All Forum Posts by: Scott Beck

Hi @Satya Patil,

Several suggestions:

• I would be at the home during the inspection and ask questions of the inspector. If there are any recommendations try to get as many details as possible on the problem and how to proceed.
• Check with your insurance company to see if there are any ramifications of the fire. Also ask if it would be worthwhile running a CLUE (Comprehensive Loss Underwriting Exchange) report on the property.
• Check with your electrician to see if they recommend anything since the house was hit by lightning.

Good luck.

Welcome @Carlos Barrientos

The Texas Real Estate Commission (TREC) forms are available online as part of the public record. You should seek out guidance from a real estate attorney familiar with wholesaling in the use of a contract. The notice on the TREC site states "Mistakes in the use of a form may result in financial loss or a contract which is unenforceable. Persons using these forms assume all risks associated with their proper use." ( See: www.trec.state.tx.us/formslawscontracts/forms/forms-contracts.asp)

It is a good idea to a real estate lawyer on your team to help you with any legal issues.

Good luck!

Welcome @D.Y. Leeto the Bigger Pockets community.

I agree with @James Palinthat the North Texas Association of Real Estate Investors is a good place to start. Occasionally they have a class on investing in multifamily (5+ doors). You might also want to check the Apartment Association of Greater Dallas (www.aagdallas.com/).

@Philippe Ueng, I see that this is your first post - welcome to the Bigger Pockets community!

Since you are asking for general advice on out of state investing, here is my two cents worth...

I agree with @Hattie Dizmond, you need to have a reliable team on the ground to be your eyes and ear. In addition, know something about the market in which you are investing. To make the most knowledgeable investment decision practice what is taught in the Toyota Way - genchi genbutsu, which means "go and see." If you are really interested in a particular market go visit it and meet with potential team members (realtors, wholesalers, contractors, property managers, etc.).

Having an intimate knowledge of an area will lead you to making the most profitable decisions. Even in our hot market here in DFW there are places that are not experiencing appreciation. For instance see the article from the Dallas Morning News  (www.dallasnews.com/business/residential-real-estate/20160204-where-home-prices-are-rising-the-fastest-in-d-fw.ece) noting the area on the map that had decreasing prices. These changes happen both on the macro and micro scale. Also note that more than a third of the purchases in 2015 in moderately priced areas were to investors. It is a very competitive market, with these homes being on the market for only a day or so.

@Mohamad Suleiman

Two things concern me in the thread above:

• Foundations in North Texas are always an issue because we have expansive soil. From your comments it looks like a different company inspected the foundation after the work was done. This is good. Just because the foundation is repaired does not mean that it will not have additional issues. What are your plans to minimize foundation movement? Does the property have a sprinkler system or soaker hoses installed?
• North Texas has some unique severe weather at times. A lot of homes get hail damage, thus making the rated age of the roofing material of little value. Many homes in the area need to have roofing repairs well before the normal stated lifetime. An example of the recorded hail damage in Garland can be found at www.stormersite.com/hail_reports/garland_texas. Did you get a seller's disclosure for the property? It the current owners did any roof repairs it should be noted there. You could also have the roof inspected (this is not typically done in the standard home inspection). Also, check with your insurance company to see if any claims have been made for roof damage. They may also have some suggestions to help guide you.

Good luck!

Welcome @Ronald Solomon to the Bigger Pockets community.

I live in Murphy and focus on Collin County and northern Dallas County as both an investor and as a Realtor. If you would like more information on the local market please contact me either through a PM or my contact information in my profile.

You might be interested in two local real estate investing activities.

• There is a local BP group that meets monthly at the Fox & Hound in Richardson (www.biggerpockets.com/forums/521/topics/265354-north-dallas-collin-county-meeting). [no cost, but you can buy food & beverage if you like]
• I attend the monthly general meetings of the North Texas Association of Real Estate Investors (www.ntarei.com). There are also classes throughout the month. [There is a cost for these meetings - check their website.]

@Greg H. and @Hattie Dizmondmake some very good points.

Several thoughts:

• When I moved to DFW I visited the area for four days looking for properties. My wife and I were not satisfied with what we found in that short time, so we rented a place for six months. This gave us time to look around the Metroplex and decide on where exactly we wanted to live. We then focused our search on particular neighborhoods.
• Denton and Plano are distinctly different markets. As a Realtor with a focus on Collin County I would be comfortable showing you around Plano, but would look for a Realtor in Denton to refer you to (since Denton is outside my area of expertise). I recommend searching this site to find real estate agents who live in Denton and Plano. Then connect with them.
• Don't believe the pictures you see on the real estate websites. You have to walk the property to see if it fits your needs. Also, you will never know if there is a problem with the property from the pictures - plumbing leaks, foundation issues, smells from animals or smoking, etc.

I agree with @Melissa Gittens - you need to shop around AND then ask good questions. Take a look at the article "80 Smart Questions to Ask Before Hiring Your Next Property Management Company" (www.biggerpockets.com/renewsblog/2015/10/09/questions-ask-property-management/) for guidance.

Please feel free to PM me for a list of potential local property management companies.

Welcome @Jim Halloran to the Bigger Pockets community.

This is a good place to network and learn. You might want to take a look at the "Ultimate Beginner's Guide to Real Estate Investing" (www.biggerpockets.com/real-estate-investing) and the guide "How to Start Wholesaling"  (www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/)

The forums and podcasts are also very useful.

Good luck!

Welcome @Ben Miller to the Bigger Pockets community.

One local real estate investment group is the North Texas Association of Real Estate Investors (www.ntarei.com). They have a monthly general meeting where you can meet local investors and vendors. There are also separate training classes throughout the month. Meetings are held at two different hotels adjacent to 635. Note that there is a cost to the meetings.

There is also a local BP group organized by @Dana Chun (Chun). The group meets at the Fox & Hound in Richardson and there is no charge. I believe the next meeting is Tuesday, January 26.

I try to attend both of these meetings.

I'm a Realtor and investor in Collin County and northern Dallas County. Please let me know if you want to know more about the market around Plano.

Good luck!