New Contruction DFW Market

[Thomas Cain]

Want some feedback on my current situation from someone doing it every day...

Short version

Invested 6 months in my Real Estate Education 8-14 hrs a day.

Now Its time to go out and do..

1st 3 days 2- 1/2acre lot with homes need rehabbed built in 40's

1-1/2 acre lot comes extra with one of the houses

10 acres close enough to see AT&T Stadium

All zoned appropriately for Multifamily New Contruction

Torn between Quadplexes on all, Duplexes on all, apartments on some..

Keep in mind I have never done a deal and in 3 days this has all fallen in my lap. There is no way that it is this easy. So now my mind is stuck on what am I missing thats going to screw me. All constructive feedback is welcome..

I have all down-payments ready to go but something is giving me an uneasy feeling

[Thomas Cain]

@Thomas Cain

Sorry for the typos it has been a long day

[Alex Grosvenor]

Hey Thomas. I know it seems like a lot is coming your way but are those pieces of land and those houses that need to be rebuilt profitable? I see you have all of these plans but what are the costs of the land? How much is it to build a quadplex? Duplex? How about an apartment complex? How many can be built per the zoning?  Does any of the land need some engineering work done for building? What team do you have in place to manage the 10 acre project?

It seems like a huge project to just start out on. I’d recommend wholesaling that deal if you had it. It seems like a lot of work by itself not to mention with other projects going on. No experience, No team, and really no money. Just down payments from what you’re saying. You still need a lot more money for those 10 acres to remove trees build the apartments or duplexes pay for the rest of the land, employees and a lot more. 

Do you have deals to where the numbers work or are those just properties people say hey these are good properties and you just assume the numbers work? If the numbers do work out and you feel as if you can really take all of this on then find a partner to help. If you really found those deals the numbers work, you provide the down payments, you can find someone else for you to partner with that has the experience. They are everywhere. Even on here.

6 months at 8-14 hours a day is a lot of learning, but you still don’t have everything you need to get started yet or do you? Builders? Lenders? Contractors? Partners? Hard money lenders? Construction lenders? Agents? Investors? Property managers? Mortgage lenders? 

Maybe it is because you put it as long story short that I’m missing the full story, but to me you’re still missing a lot of knowledge and people to even do one flip deal. I don’t say that to be rude. It’s just to say that as the first time reading this from someone I don’t know it seems to me like you’re still a little lost. Correct me if I’m wrong. I don’t mean to be rude at all. 

I hope this helped and your real estate investing journey turns out amazing! 

[Thomas Cain]

@Alex Grosvenor

Hell yeah.. Constructive Questioning. Taking the time to ask questions to ACTUALLY try to help. THANK YOU. I sent you a connect. Lets talk for 5 minutes when you get free..