All Forum Posts by: Lissa Dear

Quote from @Bruce Lynn:

How about Pace Morby's Gator program?   Will they fund those kinds of deals?

I’m not familiar with the program. After a quick search though, it looks like you would partner with a wholesaler and bring the earnest money that ties up the deal until they found an end buyer. That wouldn’t work for me.

Hi everyone,

I recently finished up a builder mentorship program in Dallas, TX where we built a home (1500 sqft 3bd 2.5ba) from the ground up. I'm currently working on another project in Terell, TX. 

I want to complete more projects, and I have access to subcontractors, lenders, architects, realtors, etc. The whole team basically.

I also have the time to dedicate to projects, but I do not have enough capital at the moment to purchase my own lot. 

Can any builders/developers share their experience getting started or which route is best to take in the current market?

@Jackie Mesa Hi Jackie, for my first property I started with a duplex. I live in one side and rent out the other using a FHA loan for financing. Spent about $8k at closing.

Sounds like you may not be interested in the live-in investment property since you already own your home free and clear. It all depends on what your goals are and how much time you have to dedicate to it.

I would suggest doing some research and property analysis on how much income you'd make from a SFR, MFR, or Flip and go from there to see which best aligns with your goals.

Appreciate the feedback guys!

@Nathan PlatterI've heard the same from apartment investors. Or business owners in general, they wish that had gone bigger, sooner!

@Jeff Kehl I'm conservative also, but knowing that about myself is why I want to take more risks. I think my day job will allow me to be a bit more aggressive on the real estate side. My drawback with starting small is that it won't net me the income I'm after, and it will take away from my time and resources before I'm in a position to buy another property.

@Juan Vargas I need to clearly define my goals to decide which route I want to take. I will need to learn a bit more before I can do that. But I will most definitely keep taking action!

@Paul B. Networking is definitely in the works, and I plan to bring money into all of my deals. I just need to learn and find some deals.

Thanks a lot for the input :)

Hello everyone,

It’s been over 2 years since my first BP post! And I still feel like I’m at Square One in a sense.

My goal then was to buy my first property and house hack a multifamily residence. Feels good to say that I’ve accomplished that with my duplex!

2017: Bought, renovated (Contractor), moved in and currently house hacking a duplex. Lots of lessons learned from this one, mainly contractor related. The inherited tenant who I thought would give me the most headaches has been very easy to work with.

Now that I have my own living situation figured out, and got my feet wet with remodeling and property management, I’m not quite sure what my next steps are.

My long term goal is to net a minimum of $15K /Month in 5 Years, roughly. Leaving the W2 position behind and being an active real estate investor. Not interested in a 40 hour workweek though, more like 20 hours/wk.

I know that I don’t want to own SFRs, so that leaves me with MF only.

Is it feasible for me to invest in apartments as my second deal?

I’m interested in the economies of scale, but do I start small with ~10 units and work my way up? Or start with ~100 units?

Do I need to flip for a few years to hopefully become an accredited investor then look into apartments?

Should I not even consider this as an unaccredited investor? Should I start actively and buy my own or passively with other investors?

I know there are plenty of possibilities and limitations, such as capital and experience.

But, I plan to be far more active this year on BP and at local meetups while also learning as much as I can through reading and research. Should I also be cold-calling brokers, private equity firms, syndicators?

Any suggestions, tips, and/or recommendations are greatly appreciated!!!

Thanks @Daniel Y.!! No, this property is in NW Fort Worth. I have to live in it, so when the first tenant moves out, I'll renovate it prior to me moving in. On the other side, I'll just make a few simple cosmetic updates. They won't have to move for it.

Hi Dominique, 

Also try Sajata Hale-Williams, she has recently helped me to purchase a duplex. Good luck in your search!

Hi @Lauren Lockett No problem and thanks so much!!!

Thank you! @Emily Cortright I am already thinking of what I want to do next, but I have to get through this purchase first. Yes, I'm already learning so much. It's not as scary as I thought it would be!

Hi @Kiel Lindsey so far so good. I'm under contract to house hack a duplex in the NW Fort Worth area.

@Daniel Y.

My assumptions are very much the same. It's not in the best area and it needs a lot of work. I would have much rather found a fourplex than a duplex though. My options were very limted.