All Forum Posts by: Antonio Marte

 Good luck shawn, alot of good deals out here, makes it hard for me to remember im looking for a investment property and not a primary residence.

 congratulations,where did you end up buying if you dont mind me asking? We just looked at a few properties in saginaw, watauga and bedford. Really liked a few move in ready properties we saw in saginaw, going to try and run the numbers tonite. Do you use a property management by any chance?

thanks everyone! going to go check out some houses in a few minutes.

 hey Sergio thank you, i spoke to my accountant and he assured me he could be of help however something that concerns me is he might not know what a cpa in texas might know (he works in ny). I honestly remember looking in Philadelphia but the nicer parts of town were a little pricey, i went to a few open houses in allentown. 

 so after raising you would just fix and extend the existing foundation? thank you i will make sure to have foundations checked.

sorry i haven't mastered the art of multi-quote on the thread replies.

Originally posted by @Will Barnard:

My biggest mistake starting out - overpaying!! The DFW area as a whole is a complete sellers market right now, finding a good deal will prove to be tough so my biggest advice to you is to be patient, learn the market, and get a good deal, don't just buy simple to buy.

I figured i wouldn't be running across any homerun deals. I really want something where i can build equity in order and buy more property. Cash flow $100-$200 NOI a month would be a true plus for us. I will definitely be patient though. Thanks Will!

Originally posted by @Lynn Weber

We don't really have basements here (it's extremely unusual). Most houses are on slabs unless you are looking at something 1940's or older. We were told "If it doesn't have foundation problems, it did, or it will". And we've found that pretty true. Good luck with your search!

Excellent.Thank you Lynn that is definitely helpful. 

Originally posted by @Kevin Marshall

Welcome to DFW and as others have mentioned this is a great place to launch the real estate investing career. I also wanted to lend a helping hand if you need another one. I help investors find and purchase propoerties in the DFW area, I'm a Realtor and work stricly with investors. Be prepared to make offers quickly if you find a property still on the market that interests you, or to explore the off market property options. The MLS listings, if they are worth anything, don't stick around very long.

Again if you are looking for another person to show you around I would be happy to help. Either way good luck and I hope you find the one.

Kevin 

Kevin thanks alot. I sent you a colleague request! I will stay in touch.

Originally posted by @Laird Wynn

There are 2 keys to investing in an area far from where you live.

1 A GREAT property manager! Ask for references from other out of town clients of theirs and then call the references. Find out about average maintenance charges, time to lease a unit and fees from the clients.

2. While you don;t have to live in an area to successfully invest in it, you do have to be an expert. I live in Cleveland, Ohio and I see too many investors come from out of town and buy before they do their research. The risk you take in real estate is limited to the difference between what you think a house is worth and what it will actually sell for. If you are an expert in a local market, then you really reduce the risk and can invest with confidence.

Good Luck!

That has been our priority looking for a good property manager, if we don't find one we are comfortable with it might be a deal breaker for us. Thank You!

Originally posted by @Dimitri L

Funny I'm actually headed into DFW area tomorrow as well, so we'll be there at the same time. Only staying two days though., eight days is great commitment!

Best of luck in your search, and let's trade tips and contacts at some point to win-win off each others' experience

Cheers

-Dmitri

Thanks that is great Dimitri! Relationships like these are exactly what i was looking for by joining this site. I will stay in touch and will share any info i might find helpful. Do you currently have any property? This would be my first. 

Originally posted by @Andy W.

@Antonio Marte - no basements in Texas. If you find a house that does have one, probably best to stay away (we did find a split level in Ft. Worth that was partially underground) - we ran away after hearing some horror stories from prior owners (leaking, etc).

Foundation inspections are free, so it is always worth getting one. If you find some houses that you are interested in, the guys showing you around should have contacts of some reputable and investor-friendly (important) companies. If not, send me a message - we have worked with a few in the area.

Generally be aware that the construction down here probably differs from what you know in NY. Be sure to acquaint yourself with any differences so you don't make assumptions based on your local experience up there.

Andy

This is great advice. I sent you a colleague request. 

Thanks for all the help everyone! This is all very useful! 

 We will be staying at a hotel 10mins from DFW international, for I believe 8 days. Adam wright who we met here will show us a few properties here and there. We are looking at listed properties, I found some on craigslist, a few turnkey companies approached us as well. I appreciate lending a helping hand Jerry!

 Val thank you for the advice! We've studied the census and sites like pediacities.com to kind of narrow down which towns/cities we want to look into. We are going to drive around etc. I would love to invest closer to home, the mortgages in ny are out of this world!! Went to an open house the other day, 1200sq ft 3 bed 1.5 bath- 780k. Thank you again!

thanks a lot guys!!!

Chris I will definitely have to grab a coffee with you! I appreciate it. I'm looking in DFW beacuse it just seems like a reliable market with projected growth. I have a sister who like myself was a born and raised New Yorker who moved out there and said she will never leave Texas. We are actually interviewing with a few Property management firms, since we will still reside in NYC for a few years. 

Nichole thank you. If we like it we definitely plan on moving down there. The earned income we are getting in NYC is helping fund this opportunity so we wanted to stay in NYC until we can somehow expand down there. NYC properties are just too expensive for a blue collar guy like myself.

Andy that's awesome advice. Thank you. We have a few B class neighborhoods we want to check out. Off the top of my head I can't remember the names. As far as foundation inspections how would you deal with a furnished and closed basement where checking a  foundation would be more difficult? 

Thanks again everyone