Dallas Texas Newbie

[Ryne Ray]

Hey everyone, 

I've been a lurker on bigger pockets for probably about a month and thought I would finally introduce myself and maybe ask a few questions. I am loving everything bigger pockets and the community has to offer. 

I have listened to a lot of the podcasts and read quite a few books at this point, and think I have narrowed down a plan for myself that i want to implement. Hopefully, by the end of the year I will have my real estate license so I can show myself houses and make my own offers. 

One question that I'm hoping to get some help on is making offers. I want to find rent ready properties on the MLS or sites that use the MLS (redfin,realtor,zillow, etc..) and make offers that are below market value. Being new to the game, I don't know if that would hurt peoples feelings, or upset realtors I work with. I know reputation is everything in this business, but I also think that if you throw enough mud against a wall somethings gonna stick. I would love to be able to dive into equity from the get go and rent the house out as it seems the dallas market has some pretty decent cash flow. Being that the d/fw market is as hot as it is, I imagine I'm going to have to make A LOT of offers to get something I want. Do you think it is doable, or do you think it would be damaging to a realtor's reputation or ultimately mine when I become one.

I originally thought about finding distressed properties, fixing them up and renting those out. However, I know nothing of construction and would rely heavily on a general contractor and a property inspector. It would be easy to lose money if they weren't very thorough or helpful to someone just getting in the game.  

Any insights or suggestions would be greatly appreciated as I am very new but learning and digesting as much information as I can.  

Oh and the housing price range I'm looking at is 100-150k.

Thanks, and I look forward to talking with you all.

-Ryne

[Ned Carey]

@Ryne Ray welcome to the site.

Absolutely you will upset some people. So what? You have no control over how someone will react you do have control over what you offer. Never base you offer on what you think the seller will accept. Base it on what makes sense for you.

Regarding buying below market; depending on your market that may not even be necessary to get a cash flowing property. On the other hand buying say 10-20% below market is no guarantee of positive cash flow. You need to learn how to evaluate a rental property. The analyze tab above has some tools.