Fix and Flip in Dallas

Fix and Flip in Dallas

Coppell, TX · Member since 2024 · 3 posts · 3 votes

I'm looking to flip my first house in Dallas. New to house flipping, but used to flip multifamily rental units in Los Angeles for landlords and oversee project for the landlord so I'm not totally new to the game. I'm looking to get connected to local resources. Anyone have any recommendations for any of the following:

-Local fix/flip mastermind groups or general real estate investing groups

-Reputable hard money lenders with a good reputation - ideally one that has reliable contractor references

-Fix/flip friendly contractors

-Fix/flip friendly agent that has hyper-local market knowledge of North Dallas markets

-Wholesalers worth talking to

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Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
2y

For Hard Money lenders, check with Longhorn and/or Emerald Dolphin.  I was telling one of my investor clients today if I see a preapproval letter from either of them, I always think there is a better chance of getting the deal to closing.  Don't use some unknown entity from another state that no one here knows.

I think both of these companies will shoot you straight.  They also have a ton of contacts for probably everything you need or could run into.  Also I expect that if your numbers are wrong, they'll tell you.  They can keep you out of bad deals or tell you if your numbers are wrong.  That's what I think any lender/banker should do.  It might be frustrating, but both these companies have probably seen plenty of success and plenty of failure too and they want to see you win.

Now with that said there are plenty of wholesalers in DFW that don't care if you win or not.  They will sell you a crap deal all day long and not blink an eye.  So know your own numbers and never depend on wholesalers to provide accurate repair costs or ARVs.  Some do a great job, but plenty will take your money and run.

See this reply in the discussion

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  • Member since 2024 · 1k+ posts · 351 votes
    2y
  • Member since 2024 · 1k+ posts · 351 votes
    2y
  • Member since 2024 · 1k+ posts · 351 votes
    2y
  • Coppell, TX · Member since 2024 · 3 posts · 3 votes
    2y
    Quote from @John Mason:

    @John Mason are these deals on these groups legit from your experience? 

  • Member since 2024 · 1k+ posts · 351 votes
    2y
  • Member since 2024 · 1k+ posts · 351 votes
    2y

    @Max McNamara please do due diligence and screen:)  I do not invest in DFW   was just helping you out

  • Coppell, TX · Member since 2024 · 3 posts · 3 votes
    2y
    Quote from @John Mason:

    @Max McNamara please do due diligence and screen:)  I do not invest in DFW   was just helping you out


     Understood. I appreciate the help. I'm part of many of these groups and was asking to see if you may be a local DFW guy making the recommendation based on experience. All good, thanks again. 

  • Member since 2024 · 1k+ posts · 351 votes
    2y

    A search on these forums over the past 2 years will surely help you network:)

  • Member since 2024 · 1k+ posts · 351 votes
    2y
  • Anderson S.Business Member
    Lender · Brooklyn, NY · Member since 2024 · 209 posts · 50 votes
    2y

    From a lending perspective we can certainly help and make some recommendations on contractors in the area.

  • Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
    2y

    DFW is meetup central it seems like to me.  Meetups and happy hours all over town almost every day of the week.  I've attended most at one time or another, typically when they have a speaker that interests me.

    DFW Investor Groups

    Please note I am not affiliated in any way with any of the groups other than that I have attended some of their meetings/presentations. Many groups during Covid have switched to online only or a combination of online/in person events. Many now getting back to live events. These groups are often in flux about where they meet, when they meet, how often they meet, so this is meant to be a general resource.

    NTAREI- https://ntarei.com/ Normally meets about 2x a month in North Dallas at the Holiday Inn at Preston and LBJ NE corner. Some vendors present. Probably 20-120 in attendance depending on the topic. Meeting is normally on Thursday nights, occasionally on Tuesdays, and some full day Saturday seminars. Could be in person or online. Organizer is Roger.

    Texas Tuesday DFW Real Estate Mastermind- https://ttdfwrem.com/ Has met 1st or 2nd Tuesday of the month Venue has changed cities and locations several times, but seems to be currently meeting in Ft. Worth. Great energy with this group. Tends to attract a younger /trendy crowd. Location could change. Used to be on 1st Tuesday of the month, but has occasionally met on different days. Tends to attract a younger /trendy crowd. Sometimes they will record for youtube.

    1REClub- http://jimmyvreed.com/network/... Fort Worth based with the organizer Jimmy Reed. Traditionally has met at Best Western Suites, 2000 Beach St., Fort Worth, Texas 76103 on Thursday nights.

