CA to TX transplant looking to invest in SFR rentals

[Jennifer Burgess]

Hi everyone, 

My husband and I moved to the DFW area from California seeking better opportunities and cheaper cost of living. In this land of opportunity, we have come to realize that no 9-5 job is going to satisfy us and we want more out of life. After reading Rich Dad Poor Dad, Brandon's book on rental properties, and many podcasts, here we are. We sold our home in CA and bought a house here in Little Elm, TX before realizing we wanted to get into rentals. We put 20% down on our home, looking back I wish I had kept that cash in my pocket for future properties! We are planning on buying our first rental property by next winter, whether that means we buy something to rent out or move into ourselves, and rent out our current home. I love the idea of "house hacking", and the home we have now is only a year old so not much value to be added. We are taking this year to do our homework, and save up our 20% for a down payment, and funds for repairs and closing costs. We are unsure of where we want to buy our first property, the metroplex is hot right now but also pricey. We are open to other markets where our money can go further- such as Waco where we could buy something for 100k and rent it out for 1300-1500. 

Anyone in my area have any words of wisdom for me would be greatly appreciated. 

Jenny

[Michael Lee]

Hello and  welcome to BP!  I was born and raised in Dallas.  Just keep your good thinking and educate yourself as much as you can before you start investing in real estate.  Do the things that normally get attention early.  Find an experienced and trustworthy Team full of members that you will need.  Learn and do the numbers to make sure the property is worth it to you and try to inspect it before you make an offer.  Cover your properties with insurance right after you get it.  Also change the locks after your acquision.  If the locks are good use them at another address.  Get a pre-approval loan letter to help you if you can not play cash.  Whatever you do just do whatever you like.  Do not cut corners or make something to look good for investing.  Be patient and consistent.

I am 59 years old and I found BP about 6 months ago and I am still trying to decide what to do.  I went to college and I graduated with a business degree that emphasized real estate.  That same year that I graduated, in 1980, I got a broker license.  Regardless of what I had I felt more comfortable in the construction business.  I have been in the construction industry since I was 17.  My father has been in real estate for about 40 years and he has taught me a little bit.  If you think I can help you out please contact me through BP at any time.  Good luck!