New Buy & Hold / BRRRR investor in West San Antonio, TX

[Neil Sinha]

Hello.  I'm Neil.  My wife, Tracy and I are establishing our investment enterprise.  First became intrigued with real estate about nine years ago while living in Florida.  I got sucked into Rich Dad, Poor Dad products and books and attempted to move on a deal and lost my earnest money through some shady transactions.  I then put things on hold, had kids, moved to Texas, got divorced, etc.  But now that I'm re-married to Tracy, we're making a go of it as a dynamic duo.  We're hoping to buy and hold for cash flow with a slow and steady approach.  Avoiding wholesaling and other quick-turn schemes unless there's a clear goal to generate capital for follow-on portfolio holdings.  We're in the early stages of lining up capital, a professional network, entity formation, etc.  Any advice or support to someone in my stage and my area is appreciated.  Best of luck to everyone in their endeavors!

[Rick Pozos]

I would not spend any money on entity formation quite yet. If you do not do a deal for 2 or 3 years, you will still have lots of fees to pay and YES you will still have to file tax returns. Save that for after a few deals.

What you need to get started is to start. Start asking people that you know if they know anyone who is behind on their mortgage, behind on taxes or just need to get out of their home. When you find one of those people, you may have a deal. If that deal is not in your targeted area, THAT is when you wholesale it. If it is in or near your target area to buy, then you buy it. You have to get that marketing started because it takes a while to get people to start calling you. When they do, that is when YOU can make the determination if you want to keep the deal or wholesale it. 

Personally, I dont WANT to wholesale anything, but when a super deal comes up and I really do not like the area, I know that I can still make some money on the deal, why not? Get it to a friend/investor who likes the area and make a few hundred or hopefully a few thousand $$ while helping a friend. Win-Win

If you need some help or want to talk, my number is on my profile.