000 square foot home
in Plano or Frisco really doesn't rent for that much more
than a 2,000 square foot home in a Lancaster,
a Cedar Hill, a Seagoville, it's really quite funny
but that is the truth.
(upbeat music)
I really appreciate you coming out again.
Coming and checking out American Real Estate Investments,
staying a couple of days with us in Dallas.
I just kind of want to wrap things up
and just you know get your 10,000 foot view
on what you've seen here in Dallas
during your stay, what was your initial impression
of the market, and how do you feel
about the market as a whole?
- Yeah well it really starts with the market
and the market is really why we are here in Dallas today
standing with each other right now
so you know you're seeing a lot
of business friendly tax incentives
that continue to bring substantial fortune 500 companies
that continue to bring jobs and tenants
to provide durable streams of income for investors.
So besides the business friendly tax incentives
we have a very low cost of living and that's really
attracting both businesses and residents alike.
We also have a very central location in the United States
and that's really preferable to do business
as more and more companies do business across borders
and outside of time zones.
- Absolutely I mean that's why we moved
the company down here, that's why we've been in this market
since 2012 so great points that you brought up
and let's just take that into the actually investment
property itself, you know A class properties,
generally newer built homes.
What did you think, what was your impression
of the homes when you walked through them today.
Did you think they were high quality, you know
durable investment properties,
something that an investor isn't going
to have a ton of maintenance issues
or high capital expenditures
within the first five years of ownership.
- Yeah we have substantial renovations to the property
and I think the other thing that's really a market
differentiator in Dallas Fort Worth is
you typically have newer stock here, you know
a lot of these homes were built in the last 20 years or less
so you really have the type of home that's not going
to have nearly as many of the functional obsolescence
problems that you might have with some properties
in other markets.
You know and we're really seeing
an adequately staffed company that's really communicative
and really good on the outreach you know
for example you invited me down here
and you guys were also really good in your outreach
too as far as being transparent and attending events
and making yourselves very accessible
just like you did with me today.
- Absolutely, well I appreciate the kind words Keith
and we appreciate you coming down
and hey look forward to bringing you down again next time.
- Oh it's been a great trip thanks so much.
- Thank you.
(upbeat music)
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