Inspirit Properties

Hi,

Hope you are doing well! We have a home for rent in Oak Cliff that’s a few minutes from downtown and the bishop arts area. Here is the link for more information regarding the property at 1414 Melbourne Ave:
https://www.zillow.com/homedetails/1414-Melbourne-Ave-Dallas-TX-75224/26729803_zpid/?view=public

Please let me know if you would like to know more about the property and the rental process. Would love to chat more to see what your living needs are!

God bless,

Inspirit Properties
601-633-1327

1414 Melbourne Ave, Dallas, TX 75224 | Zillow This 995 square feet Single Family home has 2 bedrooms and 1 bathroom. It is located at 1414 Melbourne Ave, Dallas, TX.

The rehab for the back house is what took the most effort. This unit looks completely different now! With the power of house hacking, we will now be able to live in this back unit and rent out the main house, allowing us to live essentially for free!

Swipe through to see the after images of the back house!

Now that the rehab is done for the whole project, we are prepping to move in our first set of tenants into the main house!

Glory to God!

Swipe through to see the before images of the back house!

Swipe through to see the after images of the main house!

Our first rehab has been completed for our 1st investment property! All thanks goes to God for blessing us with this opportunity and guiding us though all the ups and downs of this long rehab process with the 203k loan. We hope to share all the knowledge and things we’ve learned along the way to those who have been inspired to invest in real estate and build up the community!

Swipe through to see the before images of the main house!

Here’s our first investment property! This property was acquired using a 203k loan, which provides a buyer with funds for purchase and rehab on a property that will serve as a primary residence. What makes this property special is that it can be used as both a primary residence and an investment based off the number of units. An owner can live in one unit and rent out the other unit(s) to cover the mortgage and expenses (house hacking). The plan for this property is to live in the detached building and rent out the main house. After a year or so, the plan will be to move out and rent/AirBnB the detached building for even more cash flow. Note: Owners have to live in the property for a minimum of 1 year.

Benefits of using a 203k loan:
• Low down payment
• Cut out living expenses completely or reduce tremendously
• Fund to purchase AND rehab
• Forced equity from rehab
• More equity when you acquire the property at a discount

Drawbacks of using a 203k loan:
• Government lending is slow and restrictive (a lot of red tape)
• Hard to find contractors who can work with the loan process

The benefits outweigh the drawbacks! Understanding how the loan and real estate investing works and building a solid team will help you get your investment property!

We’ll be uploading helpful information to walk you through this process and provide feedback from our experience. We hope that we can help with understanding how to invest in house hack properties and off market properties for rentals/flips in the near future!

Stay tuned for the before and after transformation!