All Forum Posts by: Michael Barry

@Vijaianand Thirunageswaram the lender referral would be much appreciated, thanks! 

@Vijaianand Thirunageswaram thanks for the words of encouragement.  I will need to start talking to lenders ASAP.  I like your suggestion to lay down Specific milestones. I’ve got to talk with my insurance broker to get a ballpark idea of rates, contact several mortgage brokers and hard money lenders for pre-qual, perhaps some local banks for lines of credit, get with a few RE agents with approved funding in hand so they know I’m serious so we can start hunting for deals. I think end of February is a realistic goal to get those items checked off.  Next milestone would be to start putting offers on properties starting March and secure at least one deal by the end of 2020. 

Along those lines I’ll need to put together my go/no-go numbers together so I can eliminate emotion from the decision, especially as a first-time investor. 

@Dmitriy Fomichenko thanks for the links, I will definitely going through all of those resources.

@Andrew McKinnon that’s awesome! I’m also interested in properties inside the loop but I just don’t know much about the different areas yet.  I’d enjoy meeting up and swapping info.  

Hi all, I posted an intro in the new member section but also wanted to post here. I live in League City and work downtown. In a nutshell, I'm interested in single family rentals in our region to start my REI journey. I have a goal of securing my first investment in 2020. Looking for long term buy and hold opportunities in established areas in the $100k-$200k ARV range that will be managed by a PM. I have the capital for down payment and rehab budget but ideally I'm aiming to do a cash-out refi to keep as much of my capital working towards more property acquisitions. I'm initially going to focus on older neighborhoods on my side of town because I know the area and can easily hit the pavement to do my neighborhood research. I'm doing several analyses each day from MLS listings and rentals posted on Zillow and HAR just to start familiarizing myself with the analytical process. Next steps for me are to start building my network with like-minded investors, RE agents, conventional and hard money lenders, contractors and property managers. I know I need to get my lending lined up and pre-approvals in place so I can start to do some serious work on finding properties and putting together deals.

Thanks and I look forward to participating in the BP community! 

Thanks for the replies!  Looking forward to learning from the community and one day contributing back. 

Hi all, newbie from League City, TX near Houston. I figured I would use this format to introduce myself and my aspirations in REI.

Current Investments:  No directly-owned investment RE yet (primary residence owned, but no investment property). I am heavy in equities and looking to diversify. I have dabbled in some crowd funding RE through Fundrise to get more passive RE exposure while I was too busy with personal life to buy my own properties.

Day job: Engineer and Project Manager in energy sector.

REI interests: To start, SFR and smaller MFR, eventually commercial and who knows?!? Also interested in STVR in locations that can cash flow. Intrigued by the BRRR method as I thought I always needed to bring 20-30% to the table for investment properties.

Goals: 2020:  Networking to build solid connections with other investors, lenders (hard money and rental property mortgages), property managers, contractors, wholesalers, RE agents, etc. Purchase first investment property to “get my feet wet” and learn the ropes. Long term goal: still in development...

Current RE experience: Purchased two primary residences, sold one.  I helped my Dad build a small home so I have basic carpentry, electrical and plumbing experience.  Also have some rehab/remodel experience with our primary residences. Not a complete newbie but definitely not an expert. 

Locations of Interest: Houston proper and surrounding cities and suburbs (commuting distance to Houston and the surrounding commercial/industrial centers).  I want to start locally at first purely to keep it simple and lower risk. Eventually I want to diversify geographically. 

Random stuff: I work downtown Houston, so I can do meetups, grab a coffee or meet for lunch, or a beer after work. I am a private pilot.  That was my 2019 goal and I finished in October. It’s something I always wanted to do and figured it was an investment in myself and a tool to use for potential business opportunities in the future. 

Thanks and I look forward to joining the BP community!