Father of 9 from Dallas TX
Hi BP,
I found this site when I emailed our company email list asking for advice on being a new landlord. Someone recommended I check out BP and I'm glad I did.
My wife and I have 9 kids, 5 we brought into the world and the other 4 are a sibling group from foster care. I am very blessed with my current job but after we adopt the 4 kids we will have to make up the shortfall from the government subsides we'll lose. I've dreamed of owning real estate as an investment since college and I think now is the time.
We've owned several houses that we've lived in and fixed up for our needs and wants. When we've gone to sell them we've been blessed with great returns. So we're thinking we might do OK with fipping.
My realtor and friend recently told me about a duplex he was listing. I got interested and put an offer. My real estate dream has always been to get passive income through rent houses so I was excited that I was actually at a stage in life where I could afford to buy one.
But then I found BP. I used the rental calculator and realized that I would be tying up my money in something that might only get 6.5% ROI. I talked to a friend of mine who has owned rentals as well as posted the deal on BP. The consensus was that this deal wasn't that great. It was hard to sign the paper that terminated the contract but I'm feeling better about it the more time I spend on BP.
So i'm looking for looking education and wisdom. We're not sure if we'll pursue flipping or buy and hold but it will be somewhere in the north Dallas or Collin county areas.
Thanks,
Tony