New Member from Austin, TX Area Looking for SF Properties to Flip

[Randy Miller]

I've lived in the Austin, TX area for over 25 years (came to Austin to attend UT from another part of TX) and although I'm not new to real estate investing/flipping, I'm new to doing it full-time. I've worked in the construction industry for most of my 20+ year career since graduating from UT Austin, in the Accounting/Finance division; I'm a CPA with an MBA. I'm now going to use my education, experience, and networking (residential and commercial contractors, ex co-workers, and friends) to help me rehab properties and flip them.

I'd like to meet, network, and work with with as many agents, investors, and wholesalers as possible to help me achieve my investment and financial goals. My plan is to start off doing rehabs/flips, progress to buy and hold properties in order to build long-term wealth, and then use my networking as a wholesaler. If anyone is familiar with the process of buying REO properties from banks and other lending institutions, particularly in this area, please message me! Thank you for reading my introduction, maybe we can work together some day?

[Michael Lee]

Hello and welcome to this website! Rental places are the best way to invest in long term. Just know that renal house and small apartments have pros and cons. One of the things that is a little worry that I have is the effects of several rental units versus single family homes. That as persistent tenets typically pick SFH over apartments and they typically stay longer than a house. Know that have more competition exists on SFH versus apartments. I am from and was raised in Dallas. I had several friend that have moved to Austin. REO's are typically owned by banks. I would probably all banks call and ask them to forward or tell you who handles that. Another way to find out about REO's is to talk to the bank that handles REO's to provide you with a list of them.

Before you start there are a few things you ought to do. One of those things is to form a corporation or a LLC, depending what you personally have to take away. You might want a lawyer and/or CPA (or tax accountant) to advise you on what to do based on the niche you chose and the market you plan on working in. You also need to decide on a lender to provide you with a loan letter that states the time it should close and the maximum amount you qualified for. Also, decide on where you will locate your office and have the fewest distractions at that location. You can put your office in your place as long as you can close it off and not be distracted on what needs to be done there.

I am 60 years old and I found BP right over a year ago and have not made up my selection of a niche. I am stuck around the house a bunch while I medically recover. That in complement ion by the fact that my wife has been saving money for about 25 years has been my excuse not to feel stressed about making a living. Something you could do is to drive around your Neighberhoods selected to find empty houses or "for rent" signs that are "for rent" by an FSBO and call them to see if they want to sell. I would go to local meetings of real estate investors to network and find people that are sucessful in what you want to do. You might find some friends there, find mentors, and get ideas on financing.

I currently live in Dallas County so I will have a bunch of markets to choose from.  The bulk of my experience is in the construction business.  I have a little experience in real estate. I held an active real estate broker license for about 30 years.  A good friend of my friends saw Duane Allman in Austin before he died.  His older sister was going to UT and he went down there to visit her.  Do not try to do everything yourself.  Do not cut any corners to make a property look better on paper.  Do not overdue units you buy with rehab.  Just do what is average for that neighberhood.  The neighberhood needs to look good overall to help your resales.  I am sorry I said too much to you but there is so much to learn. 

Good luck to you!