All Forum Posts by: Ryan Moret

Hello!

I am brand spanking new to this investing and have been doing lots of homework for the past couple of weeks. I currently own my own condo but am looking at buying an investment property and hacking it and selling the condo and using the equity to purchase other properties. 

I live in Dallas where the market is crazy hot and seems like deals where I would like to be a landlord are far and few between. Every deal I come across seems to have been grabbed by a wholesaler already.  Just curious what the opinion is about wholesalers, things I should know if I choose to work with one. Is it even wise for a first property or should I be considering something else. 

This is a great advice!  I am definitely weary of biting off more than I can chew for my first one.  I did some work on my property when I originally moved into it back in fall of 2014.  But there wasn't a difference between carrying costs and my mortgage :-)

Hello BP!

My name is Ryan and I am super excited to be starting on my path to real estate investment.  I have been doing my homework for the past couple of weeks / month and starting to get comfortable with all the terms and things going on.

A little about myself:

I am 29 years old and work for a commercial general contractor and love my job and am compensated very well for the work.  I don't have any intentions of leaving at this time.  My soon to be wife (3 weeks!) works at our Church and obviously doesn't get paid much, but the work is rewarding and satisfying!  Our faith is extremely important to us and we think that real estate investment will give us great opportunity with financial freedom to serve our community and help others.

A little about my plan / goals so far:

I currently own a home I bought about 2 years ago and have built up near $50k of equity.  Unfortunately, when I bought the home I didn't look at it as a cash flow property.  So it would be in my plans to offload this and put that equity to work in other investment properties.  I also have some cash savings that I have been building up over the past several months and my fiance and I have a budget in place to help us save some more.

We are considering moving to Richardson where we would be closer to both of our places of employment and be able to have a home that we could sit in for a good while longer. I am considering the idea of using that as training/hunting grounds for my first deal. Looking for finding a "deal" that could use some rehab (which I am very comfortable with from my job experience). Using some secondary financing (private or traditional loan) to acquire the property and cover the rehab, get it to market ARV and refinance and move into that home and pay down the debt. Essentially making the equity as my down payment of the home. Once we move in, sell the old condo and use that equity to start an investment empire!

My question is simple.  What works well in the Dallas area?  I am partial to the buy and hold approach, but it seems that city taxes might make this difficult.  Are there some areas of town that work better for buy and hold?  Are single family buy and hold's worth it in Dallas?  Would love to hear about what people find successful and any tips that others have for me.

Thanks!

Ryan