Request for Dallas/Fort Worth Mentors

[Carl Hunt]

I am building my Real Estate investor business this year. I would like to gain knowledge from a few Dallas/Fort Worth area investors who would act as a mentor/coach. I have my first deal coming up that is being offered by a Real Estate agent from Denver on behalf of her family. It is a 2 bedroom/2 bath 1949 home (1300 sq ft) in Dallas for 75k. I ran the comps on homes in that area (Zillow-Trulia) and they come back in the ballpark offer. I plan to offer 52k that is 70% of the ARV. I want to flip this property since the agent stated that is possible for this home. My issue is should I get a hard money loan including a few thousand for basic painting and yard work and sell it for a more possible profit or should I just "flip it" for 5k to another investor? I'm not sure if this is even a "good deal" to flip or not without a mentor's review on what else do I need to checkout on this deal? I want to get in contact with willing mentors by email or phone. I want to maintain a few instead of just one since I know "time is money" when investing.

[Shane Woods]

@Carl Hunt, welcome to BP and investing!  I have a couple of thoughts for you, as an investor-friendly agent...

1st, dealing directly with the listing agent for a property they're selling for family, is likely not the best choice, unless you have good solid numbers to work with, and you can write a contract you're comfortable with without sneaky weasel contingencies. If you're goal is to find some deals off the MLS, my recommendation is to find yourself an investor-friendly BUYER agent in your area to represent your interests. Remember, listing agents' and cooperating agents' legal fiduciary duty is to the seller. We are legally obligated to get the seller the highest price and terms. The ONLY way (in Texas anyway) to have an agent working for YOUR best interest as a buyer, is to have a buyer's representation agreement. As a buyer's representative, we're legally obligated to help you get the lowest price and best terms for YOU, the buyer.

2nd, I would advise you to do a little more research on wholesaling before you embark on a journey to "flip" a property to another investor for $5K.  The word "flip" is thrown around a lot here.  What you're referring to is wholesaling the property.  There are many ins and outs to doing it correctly.  Like @Alberto Camacho mentioned above, I would not jump right in until you understand the numbers and the process a little better.

What you're receiving here in this thread is mentoring and coaching.  :)