All Forum Posts by: Julia Newman

I recently inherited a property that needs a 250K rehab. I have about 500-550K in equity in this home and 300K cash savings. Comps of renovated homes are $750-950. It is in a coveted school district in a class-A neighborhood in East Dallas. 

About me: I am beginning my REI career with a goal of flipping 2 homes in 2025 and scaling considerably over the next 3 years. We will live in this home until 2028, at which point we will move and rent it out.

Looking to BP for funding advice. What are my options? I have cash, but should keep that for reserves as I move into flipping. If I go to a conventional bank, do I get a home equity line of credit or a renovation loan? Is there something more creative I should consider? I don't want to over-leverage since I will probably have to do my first 5-6 flips with conventional loans in the next 1.5 years before I would be considered for private money, right? I have about 500K equity in the house and 300K savings.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $145,000
Cash invested: $10,000
Sale price: $230,000

Purchased as a place for my parents to live. Appreciated greatly in short amount of time. This is what got me interested in property investments.

How did you find this deal and how did you negotiate it?

Purchased off market from family of a friend

How did you finance this deal?

conventional loan

How did you add value to the deal?

New carpet, new paint, new landscaping

What was the outcome?

Listed on market. Had an offer in 2 weeks

Lessons learned? Challenges?

This was an accidental introduction into the world of investing and also my first home purchase and sell.

I'm starting my REI journey taking in all the advice and information I can absorb. I'm based in DFW area but also have connections/interest in Notheast Texas. I've had a few experiences in REI. Bought/held/sold in East Texas a few years ago and made a pretty penny. Sold a problematic family home to an investor in 2023 after a death in the family and watched it be flipped into something I could never have imagined and sold for 4 times what they paid us. While I could kick myself now, I view it as an invaluable experience because it put me on the receiving end of a close and gave me direct insight into why people sell homes to investors. Now I am inheriting a huge fixer-upper in Dallas which we will probably live in for a few years after it is repaired.

My ideal situation with REI is to buy and hold multiple properties while also flipping a few per year to supplement our income. Potentially work my way up to multi-families/apartments in a few years. My main goal is wealth building. I have a reasonable amount of cash on hand, excellent credit, and low debt-to-income ratio. I am also self-employed and have a good amount of time to work on this.

Now I need a house. And a contractor. And a lender. And renters. And another house. And with all this to happen without a complete collapse in society. 😂

I have a few direct questions.

1. How do you find information on homeowners? If I have the address, how do I find the owner, descendants/addresses, current address of owner if property is vacant, etc. 

2. Are there any meetups in the DFW area that are NOT run by the Groves?

Nice to be here. BP seems to be a great resource. I'm excited to get going!