Texas Rentals: 0 Deals Cash Flow at 7.625% — Arkansas Still Does With 5% Down

Send us Fan Mail Myka had Claude build a dashboard in about five minutes: every 2016-and-newer 3-bed, 2-bath-and-up house for sale in his Arkansas and Texas markets, run against HUD rents at a 7.625% rate. On the Arkansas side the screen is mostly green — a 2018-built four-bedroom in Jacksonville, right by the Air Force base, listed at $175,000 after 111 days on market, cash flows $526 a month over the payment at sticker price, and still works at 5% down. Then he flips it to Texas and the whole screen goes red. In Grand Prairie: 28 listings, and zero that cover their own mortgage, taxes and insurance — with HOAs already filtered out. Raw, uncut and solo this week. Episode 354! Myka is on his own for a late-night one about a market that is shrinking, not crashing — he walks back last week's word and says prices are correcting to COVID levels. Wholesalers are sending deals with a contractor already attached. Texas property taxes on top of the Fed's hike are killing the numbers, which is why he 1031'd out of Texas into Arkansas. Why you have to be a sniper now instead of throwing buckshot, why a midterm-only buyer still needs to be where short-term is allowed, and what happens if midterms slow down: insurance clients, and the house they want — 3/2 or 4/2, fenced yard, garage. Then home ownership turning into a luxury and the $200K-a-year debate, why new builds with no garage are off his list, lowballing $175K down to $150K and sending 20 to 40 offers a day, the neighbor with a 3% rate who can undercut you, Arkansas's ADU-by-right law and 10,000 square foot lots, the property that did $70,000 its first year, sub-to deals, and the 2-1 buydowns catching first-time buyers. MENTIONED IN THIS EPISODE Books • Profit First — Mike Michalowicz (how Myka sets aside vacancy and capex) People • David Greene and Brandon Turner, former hosts of the BiggerPockets podcast — the 2-1 buydown warning • Shout-outs: Steve "Stevie Stacks" and Mahogany Tools & programs: Claude (the deal dashboard), HUD rent data, Redfin, Navy Federal's second-home loan (Myka's tip: 5% down, no PMI — confirm current terms with them) CHAPTERS 0:00 Cold Open 0:38 Deals Are Shrinking, Long-Term Cash Flow Is Dying 1:18 Wholesalers Sending Deals With a Contractor Attached 1:44 Texas Property Taxes Are Killing the Deals 2:18 A New Build Sitting 311 Days in Arkansas 3:12 Buy Where Short-Term Is Allowed, Even for Midterms 3:49 Be a Sniper With Your Deals, Not Buckshot 4:38 Texas: Rough for Investors, Different If You Live Here 4:59 Why Myka 1031'd Out of Texas Into Arkansas 5:18 Not Crashing — Correcting to COVID Levels 6:26 $20K Off Isn't a Discount — Check the Cash Flow 6:55 If Midterms Take a Hit: Insurance Clients 7:31 The House They Want: 4/2, Fenced Yard, Garage 7:53 "Home Ownership Is Turning Into a Luxury" 8:16 $200K a Year to Live Comfortably in Texas? 9:51 If Your Realtor Won't Lowball, Get a New One 10:24 The Claude Dashboard: Arkansas vs Texas 10:57 Arkansas: Built 2018, 111 Days on Market 11:44 Cash Flow All-In vs PITI Only 12:15 Using HUD Rents as the Floor 13:17 New Builds With No Garage Are Off the List 14:03 Jacksonville, Arkansas: Right by the Air Force Base 14:56 Tip: 5% Down on a Second Home, No PMI 15:29 Send 20, 30, 40 Offers a Day 16:18 Build This Dashboard in Claude in 5 Minutes 16:56 Lowballing $175K Down to $150K 17:28 Why So Many Yards Have No Fence 17:44 Duplexes: The Cash Flow Is Thinning Too 19:05 Flip to Texas: Everything Goes Red 19:51 Grand Prairie: No HOA, Short-Term Allowed 20:28 A $4,426 Payment vs $5,500 Midterm Rents 20:44 The Neighbor With a 3% Rate Can Undercut You 21:46 Arkansas ADU by Right on 10,000 Sq Ft Lots 22:16 $70,000 in Year One 22:51 Will Texas Ever Go Big on ADUs? 23:36 What Still Works in Texas: Sub-To 24:08 2-1 Buydowns Are Catching First-Time Buyers 25:01 Fan Mail and Where to Find Us Become a Live Let Thrive Insider: For $3 a month, get every new episode 5 days before everyone else. 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