New Investor looking to kick off 2018 in North DFW

[Kevin Cox]

Happy Holidays BiggerPockets family!  I hope everyone had a Merry Christmas and have some fun things lined up for New Years.  My name is Kevin and I'm a new investor living in Celina, TX which is in North DFW for those unfamiliar with the area.  I had a big 2017 that included getting married to an amazing woman who motivates me to a be a better man every single day.  We have a 5 year old son and since forming my little family, I have taken on a new outlook with life and have gained a focus I haven't had since attending the United States Merchant Marine Academy some years ago.  I currently work in Offshore Oil & Gas and anyone following the oil markets knows things are still pretty crazy and I don't feel the same job stability I once did.  Being that I'm now providing for a family, I've chosen to take things more into my own hands and make sure they are never in a situation where they are left wanting for anything.  

With all that being said, I have spent many months reading, researching and plowing through the backlog of BiggerPockets Podcasts, trying to educate myself and prepare to make my first moves into the North DFW marketplace.  I'm looking to begin flipping homes in Denton and Collin Counties to generate cash flow and then eventually expand into Buy & Holds and small multifamily units in the DFW area.  Once learning the ropes and building a respectable track record, I'm very open to investing in markets outside my immediate area of Dallas, TX.  I have a project manager that I'll be partnering with to help manage the day to day contractors and projects but I'm still looking for some vital team members.  

We are currently looking for an attorney who specializes in real estate and a CPA with the same REI specialization. I'd absolutely love to connect with local area wholesalers and real estate agents who have seen deals coming through Denton County and are willing to sit down and form a professional and friendly working relationship. We have our current goal set for a minimum of 4 flips in 2018 but I have a feeling, once we get our rhythm going, we'll outpace that pretty quickly. Thank you everyone for taking the time to read my little introduction and I honestly can't wait to connect with as many as you as possible as we all travel down this REI road together. Let the adventure begin!

[Robert Newburn]

Hello Kevin,

My wife and I are investors in Denton. We have four rentals. After reading your post, I offer the follow advice that you can take or leave:

1. House flipping is not as easy as tv, radio, your friends, bigger pockets, etc say. It requires many, many skill sets including project management, cash flow management, proper and realistic valuation of properties, dealing with hard money lenders.

2. Learn one market at a time. McKinney is a different market than Denton and both are different than Plano or Dallas. Learn to spot good and profitable deals in one market.

3. Don’t deal with wholesalers.....yet. You are not sophisticated enough to deal with them. It is a cut throat business. They will eat your lunch before you know what hit you. Use realtors (in the area you are investing in) to help you with your first few deals. You may pay a little more but you won’t have to deal with wholesalers deadlines and non-refundable deposits as a novice.

4. Make an appointment with a hard money lender. Go pick his brain for an hour and do not leave until you know the process of hard money loans from start to finish. I have a hard money lender that I will share with you if you message me.

These are just a few things that I have thought of. I am always looking for deals myself and I am always looking to expand my network.

Robert