All Forum Posts by: Rose Nielsen

Thank you so much everyone for all the wonderful advice. I truly appreciate it.  I am sitting down with our relator and a few lenders this week and will definitely take your advice to heart. And yes, it is an aggressive goal but it's not written in stone. On our first few deals we were just trying to get our feet wet and now I'm trying to be much more strategic about how we deploy our resources and matching that with our ultimately financial goals. So it was great to see the different options mentioned and some of the challenges that you've mentioned. THANK YOU again!

Scenario: You have $200K to invest. You'd like to acquire a portfolio of approximately 20 rental units that kicks off about $300 of free cash flow per unit, per month. How would you go about deploying that money? BRRR is an attractive option but fixer uppers are WAY overpriced in the DFW market and you have no interest in going more than an hour outside your local market. Any suggestions would be greatly appreciated. TIA!

We moved out of Winnetka Heights a couple of years and you're pretty accurate on what's happening on some parts of Oak Cliff. But don't forget that oak Cliff is HUGE. I would never do a flip in WH or Kessler Park as my first time deal. Dealing with the historical districts is a HUGE pain in the butt. But other areas like Wynwood or further south could be a really good deal. If I were you I would take some time to learn the area before jumping in because from one block to the next is a whole different story (and return on your investment) in Oak 
Cliff.

Thanks @Carl Richter You're right. I popped in this morning and that's basically the answer that i got. Thank you so much for the 2 suggestions. I'll reach out to them next week.

THANKS, @Michael S.

Hello everyone! I bought our first rental property last year out in Crowley and I am looking to acquire up to 5  more properties this year in the HEB area. My goal is to use the BRRRR method and have at least 11 rental units (either SF or small multi-family).

We have great credit and a comfortable sum that we can use for either the down payment or reno on the 1st (and MAYBE 2nd) property. For our first deal I just scoured the internet, found the lowest rate out there, and got a conventional mortgage. (Had to put like 30% down to get the best rate. I would like to NOT do that again.)  

Listening to the BP podcasts, they are constantly urging you to create relationships with local banks. Do you have any local banks/portfolio lenders you'd recommend in this area?  I bank at Frost and plan on meeting with them next week. But, other than that i've got nothing.  I'd love any suggestions and recommendations. Thank you!

Welcome to BP @Tara Bennett I am also new to the site and to the world of REI so I don't have much advice to offer. But, your enthusiasm sounds infectious! Go get em! (I am a SAHM hoping to use REI to retire my husband in the next 3-5 years so that we can spend more time together as a family. I can totally relate to your "why".

@Leo Lanza Do you still have this property? I am looking for fixer uppers to repair and in HEB. Let me know if you come across anything. Thanks! 

@Ankur Agarwal I bought our first rental in Crowley last year and while we are slightly under the 1% rule (0.96%) we could totally be over that if we wanted to raise the rent. (We inherited the renters, they've been great renters and we decided to not raise the rent.) So, I would suggest you start looking at the whole metroplex. North and south of Tarrant provides great opportunities.

@Baraa Yassin What auctions are you referring to? We are in the markets for properties to rehab and rent (3/2 less than 2000sf) in the mid-cities area (Arlington and HEB). As Ankur has mentioned, without access to MLS it seems almost impossible to find a decent deal around here.

Thanks! 

My name is Rose Nielsen. I am originally from Haiti but grew up in the northeast. I moved to Dallas right out of grad school and worked as a financial analyst. That was 12 years ago and I am currently a stay at home mom with a 2 year old and an 8 month old.  I've been interested in real estate as far as i can remember and when my son was born I finally took the plunge.

I bought our first rental property last year and i've been hooked. I count my lucky stars that I found bigger pockets because i've learned so darn much. (I can't believe this stuff is free! I upgraded to pro  because i felt i was getting so much value out of BP that I should pay something.)

We are currently downsizing our home so that we can free up the equity to invest in more rental portfolio. My goal is to use the BRRRR method and have at least 11 more rental units (either SF or small multi-family). My husband and I are older parents (for Texas anyway) and our goal is to spend as much time as possible now with our young family. So, I'm hoping that I can replace his salary in the next 2 to 3 years through real estate investing. Then, it's goodbye Texas and HELLO 5TH WHEEL AND THE OPEN ROAD! LOL

Thank you BP for creating this amazing and wonderful resource. I look forward to being part of this great community.