Newbie from Plano TX, travels to Maryland, DC & Buffalo NY

[Mary Gallagher]

Hi All! I have recently joined BP as a Pro member, and I've really enjoyed seeing the informative posts, and how helpful everyone is. I'm living in the suburbs of Dallas, and interested in buy and flip, buy and hold & potentially multi-family. Although I have multiple goals, taking that plunge to that first property is full of unknowns. I am a relatively new Realtor, and don't personally know a lot of Realtors involved in investing, or have yet been forthcoming, so I'm branching out. There are a lot of pro's on here that may be able to point me in the right direction. Any suggestions on sources besides the MLS for finding properties? I've looked at HUD and FSBO's, but very limited amounts of properties at this time (in this area), and I hear the same for auctions . For longer-term investments, what is the best loan option: conventional? And would one recommend hard money over a private lender for fix and flips, or does it simply depend on interest rates? I was initially thinking I need to do cash, but the more I read, OPM sounds like a faster way to grow, if done right...am I correct? I would be interested in collaborating & brainstorming with others in the area. Also have ties to Maryland & Washington DC as well as Buffalo, New York, so would consider growth and suggestions in those areas. Thanks everyone!

[Mike Makkar]

@Mary Gallagher, welcome to BP, fellow planoite!

The first property is definitely unnerving! It took me 2 years to find my first property. Then it took me 5 months to get the next 8.

Besides MLS, i've had success with door knocking, hubzu.com and homesearch.com. Once you work the numbers and take the plunge into the first property, you'll start tweaking your style and grow comfortable at acquiring properties through very creative methods.

Also, network like crazy on here. I'm pleasantly surprised how many people are willing to help on here.