Beginner Investor in Dallas,Tx! Advice Needed! Mentor wanted!

Chris Reed

Plano, TX · Member since 2015 · 59 posts · 29 votes

10y

Have you considered starting with the VA loan?

0 Reply

Alberto Camacho

Investor · Flower Mound, TX · Member since 2015 · 179 posts · 48 votes

10y

Originally posted by @Jeff Mann:

Hey everyone,

My name is Jeff Mann and I was born and raised in Dallas, Tx. I just finished my enlistment with United States Air Force, living in Colorado for the past 4 years, and now ready to start my journey in Real Estate Investing. Seeing my dad having a couple rental properties at a young age (15ish) sparked my interest, then reading Rich Dad Poor Dad just added fuel to the flame. I think one of the most appealing aspects to REI is the lifestyle that it can bring, and all of the opportunities to grow.

Since I am in the beginning of my real estate investing career, i thinking wholesaling and flipping single family residences will be the better option, just for the fact that I am trying gain some capital. Advice on this? Then later get into rental properties and further down the road get into Multi-family properties.

A few questions that i have right now:

1. Should I email agents in my area and ask them to put me on their buyers list? and What all should i put in the email? $ Range?

2. When it comes to hard money loans, are there any companies that are preferred by most?

I figured a hard money loan might be my only option to get started...i need a mentor haha

Thanks for reading and I'm looking forward to the replies

Jeff Mann

Welcome to BP and thank you for your service.

1. Speak to agents - try to find someone that works with investors. Not so much for buying but you will want to have a relationship with someone for marketing and listing flips. If they can bring you a smoking deal even better. If an agent brings me a good deal I give them the listing.

2. HMLs are everywhere. Money is sooo cheap right now. Find a lender that makes sense to you and continue to look to improve on the money network. Eventually your will come across private money.

Since your starting I'd recommend networking aggressively. Get some business cards and start attending REIAs. Arm yourself with enough information so you can get through a deal. For everyone that is different. Just don't get stuck in the analysis paralysis. Start building your team.

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Darrin CareyPro Member

Lender · Dayton, OH · Member since 2008 · 1k+ posts · 705 votes

10y

@Jeff Mann Thanks for keeping my Air Force in good hands. If you want some specific guidance on a basic game plan you can implement, give me a call. I'll help you get it started.

At the high level, here's what you need to do.

1. Build a team and a network. Keep it growing.

2. Keep learning and improving.

2. Generate capital.

3. When you have extra capital, buy cashflow.

4. Repeat.

2 Reply

Lori Greene

Specialist · Huntsville, UT · Member since 2015 · 458 posts · 249 votes

10y

Originally posted by @Jeff Mann:

Hey everyone,

My name is Jeff Mann and I was born and raised in Dallas, Tx. I just finished my enlistment with United States Air Force, living in Colorado for the past 4 years, and now ready to start my journey in Real Estate Investing. Seeing my dad having a couple rental properties at a young age (15ish) sparked my interest, then reading Rich Dad Poor Dad just added fuel to the flame. I think one of the most appealing aspects to REI is the lifestyle that it can bring, and all of the opportunities to grow.

Since I am in the beginning of my real estate investing career, i thinking wholesaling and flipping single family residences will be the better option, just for the fact that I am trying gain some capital. Advice on this? Then later get into rental properties and further down the road get into Multi-family properties.

A few questions that i have right now:

1. Should I email agents in my area and ask them to put me on their buyers list? and What all should i put in the email? $ Range?

2. When it comes to hard money loans, are there any companies that are preferred by most?

I figured a hard money loan might be my only option to get started...i need a mentor haha

Thanks for reading and I'm looking forward to the replies

Jeff Mann

Hi Jeff, I'm an investor and mentor/coach. Nice to meet you. I know the TX market well and can show you lots of creative strategies to use there.. Ask me questions anytime. I will answer in detail.

0 Reply

Zack Lofton

Hard Money Lender · Austin, TX · Member since 2015 · 97 posts · 36 votes

10y

@Jeffrey Mann make sure to do your homework on hard money lenders as it can make a big difference. As a lender myself I would encourage you to speak with a few to get a good idea for how they operate. I'd recommend finding a local lender as opposed to a national lender as they will understand what you do better and be more flexible. Make sure to also ask for ALL fees. Many will advertise low rates and points and tack on tons of garbage fees. These can add up quickly and be much more expensive than a more transparent lender. Lastly, look for someone you trust and think you can work with in the future. Ask about the process and see who will be easier and quicker to get the deal done (do you need credit checks, financials, appraisal, survey, etc...). If you have a lender you can trust they'll give you their honest feedback about when they think there's no profit in a deal which can save you a lot of time and effort (not to mention money).

1 Reply

Jeff Mann

OP

Real Estate Agent · Austin, TX · Member since 2015 · 6 posts · 3 votes

10y

Originally posted by @Zack Lofton:

@Jeffrey Mann make sure to do your homework on hard money lenders as it can make a big difference. As a lender myself I would encourage you to speak with a few to get a good idea for how they operate. I'd recommend finding a local lender as opposed to a national lender as they will understand what you do better and be more flexible. Make sure to also ask for ALL fees. Many will advertise low rates and points and tack on tons of garbage fees. These can add up quickly and be much more expensive than a more transparent lender. Lastly, look for someone you trust and think you can work with in the future. Ask about the process and see who will be easier and quicker to get the deal done (do you need credit checks, financials, appraisal, survey, etc...). If you have a lender you can trust they'll give you their honest feedback about when they think there's no profit in a deal which can save you a lot of time and effort (not to mention money).

Thanks Zack, I appreciate the advice!

0 Reply

Mark Fuller

Investor · Wylie, TX · Member since 2015 · 19 posts · 9 votes

10y

Hi Jeffrey,

I can probably help you get started faster. I live in Wylie & invest a lot in & around Dallas. I wholesale & fix & sell. I had a lot of help learning the biz 10 years ago & am more than happy to help.

0 Reply

David Neal

Investor · Universal City, TX · Member since 2015 · 1 post · 0 votes

10y

Hey Mark!! I'm a new investor in the San Antonio area, and I'm trying to get into wholesaling, I've been sending yellow letters to people on the counties Foreclosure list, any other tips on finding deals?

0 Reply

Mark Fuller

Investor · Wylie, TX · Member since 2015 · 19 posts · 9 votes

10y

Hi David,

The most important thing to focus on first is definitely trying to get your phone to ring. The problem with the foreclosure lists are most of those people will not have much equity. I recommend deciding on a smaller area you're interested in investing in & ordering a list from a list service...I've used infousa.com in the past. It's a #'s game & you need to mail out to as many people as possible to get a response. Depending on your market, you will eventually figure out what that # needs to be & how many properties you're looking to buy. Most investors I talk with just don't send out to enough addresses each month.

0 Reply

Beginner Investor in Dallas,Tx! Advice Needed! Mentor wanted!

Beginner Investor in Dallas,Tx! Advice Needed! Mentor wanted!

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