Newbie saying Hello and looking to invest in TX

New to Real Estate · Redmond, WA · Member since 2020 · 8 posts · 1 vote

Hello Everyone!

I am new to Biggerpockets and REI. Have been reading and learning for the last couple of months. Looks like I am ready for my first investment. Although I now live in WA, I have selected some Texas cities like Tyler, Longview, Killeen, Temple, San Antonio as I am a previous resident of the area and know a little about that part of state.

Any suggestions on multifamily units here? Expert tips to avoid huge mistakes being out of state would be highly appreciated.

Thank you

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Joseph CacciapagliaBusiness Member

Lender · San Antonio, TX · Member since 2020 · 1k+ posts · 1k+ votes

What size multifamily are you looking at? For duplexes and fourplexes, I like the Converse, Selma, Universal City, and just just inside San Antonio city limits in that general area. I also like near the med center for that size property. If you're looking for larger properties, there are a lot of different spots with decent product. One big mistake I see new multifamily investors make is waiting until after they purchase they property to start looking for a property manager. In my opinion, that should be your first team member, because they're very helpful in the property selection and due diligence process.

[email protected]979-218-2286

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Eric Hegwer
Involved In Real Estate · Austin, TX · Member since 2014 · 41 posts · 6 votes
6y
Howdy - and welcome! Have you tried to reach out to agents in each of those markets to set up searches for you?
0 Reply
Stone Saathoff
Investor · San Antonio, TX · Member since 2019 · 576 posts · 307 votes
6y
@Kavita Joshi
Welcome!
Tips for multi family? Make sure you're prepared with financing as that's a larger obstacle than usual at the moment for most people.
Do you have any boots on the ground here yet? (San Antonio)
0 Reply
Joseph CacciapagliaBusiness Member
Lender · San Antonio, TX · Member since 2020 · 1k+ posts · 1k+ votes
6y
What size multifamily are you looking at? For duplexes and fourplexes, I like the Converse, Selma, Universal City, and just just inside San Antonio city limits in that general area. I also like near the med center for that size property. If you're looking for larger properties, there are a lot of different spots with decent product. One big mistake I see new multifamily investors make is waiting until after they purchase they property to start looking for a property manager. In my opinion, that should be your first team member, because they're very helpful in the property selection and due diligence process.
[email protected]979-218-2286
Joseph Cacciapaglia powered by Morty
Website View Page
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Kavita Joshi
OP
New to Real Estate · Redmond, WA · Member since 2020 · 8 posts · 1 vote
6y
Thank you @Eric Hegwer. I have started the process of finding agents to help me out in these areas.

@Stone Saathoff Thank you. Financing is not an issue. Boots on the ground is... still looking for reliable trustworthy folks.

@Joseph Cacciapaglia Thank you so much for your insights. I will start looking at the areas you mentioned. And great suggestion to find a property manager beforehand. Any suggestion on what to look for in a management company?
0 Reply
Craig CurelopBusiness Member
Real Estate Agent · Post Falls, ID · Member since 2016 · 1k+ posts · 1k+ votes
6y
Welcome to BiggerPockets @Kavita Joshi!

Glad to have you in BP site! As you start here, you need to have connections in the areas you plan to deal.
Just keep on in your Real Estate education here by browsing, reading, listening and building your network. Connect with other members here to learn from their success stories and experiences. I am sharing to you some of my initial recommendations:

  1. Subscribe to the BiggerPockets Money and Rookie Podcasts

  2. Attend the FREE WEBINARS

  3. Attend a Meetup in Your Area

  4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

  5. Peruse the forums! Ask questions! Answer Questions!

Good luck in your future investments!

Best regards,

[email protected]Podcast Guest on Show #350
1 Reply
Andres I. Cepeda
Wholesaler · Temple, TX · Member since 2017 · 44 posts · 17 votes
6y
@Kavita Joshi welcome to BP! Congrats on joining and taking the first steps to getting started in real estate! With the advancement in technology and the mad dash to make everyday life happen remotely I believe now more than ever investing from out of state can be seamless.

I would say essential tip to make that happen is have a team. If you're looking to invest in rental properties you NEED a local agent, lender, property management, and handy man. In the Killeen-Temple area I have had a great experience working with agent Julian Barrientos. @Account Closed is a local lender on BP who's always looking to help other investors in the area. I only wholesale in the area so I don't have any personal experience with property management but I have heard great things about Isbell and Linneman Property Management. When it comes to property management you want a good fit for your personality and the way you do business so I'd call a round and see who meets your expectations AND is very responsive to your requests especially being out-of-state. As far as handy man and being out of state you absolutely cannot sacrifice integrity. I'd recommend Devon Davis and his construction and repair services. He's a devote man and will always treat you right.
Shoot me a message if you would like any of their contact info! I pray many blessings over you and your business. If there is any way I can help please let me know!
1 Reply
Kavita Joshi
OP
New to Real Estate · Redmond, WA · Member since 2020 · 8 posts · 1 vote
6y
Originally posted by @Craig Curelop:
Welcome to BiggerPockets @Kavita Joshi!

Glad to have you in BP site! As you start here, you need to have connections in the areas you plan to deal.
Just keep on in your Real Estate education here by browsing, reading, listening and building your network. Connect with other members here to learn from their success stories and experiences. I am sharing to you some of my initial recommendations:

  1. Subscribe to the BiggerPockets Money and Rookie Podcasts

  2. Attend the FREE WEBINARS

  3. Attend a Meetup in Your Area

  4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

  5. Peruse the forums! Ask questions! Answer Questions!

Good luck in your future investments!

