All Forum Posts by: Rich Darragh

I know I am late to the discussion but in case you all haven't found out the details about the TCU Overlay here is a link to it, and it goes into affect March 31st.

http://fortworthtexas.gov/uploadedFiles/Planning_a...

The grandfather clause was passed, so long as the particular property has not been unoccupied for 24 consecutive months and it is registered with the city before the date this goes into affect. 

Hello BP World!

I always see a lot of posts about investing in Memphis because the prices are lower than other major markets and the rents are stable. This is a market I have been wanting to explore, and I plan to take a trip there very soon to see for myself. 

I will say, I don't see many posts about North Memphis (Millington, Munford, Covington, other parts of Tipton and Shelby County). Are these good areas for investment too? Or do you want to stay closer to the city?

Would anyone think it is a good idea to invest in new town-homes near a casino? Why or why not?

I wanted to throw this out to the knowledgeable BP community. Thank you in advance for your input!

@Brittany Thompson

Finding motivated sellers: When I do direct mailing campaigns here in DFW (Texas), I look for absentee landlords or homeowners. This can be found via tax rolls, or on your specific county's appraisal district wesbite. I will pick a street or neighborhood that I know I want to buy a house in, then search each specific address looking to see where the owner lives, and if they are out of state I send them a letter.

I will send once to twice a month to the same addresses, so as to not bombard them with what they may perceive as 'junk mail'. Also make sure your letters are hand written, this may be time consuming but it is well worth it. People may be more likely to respond to a hand written letter rather than something that is mass produced.

Welcome to BP! A good REI meetup to go to, is at Woodhaven Country Club in East Fort Worth every Saturday at 9am. This is a great meetup because you actually learn valuable information about the business, rather than having a "guru" sell you some get rich quick scheme.

I got my real estate license immediately. I wanted to have access to MLS so that I would be able to pull my own comps for the deals I evaluated, rather than pay a realtor a percentage of my profit to do the same thing.

What is everyone's opinion on using hard money to invest in real estate?

I know you are risking a lot less money (and in turn you have more cash to do more deals simultaneously) and it drastically raises your ROI, but I just wanted to ge the BP world's opinion on it.

myhousedeals, prodigyinvestor, linkedin, facebook...all our great avenues to post your property and to network. You can also sign up for the BP premium membership and post your deals in the marketplace.

I believe this makes it a great market for investors.

The median house price is up 11% in November to $156,500, which are the bread and butter investment deals in the Dallas and Tarrant County market. This means that you can buy a distressed house for $70,000 - $100,000, put $15,000 - $25,000 of work into it, and then sell it on the market for $125,000 - $165,000. This leaves room for a potential to make a lot of money, and a lot larger of a return then you could make in the stock market.

The market is asking for more houses, and investors are the people that need to supply these houses. Not only would you be helping to sustain the market, but you would also be able to increase the value of properties in certain neighborhoods by buying an eye sore, rehabbing it, and returning it to the condition of the neighborhood standard.

http://www.dallasnews.com/business/residential-real-estate/20121210-north-texas-housing-supply-at-lowest-point-since-2000.ece