All Forum Posts by: Alex Grosvenor

Hey Jenny. 

You would contact real estate agent where you are looking to buy and not where you live. So if you’re looking in Dallas then contact agents in Dallas and tell them what you’re looking to do.

The Agent will have connections to lenders that you can use. They will also be able to provide you with other connections such as contractors, title companies, and property managers if you should need them. 

The employed part isn’t a big deal if it is W-2 income. So if you get paid hourly or salary you should be fine there. If you are self employed for less than two years that’s when things get a little more complicated.

@Bruce Lynn always putting out good information. 

You can indeed use the property description box if you're actively searching on the MLS. Always put asterisk * before and after the word. This allows you to include all variations of the word or phrase in your search.

EXAMPLE- *repair* would include repair, repairs, repaired etc. Or any variation of what is within those asterisks. 

You can also use this to use for phrases such as *mother in law* or *guest house* as well. 

You can also search words and phrases together in one search. The search does not have to have both words or phrases- it just needs to have one or the other to populate.

One agent might use ADU, another might use MIL, and another might write guest house. It's important you search for more than just one keyword so you don't miss out.

@Martyn Sharp As the two gentlemen before me have already said the BRRRR properties are indeed still out there. It is just a really competitive market. They are correct and I'm sure they have tons of great knowledge and expertise that they are more than willing to share with you.

Have a criteria. Don't waste time looking at deals that you don't want to pursue. If your criteria is BRRRR don't worry about looking at turnkey properties or the people buying turnkey. Thats not your competition, your competition is the people looking to BRRRR like you are and flippers that's pretty much it.(BTW people who BRRRR can pay more than flippers because they don't have to pay the 6% to sell afterwards!) You will waste a lot of your time looking at properties that you're not even interested in if you don't have a criteria so it's very important.

Another reason why prices are so high right now is that people are choosing to settle for deals that don't match their criteria or maybe don't cashflow. People are buying bad deals in hopes that the market keeps appreciating at the insane rate it is right now. The market wasn't like that before. 

The real estate market has also never seen such low interest rates. Borrowing money is almost free right now. People are insane not to jump at the chance which is also the reason houses prices are sky rocketing.

BRRRR properties are out there. Maybe not at the discount they once were. Maybe not as many as there once was, but they are out there.

Hey fang! 

Congrats on purchasing another investment property! It's definitely not easy in this market!

Good luck in 2021!

I agree with Bruce narrowing down your criteria might give everyone you talk to a better idea of where would best fit the lifestyle you want to live.

Downtown Dallas is nice but like Bruce said not many houses and they aren’t the nicest houses or you can move to Lower Greenville. Lots of houses. Lots of stuff to do and only like 10 minutes from downtown. Plano, Frisco and those area are a lot more open. More family style living and suburbs up in that area compared to the city feel that Dallas gives you. 

Frisco and McKinney seems to be where the “new money” is moving to which just means people are moving there from places like California because they are suburbs and it’s not as crowded as the actual city so you get a lot more space for just as much money. 

Arlington is a whole other world. You have lots of attractions, the football stadium and the rangers baseball park is there. Houses aren’t as expensive as they are in Dallas. Puts you right in the middle of Fort Worth and Dallas making it like 25 minutes into each city depending on if you’re going East or West. 

I say set in stone what lifestyle you want to live if you do move anywhere. Then plan where you move to around that lifestyle. 

Are you looking for it as an investment?

Because yes in Denison there are very little houses for under 100k. You can buy one but you wouldn't make any money because they would cost more to fix than they are worth. And even then I wouldn't say 100k ARV. I would say the house would be worth a little more than that after you fixed it.

Hey Noam. I think 90% of land goes for more than 100k in and around Dallas. I don't know of any suburb you can get into with 100k for the land alone. Maybe you don't know what ARV is or maybe you didn't mean to put ARV. Either way I hope you find it!

Good luck! 

Just my opinion from listening. Stay away from renting to your daughter and her friend(s). That would be your most complicated option of all of them. Renting to college kids isn't always the best idea. If your kid misses rent for any reason are they getting special treatment? How well do you know all of their friends that they won't mess up your house? Remember we're talking about college kids right now. Most of which aren't even 21 yet. You will have about a month of cleaning and fixing everything to then turn it into a STR for MAYBE 2 months before you have to stop that rent it out to her and repeat that process over and over again every year killing a month of cash flow every single year if not more. Not a good idea in my opinion.

These people gave you some insights on Galveston already so I won’t touch on that.

As for the Dallas market. Cash flow isn't your best friend. Appreciation however is a lot greater than MOST other places. Definitely better than Galveston and Corpus but they'll do more cash flow than Dallas will. STR for AIRBNBs work here well. Lower Greenville, Deep Ellum, Uptown areas are all really good for an Airbnb play. That would probably get you the cash flow and appreciation you would like.

@Gabriel Almendariz I agree with @Brandon Goldsmith a lot of what you’re asking about will be solved by narrowing down your criteria. Are you looking for cash flow or appreciation? How much money do you have to put down? Dallas isn’t as expensive as CA but ALOT more expensive than Ohio. SF or MF. If so how many units?

What area you’re going to look in needs to be a main factor. You can’t be looking and learning about 3 different areas at one time; you will never get anywhere if you keep doing that. Focus on one thing. Get it going and become an expert at that one thing. Then move on to other states or different types of housing. 

There are a ton of people wholesaling out of the DFW area. A lot of which you can find on investor Facebook groups for the DFW area. Bandit signs, cold calls/texting along with direct mail is the method most people use. The larger wholesalers use VA to skip trace and cold call saving them all of the work but you need capital for that.

I recommend going to some events here in the DFW area. You will meet a ton of wholesalers there. A lot of them are more than willing to share some information.