Best regards,

Thank you @Craig Curelop. I have started on some of your suggested action items. It is heartwarming to see so many wonderful people coming forward to help out in these forums with their valuable experience and suggestions.

0 Reply
Kavita Joshi
OP
New to Real Estate · Redmond, WA · Member since 2020 · 8 posts · 1 vote
6y
Originally posted by @Andres I. Cepeda:
@Kavita Joshi welcome to BP! Congrats on joining and taking the first steps to getting started in real estate! With the advancement in technology and the mad dash to make everyday life happen remotely I believe now more than ever investing from out of state can be seamless.

I would say essential tip to make that happen is have a team. If you're looking to invest in rental properties you NEED a local agent, lender, property management, and handy man. In the Killeen-Temple area I have had a great experience working with agent Julian Barrientos. @Account Closed is a local lender on BP who's always looking to help other investors in the area. I only wholesale in the area so I don't have any personal experience with property management but I have heard great things about Isbell and Linneman Property Management. When it comes to property management you want a good fit for your personality and the way you do business so I'd call a round and see who meets your expectations AND is very responsive to your requests especially being out-of-state. As far as handy man and being out of state you absolutely cannot sacrifice integrity. I'd recommend Devon Davis and his construction and repair services. He's a devote man and will always treat you right.
Shoot me a message if you would like any of their contact info! I pray many blessings over you and your business. If there is any way I can help please let me know!

Thank you @Andres!! These are extremely valuable resources. I am making note of them and will surely reach out to them as needed.

0 Reply
Kiera Underwood
Real Estate Agent · Oklahoma City, OK · Member since 2019 · 956 posts · 600 votes
6y
@Kavita Joshi what's your strategy there?
0 Reply
Kavita Joshi
OP
New to Real Estate · Redmond, WA · Member since 2020 · 8 posts · 1 vote
6y
Originally posted by @Kiera Underwood:
@Kavita Joshi what's your strategy there?

@Kiera Underwood, at this time, only looking for turnkey properties for rental.

0 Reply
Marlen Weber
Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
6y
@Kavita Joshi hi there. Welcome to BiggerPockets and congratulations on starting you real estate investing career.
0 Reply
Dmitriy Fomichenko
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
6y
@Kavita Joshi

Welcome to the BP family! Great that you joined the site! Here are some recommendations for you:

Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Wishing you the best!

0 Reply
Kiera Underwood
Real Estate Agent · Oklahoma City, OK · Member since 2019 · 956 posts · 600 votes
6y
@Kavita Joshi understood! Are you hoping for cash flow or appreciation?
0 Reply
Kavita Joshi
OP
New to Real Estate · Redmond, WA · Member since 2020 · 8 posts · 1 vote
6y
Originally posted by @Kiera Underwood:
@Kavita Joshi understood! Are you hoping for cash flow or appreciation?

@Kiera Underwood
Both Cash flow and appreciation in the long run. I plan to hold the properties.
0 Reply
Account Closed
TX · Member since 2020 · 11 posts · 5 votes
6y
@Kavita Joshi Welcome to BiggerPockets and congrats on starting your REI journey! It seems like you've got some good cash flow locations on your list. I'm most familiar with Killeen and Temple where there are a high number of 4-8 multifamily properties that cash flow well, but appreciation is secondary. Building a team that has your best interest in mind is crucial as an out of state investor: just as others have said. I can personally vouch for both Isbell and Linnemann Property Management. Message me if you'd like a personal contact to either of them. Just as @Andres I. Cepeda said, I'm always looking to help investors like yourself grow their business and enjoy answering any lending or area specific questions you might have. Best of luck to you.
1 Reply
Jay Helms
Rental Property Investor · Gulf Breeze, FL · Member since 2014 · 1k+ posts · 733 votes
6y
Welcome @Kavita Joshi! What's the one thing you need to accomplish this week to take another step toward your goal?
0 Reply
Kiera Underwood
Real Estate Agent · Oklahoma City, OK · Member since 2019 · 956 posts · 600 votes
6y
@Kavita Joshi understood! So probably more of a cash flow focus, but you do intend to cash out for appreciation long term. I'm curious how the taxes will impact your cash flow goals. What made you decide on Texas?
0 Reply
Kavita Joshi
OP
New to Real Estate · Redmond, WA · Member since 2020 · 8 posts · 1 vote
6y
Originally posted by @Kiera Underwood:
@Kavita Joshi understood! So probably more of a cash flow focus, but you do intend to cash out for appreciation long term. I'm curious how the taxes will impact your cash flow goals. What made you decide on Texas?

@Kiera Underwood Texas was chosen due to my comfort level with the place. I lived there in the past and know areas in and around DFW. I am looking for other areas as well that will have good appreciation in the future. But have to find a good trustworthy team to work with in those places. Taxes is a topic I am still learning about. Would love to hear your thoughts.

0 Reply
Kiera Underwood
Real Estate Agent · Oklahoma City, OK · Member since 2019 · 956 posts · 600 votes
6y
Well, being comfortable is worth a lot! Taxes are just almost double what they are in Oklahoma so I see that eating up a lot of cash flow. That said if you can get more appreciation opportunity based on your knowledge of neighborhoods it might be worth it! In OKC I only feel comfortable factoring 3% appreciation but taxes are at only ~1% of the purchase price so cash flow is solid for such a stable market.
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