New member from North Richland Hills, TX

[Pramod Abraham]

Hello there. I have been in the DFW area since 2008. I am extremely glad to be part of the BP online community. I am looking to get started with real estate investing initially part-time, but would like to eventually go full-time. I am looking for experienced local RE mentors /coaches who can help /guide me step by step on how to setup my local RE investing business from soup to nuts. I would like to get my business setup with all right systems /processes in place to help automate majority of the daily routine tasks. I am looking to meet someone who has been in my shoes and can help me get started. I am also looking for private equity lenders to help financial local deals.

[Michael Lee]

Hello and welcome to BP!  Private lenders are typically are your family members and friends so we really cannot help you ith private lenders.  I was born and raised in Dallas and now live in Coppell. I am now 60 years old and have much to offer because my largest experience is in the construction business and I held a broke license for about 30 years but never did that full time.  I have been in the construction business since I was 17.

There are a few things you ought to do before you start investing.  One of those things besides learning, niche and market selected you need to get your lending source give you a pre-approval letter that states how long it will take to close you and the maximum loan you qualified for.  Are you a "house hacking" person that needs a loan for the construction to do it and only requires a 31/2 percent down payment.

There are many finance options for you to pick but any wife and kids you have may effect your decision. There are many short term and long term deals you can work on. Your cash position will effect you the most but the creative ways are many. Just select something that you enjoy. The DFW has many choices. Just do what has been the average for the neighberhood. Do not do anything that has not been proven. Another thing you might consider before you start investing is to form some type of corporation or a LLC.

You might ought to consider using an Attorney and/or a CPA (or tax accountant) to advise you on that when you decide what to do and to protect yourself financially if you have anything to lose.  Another thing you might want to do is to select an office location with minimum distractions so you can get more stuff done while you are there.  You can use your own place to do that if its in a separated space with a closeable door.

Always remember to do a math analysis and try to look at the prospective property or at least have a clause in the sales contract that will permit you some time (about 10 days) to make a detailed inspection and possibly of backing out of the deal without a penalty that will hurt you too much.  After you close on an improved property get an insurance policy that will protect you if there is a loss.  Good luck to you!