All Forum Posts by: Kevin Reynolds

@Adam Wright,

I wasn't able to make it this month, but I definitely want get together with other BP people from the DFW area.

Hope to be with you guys in April.

- Kevin

Welcome!

@Grady Green, glad to have you in the area. 

I grew up in the area with my Dad working some 15+ years in Keller, Texas. Its a great area and like you I am looking to get started in the area investing in Real Estate. (I just moved back to DFW after more than 20 years away.)

Good luck. I don't know much yet, but I am learning and already meeting up with some people who share our interests.

If I can do anything, let me know.

- Kevin

Just had another thought.

A friend just recently shared that he inherited a house with a garage apartment / income suite in NRH.

Is a house like this hard to find in our market? How do the different municipalities deal with this? (I don't think it is as easy or accepted in Texas as it is in many other areas.)

p.s. We might even consider living in the small apartment / suite. I just want to hack or speed up our ability to invest in RE.

I need to try and make it on March 14.

Let me know if there is any other information I need for the next meet up.

Thanks @Adam Wright 

Wow! Quick response to my post.

I was a little worried that might be the case. I believe I saw a little on realtor.com and loopnet.com, but was concerned about the amount of inventory in the areas I am seeking. I even saw advertisements in my searches for a builder in Las Colinas that is building / would build a duplex for me.

It is hard to imagine that would be the best way to buy below the RMV. 

I will pm you and maybe we can set up a time to meet and chat later. Who knows? I don't know what it will yield, but I better do my due diligence exploring commercial RE as well.

This is my first post besides my member introduction so here it goes:

IN THE NEXT 6-9 MONTHS I WOULD LIKE TO BUY A QUAD OR TRIPLEX

I want to buy a place in the Metroplex where I could live in one unit and rent the other units out. It would also need to be livable for my wife and our dog. It doesn't have to be fancy, but it needs to be safe and in a solid middle class neighborhood or better. (A duplex might work, but I prefer to go bigger if the numbers work and there isn't a good reason to only get a duplex.)

- I will have 150k to put down and even some funds to do my rehab

- I will still have some funds afterward to put down 20% on one or two more SF rentals

- After one or two years I will probably refi or get a line of credit to facilitate other RE aquisitions.

- I prefer Irving / Las Colinas (my wife works in uptown Dallas, but I still want to be linked to the Ft. Worth side of DFW as much as possible.)

     Also we would consider Grapevine, Colleyville, Farmers Branch, NRH, HEB and maybe Arlington but the work commute for my wife is an important consideration.

Questions:

1) It seems most DFW investors, at least on BP, talk is about SF. How good is the market for 2 to 4 unit properties? 

2) Are any of the areas I mentioned better for inventory, GRM, ROI or any other factor I should consider.

3) Which would be a better resource, a wholesaler or investor friendly broker? Both or neither?

4) I am new to the investing side of RE and haven't lived in the Metroplex for 25+ years so any other wise advice you can give this newbie would be most appreciated.

Thanks,

- Kevin

p.s. I would even consider a small commercial 5, 10 or 15 unit apartment if the numbers worked and it was realistic to get the financing. Is this crazy to consider and how is this inventory in DFW?

Hey Kevin,

I am new to this, so I am sure one of the wise experienced folks can explain it better (or might even correct my understanding), but the 10k depreciation on the spreadsheet is just the yearly depreciation that the IRS allows you to claim.

So even though you might be taking in much more than you are paying out, you could actually deduct this as a loss on your tax filing. (PLEASE CONSULT AN ACCOUNTANT OR TAX ATTORNEY.... all the experts always say this.)

Good luck and I'm sure you will get the answers from wise counselors and mentors that you are looking for.

- Another Kevin from Texas

@Brad Thompson

Welcome to BP and RE investing in the DFW Metroplex.

I am a newbie two, but I have been reading all over the BP site, listening to the podcasts, doing some webinars and communicating with a few folks from our area or other experienced investors.

The last couple of weeks I have gone to the DFW REI Club that meets in Fort Worth at the Woodhaven Country Club pretty much every Saturday morning. I won't be going this week end. (I get to take my wife out for a late Valentine's date.) But, I think I will be going on the 28th if you wanted to meet up and see what it is about.

Or, if you find a different DFW meet up, I'd meet you there and get you a Coke or coffee. I am wanting to visit a few of the other groups in our area, but haven't decided what group or what time I need to try out next.

Hope you find what your looking for and hopefully we'll see each other around and help each other out as we learn the biz.

- Kevin

Thanks Billy!

I just gave a quick reply, but probably should have been more specific in talking about what I wanted to do. (I was considering creating a new post just about my possible studies and wasn't sure if putting too much on a post that is mainly about the value of the FB Mastery Program and the cost to be "mentored".)

I was talking about 2 course packages.

- 1) A complete course with all 5 classes necessary to get the Texas RE license.

........ (so... 5 classes - 180 classroom hours - cost "just" $649.00 instead of 25k

- 2) A complete course - 3 classes necessary to take the Texas Apraisers Test (trainee)

....... (3 classes - *75 classroom hours - $749.00 instead of 25k to Fortune Builders 

       * as a trainee, the new apraiser would need to work under a recognized apraiser until he meets the State requirements to "loose the trainee label".

This is a much more complete and accurate description of the courses I am considering and their cost instead paying a group to give me the secrets of real estate wealth.

Imad,

I am still a newbie, so consider that as you hear my thoughts.

But... I am planning to take two courses to expand my knowledge. I have found courses on apraising and another necessary to get my Texas realtor's license. I can take these online or in person. For about $1,400 (plus the cost of the state exams), I can have a Real Estate License and an Apraiser's Certificate (trainee).

I am considering either of these courses and probably both. I am staying far away from the gurus and will seek good mentors through hard work and persistence. Just a thought.

- Kevin

p.s. For any of you experienced folks, is there a reason that even this $1,400 investment is a waste? If you were going to suggest only one course (or one to do first), which one would it be?