Newbie in Dallas

[Lani A. Payne]

I am a corporate tax attorney, and I fell into real estate investing by a series of fortunate events. My job transferred me to Dallas, and after renting out my home in Denver, I soon realized I could earn positive cash flow through a buy and hold strategy.

I am in the process of researching the real estate marketing the Dallas area in order to convert my two properties in Denver into real estate investments in the Dallas market. I am pursuing a buy and hold strategy for the moment, but I would be interested in learning about Flips once I gain enough knowledge and education.

I am focusing mainly on single family homes (or even a duplex) since I am a newbie investor, but will branch out into larger investments in the coming future.

I'm looking forward to learning more from all of you and from bigger pockets. I'm open to any conversation, so please feel free to message me.

[Scott Marshall]

Welcome to BP .  I've been an investor for over a decade in the dallas area, and i'm from here.  It's tough right now to find deals because all good neighborhoods are seller's markets, and even outdated houses are selling quick. Your best bet is to find something to live in and rehab it yourself while you're living there. You can find outdated homes that just need mostly cosmetic updating.  Also, one thing to know is that our soil is really bad here and it's not uncommon to have some foundation issues.  The 3 biggest things i'd say watch out for are # 1 the school district/ local school , #2 the sewer line under the house if it's a slab foundation, and #3 don't have a house tested for asbestos.  If it's pier and beam just make sure that there is an actual crawl space that you can move around in (some are filled in with dirt) .  I can't tell you how important these 3 things  are ! (hint , $) 

#3 Just know that most of the houses built before 1978 do have asbestos in the texture and/or joints of the sheetrock, but you don't want to have an actual written report saying that b/c it will hurt your profits.

Oh, and make sure you use an independent engineer for foundation inspections (not someone affiliated with a foundation company).

I hope that helps, good luck !