New to Bigger pockets

[Atif Khan]

Afternoon, I just got done flipping my first house and lost quite a bit of money so I joined here to learn how to find better deals in Texas. Texas is a non disclosure non judicial state so I was wondering if anyone had tips and tricks to find better deals off market (I bought mine through the mls). If anyone has any tips, tricks, or websites or resources they use in the DFW area I would love to learn more. Thank you!

[Taylor Dasch]

Wow great mindset, you lost money on your first flip and your still getting after it! Personally, I think that the Wholesalers arent nearly as discounted as they used to be. I have found good deals on the MLS and good deals off market as well. It just depends on your knowledge of the specific market that you are buying in. I am in central TX and I'm very familiar with Temple, so I know what the ARV will be. The learning point for me for my first rental has been the repair/rehab costs. I went about 35% over-budget on my first rental, and still could Cash out refi and get 75% of my money back including the down payment. Had I done this in another market I would have not taken any risk as far as going over budget, then would be stuck with a sub-par deal because of doubts that i am going to lose money or get a bad renter, or whatever it may be so I dont go all in. This property is not a home run but will 100% get me closer to my goals. As far as tips and tricks, analyze deals every day on BP or Dealmachine. Join FB groups ("Investor Underground" in Central TX area) talk to people and let them know what your doing, you never know when someone may need to sell a property for whatever reason, read BP articles, listen to the podcasts, be patient with yourself, and write out a plan and back up plans to help you achieve whatever your end goal may be. Find a good REA in your area and let them know your goals and they may just come across something good on the MLS!