All Forum Posts by: Dennis Small

Hey everyone!

I'm hoping you guys can give me a push in the right direction. Please allow me to explain where I am right now.

I am brand new to real estate investing. I'm currently reading books, going to local REIC meetings (looking to join one) and hitting these forums as much as I can. I'm also listening to the podcasts here and they are awesome. I'm a big reader and love to educate myself so this part is a lot of fun for me.

I'm working full time in a job that is not flexible with hours. It's strictly 8-5 and I usually end up working until 6 or 7. Weekends off. My wife and I are currently putting any extra money we have towards paying off debts so we can be debt free except our house. That should be complete by the end of the year.

Because of this, we have no money to invest right now. The soonest that I could would be next summer. I don't want to wait that long. Also, our credit pretty much sucks right now so I'm worried about getting loans for REI.

My long-term goal is to buy and hold around 100 properties debt-free. To get there, I plan on doing a combination of wholesaling and flipping to cash-flow the 100+ properties. My goal is to hit 100 properties in 15 years.

So a quick summary. I'm eager to learn. I dont have much money to invest and my credit sucks. I'm a hard worker and willing to work under a mentor for as long as it takes for me to learn the business.

While reading these forums and various books, it can be a little overwhelming when you look at all of the different avenues one can take in real estate. That's one thing I love about this business but it's also giving me Analysis Paralysis right from the start.

What avenue should I take given my situation? All suggestions are welcome!

Quick update....

On Friday, I came home and noticed a new sign on the front door of the vacant home next door. It stated that the house is now owned by Fannie Mae and there was a realtor assigned to the property. I called the realtor on Saturday and she said the house would probably go on the market in 2 months. She can't take any offers until it is listed and she has no idea what the asking price will be. She also doesn't know if they are going to sell it "as is" or fix it up a bit.

So what now? Any tips on getting this house before it hits the market or are we stuck?

Also, thanks to the advice given here, I have decided NOT to buy the house and sell it to my friend. I'm leaving it up to him to get the funds to purchase the home. Not worth the risk of losing a friend.

So it's not really an investment but I'd still appreciate any advice you can give me.

Thanks!

Hello everyone!

I've been lurking for a few months and I figured it was time to jump into the fray. I'm brand new to real estate investing but it's something I've wanted to do for a long time. I have been in insurance sales for the past 10 years and in the restaurant business for the 15 years before that so I'm used to talking to people and networking. That's the easy part. :)

My long term goal is to buy and hold 100+ properties so I can retire comfortably sometime down the road. For now, I'm reading and reading and reading and reading. There's a lot to learn but I'm very excited about this new adventure.

I'm looking to join a good REIA in the DFW area (specifically in the North Dallas area) so if anyone has a good one that they would recommend, I'd appreciate it.

Right now, I'm studying and developing my business plan. So far, I'm looking to start out wholesaling or bird-dogging while I learn and try to build up some capital. I'm a working stiff with a wife and 3 daughters so there's not a lot left over to start this business. However, I am in a position to pour any money that I earn from RE back into my business.

My next step will be to start buying properties. I'll keep some to add to my portfolio and sell others to help pay off my buy and hold properties. I will still wholesale if the situation permits. I plan on sticking with SFH but if a good deal comes across for a MFH, I would certainly consider it.

If there's anyone in the DFW area that would like to mentor someone with a strong work ethic and is eager to learn, please let me know!

Thanks for the advice everyone! I am going to try to contact the seller and the asset manager. See where that leads me.

Bryan K. - Good advice. I am only doing this because this is a friend of mine of 20+ years and I trust him immensely. Also, he is very likely going to be my partner in this business if we can get it off the ground. Anyone else and I'd steer clear.

I considered just letting him pay rent to cover the mortgage and expenses but if he buys it, I don't have to worry about insurance, taxes, upkeep, etc. Plus the house needs some minor work and I'm not in a position to mess with that either. Much easier to let him handle it.

I'll post more as I find out more. Thanks again!

Hello everyone! Brand new to the forum but I've been lurking for a bit. I absolutely love it here!

I hope you guys and gals can help me. My house next door has been vacant for 3 years coming up in June. There is a sign posted on the door stating that JPMorgan Chase is maintaining the property and they've had a crew out there mowing and doing other maintenance for the last 2 years. When I look up the property's tax records, it's still in the former owners names.

I would really like to buy this home so that I can turn around and owner-finance to a friend of mine moving here from Florida. His credit is about to be destroyed by losing his home in Florida so I'd like to help him out and get some much-needed learning from this experience.

So what is the next step? I know that the owners just abandoned the property because they couldn't afford to live there anymore. I have a pretty good idea how I can find them as well. Is it too late to do a short-sale? If it's in the foreclosure process, is there any way I can make an offer on it? And why would this be tied up for 3 years?

I apologize if I'm using terms wrong or if these are stupid questions. I'm a total noob but willing to learn. Your help will be appreciated!