All Forum Posts by: Jim Dineen

Hey BP DFW! I will be closing on my first set of investment properties in the upcoming weeks and am looking for a solid local bank to start building a relationship with. I'll be using the new account for all the cash flowing in to and out of my RE business. I'm especially interested in banks or credit unions that also act as portfolio lenders for future deals. Any suggestions would be great! Thanks!!

Hello BP! I'm looking at a deal currently that I'd like to purchase cash and immediately pull money out with delayed financing. Purchase price of $40,000. Not interested in fixing and seasoning for a cash out of ARV, just want to buy cash and immediately refi out. More interested in securing the property first and taking my time with the rehab, etc. I know lots of you fine folks have experience with this but is that purchase price too low for any lenders to consider financing? I'd ask my broker but we're in underwriting for another property set to close next week and if you sneeze they want an explanation... Thanks!

Hey guys,

Wondering if anyone might have recommendations for a mortgage originator and servicer located in the Dallas Metroplex area.

Trying to get my ducks in a row for some owner financing.

Feel free to contact me directly if you'd rather not share in a public forum.

Thanks!

Hey all!

So I've finally been getting a few leads on some prospective rental properties in my desired area. From what I understand they are owned free and clear and the sellers seem mid-level motivated (not desperate but eager to get rid of them).

I have a moderate cash reserve but I'm still a small fry and can't really buy all cash just yet, for most properties at least. Plus, using leverage and holding on to as much cash as I can had always been the plan

I feel these are perfect opportunities for some possible owner financing deals. I have ZERO experience with that and would like to present a very strong case in it's favor, with my terms, should I bring that offer to the seller. It may not work but I'd like to know I tried the best I could to make a convincing pitch.

I'm in Dallas and looking specifically in the Garland area, so if you happen to know any loan servicing companies you'd recommend that would be fantastic!

I don't have any hard numbers to tell you yet, unfortunately, as it's literally been along the lines of 'hey, you're looking for some rental property right? I know someone looking to sell there's...' Etc.

Any broad information would be greatly appreciated. Thanks guys!

I'm also interested in meeting all you fine folks. I work like a dog (hence my eagerness to get the ball rolling) and live in Dallas off Lower Greenville but will do my best to make a meeting whenever you guys decide :)

Ali Boone I was in Los Feliz. I see you're in Venice so you know that despite both being in LA the West Side vs East Side might as well be on different continents! I'm a location sound mixer for television.

Jon Klaus I feel in love with the M- Streets and Lakewood area right away. Such a great part of the city and it's unbelievable how affordable these neighborhoods are in such a large urban setting, by national standards at least. I've been focusing my search to the east of me in Plano, Richardson, Addison, Garland, Mesquite and Rowlett. Garland and Mesquite seem to have a few deals that would work for a buy/fix/rent strategy, though lower rents. East Plano has some $75k price points in the $1300-1500 rent area as well. Obviously I'm digging through all the forums to keep my wheels spinning and see what everyone else has to say!

Thanks for the warm welcome everyone!

Hey all,

I'm still fairly new to BiggerPockets and REI in general but I'm not new to business.

I'm well aware of the general rule of thumb that MAO should be 70% ARV- repairs and you should strive for rent of 2% of purchase price if you are buying and renting. That being said those figures are strictly academic unless the market will bear it.

Are the successful DFW investors working consistently within these parameters or would 70%/2% be considered a GREAT deal and 25%/1-1.5% actually be more common?

For example, in some of the forums I follow for my professional trade there is always a lot of discussion regarding the rates we charge clients. I know that they vary from market to market and some of the things people say simply isn't realistic. Working in LA (more competition) lowers your rate but here in Dallas there is less supply of people that do what I do, so I can charge more. I assume the same would apply to REI.

Thanks!

Hey everyone!

A formal introduction would be appropriate before posting on the threads and PMing some of experienced and helpful investors on this site so here goes!

I relocated to Dallas from LA (a New Englander originally) about two years ago and absolutely love this city and Texas in general! What started as a 2 month job on the road turned into buying my first home (an amazing little cottage in the M Streets) and now hopefully starting my REI career.

One of my first jobs as a kid was being a handyman for my friend's father. He was a realtor that owned a bunch of apartments in an old mill town not far from where I grew up. I saw his lifestyle and realized there was a lot to be said for owning rental properties. Hiring an inexperienced 16 year old to do handyman jobs on your rentals may be a little questionable but that's a story for another day... I learned a lot about scraping and painting... and repainting... and repainting...

It's always been in my mind that I would use real estate as my exit strategy from having a "real job" and use it to support myself and family at our own schedule, much like most of you I'm sure. That being said, I don't actually have a "real job" by most standards. I'm self-employed and work freelance. I'm hoping REI will enable me to slowly transition out of the crazy long hours and travel I endure now in to something a little more stable and predictable so I can pick and choose my jobs more carefully to stay local and hopefully one day have a family.

The amount of information available on the subject is endless and I'm learning as much as I can everyday and feel ready to finally get off the sidelines and start taking action! I'm hoping to engage in a mix of turnkey buy and hold, rehab/refinance/rent and flips. Sorta like a diversified stock portfolio. I'd love to be in a position within 4-5 years where I no longer depend 100% on my freelance job to maintain my lifestyle. I'll continue to take work but instead of 3-4 months gone (at a time!) it'll be more like 3-4 days a week right here in beautiful Dallas, TX!

I started my freelance career with a blind move to Los Angeles in 2006 and couldn't be happier with the results. Here I am in a new city, a bit wiser, WAY less broke and ready to start a new journey all over again! I'm excited to get to know you all a little better and see how all of us grow our empires over the years to come!

Jim