New Member from Fort Worth, TX

[Sanford Hobbs]

Hello everyone I'm in the Fort Worth, Tx area and looking to jump into the real estate industry. Happy to be a part of the community and looking forward to making new contacts.

[Michael Lee]

Hello and welcome to BP!  I currently live in Coppell.  I was born and raised in Dallas Texas and I read a good story about DFW and Texas in general.  Some of my relatives use to live in Fort Worth when I was younger.  My father got a contribution from TCU as a basketball player but soon found out that he needed to change.  He went to high school in Dallas at Woodrow Wilson.  He has always benn self-employed and for the last about 40 years he has been mostly into buying and selling real estate commercially and has taught me a little bit.

There are a few things you might want to do before investing. One of those things once you decide on a niche and a market, you might want to form some type of corporation or a LLC to get you personally out of any legal problems. Another thing you should do is to get your financing figured out and get a loan letter from the lender that states how long it should take to close your loan and the maximum amount you qualified for.

Another thing you might do is to locate an office somewhere that it is convenient and not too distracting.  You can office in your living space as long as you can close it in and there are no too many personal distractions.  Try to have more than one investment going on to increase your revenue.  Do not try to do everything yourself.  Always remember to do a math analysis and try to look at the prospective properties before you make an offer or at least have a clause in the sales contract that allows you the time (usually about 10 days) to make a detailed inspection and possibly back out of the deal without a penalty that hurts you too much.

When you are beginning just do what is average in that neighberhood.  Do not cut any corners to make something look better on paper.  Use actual numbers instead of pro-forma and make sure they are.  Wait until later to try anything unusual.  Try to track everything you do and review it regularly and possibly reduce expenses and increase income and help you grow.  You can never have too many leads.   Hire out when you feel overwhelmed.  Try to get owner financing when you can.  Even if it is just down payment.

Good luck to you!