    DFW REI Club – dfwreiclub.com – Meets about 2x-4x month, normally on Saturday morning from about 9am-12noon at Manhattan Plaza 6850 Manhattan Blvd, Suite 205 Fort Worth, TX 76120. Seems like about 20-50 people present when I have attended. , Organizer is Robin Carriger...super nice and knowledgeable guy.

    IMPACT LIVE- www.impactreievents.com Meets about once a month in various places around Grapevine, Denton. Latest venue has been Dave and Busters in Euless Typically on the 4th Monday of the month in the evening about 6pm for networking and 7pm for training. Organizer is Sherry Patterson. I’ve been and there was a great group of people there...about 40 or so and a handful of vendors. May have other locations as well.

    IMPACT Live Arlington- https://www.meetup.com/impactarlington/ Dennis Henson’s original group in a new form.

    Novice Investors Club was Texas Investors Club- https://www.meetup.com/novicereiclub - Meets several times a month in Carrollton or Grapevine. Organizer is Michelle Landry.

    Dallas and Ft. Worth REIG- https://www.dallasreig.com Organizer is Joe Boston. This has been a popular group for a very long time. Mostly meets on Saturday mornings.

    Lifestyles Unlimited - https://lifestylesunlimited.co... - a membership only group but certainly adds lots of value for their members. There can be big costs to join this group, but if you follow the system and need a lot of mentorship, it might be worth the investment. Nice way to move up into syndications once you have a nice capital reserve.

    Quest - https://www.questtrustcompany.... Meets about 1-2x per month. Often on Wednesdays at 12noon. Specializing in how to use your investment accounts to invest. So get your 401k and HSA and other self directed accounts ready. Plenty of online meetings as well.

    MLSIQ- https://realestateiq.co/ meets mostly online right now 1x month. Variety of topics with different experts. Good mix of experienced and new investors and a variety of strategies.

    West DFW REI Group- https://www.westdfwreigroup.com/ Check their online calendar for meeting times. Some Tues/Thurs/Saturdays.

    REI Connections DFW- https://www.facebook.com/groups/172353131007199 Meets 1st Saturday of the month 8am.

    The Dallas Event- https://www.instagram.com/theeventpresents/ Several times a year...normally 5pm-till close. Virgin Hotel. Great speakers..plenty of networking.

    Total Wealth Academy- https://totalwealthacademy.com/ Houston based group. Former Lifestyles trainer Steve Davis has started this and has some Dallas trainings and meetings periodically. Full day class was probably one of the best I’ve seen and great value.

    Roddy Round Up- https://roddy.com/roddy-event/ Occasionally back in action after a few years of hiatus. Currently meeting in Flower Mound about 2x/year. Organizer is Curtis Roddy.

    Richard Helppie-Schmieder Group Saturday mornings 2x month at 8am sometimes in Carrollton, sometimes at projects in progress. See Richards link on BP.

    Texas Tuesday Mastermind and Party. 1st Tuesday of the month in Fort Worth and Dallas. https://www.facebook.com/texastuesdaydfwremastermind/

    Xcelerate. Wednesday at Palace Theater in Grapevine, 5pm 1x a month. Check eventbrite for tickets.

    TIP Real Estate Investors Network & Mastermind. Meets in Addison, various weeknites normally about 6pm. Occasionally at 12noon. Juan Carlos is the organizer. Find them and the latest schedule on Meetup.

    LARGE Multi-family- Look up Brad Sumrok, Kenny Wolfe, Aaron Katz, Emily Courtright, Jorge Abreau, and Dawn Keller. They all have meetups about 1x month in various locations. Saturday is popular, but some lunches and dinners as well. I’ll detail these out at some point.

  • Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
    2y

    For Hard Money lenders, check with Longhorn and/or Emerald Dolphin.  I was telling one of my investor clients today if I see a preapproval letter from either of them, I always think there is a better chance of getting the deal to closing.  Don't use some unknown entity from another state that no one here knows.

    I think both of these companies will shoot you straight.  They also have a ton of contacts for probably everything you need or could run into.  Also I expect that if your numbers are wrong, they'll tell you.  They can keep you out of bad deals or tell you if your numbers are wrong.  That's what I think any lender/banker should do.  It might be frustrating, but both these companies have probably seen plenty of success and plenty of failure too and they want to see you win.

    Now with that said there are plenty of wholesalers in DFW that don't care if you win or not.  They will sell you a crap deal all day long and not blink an eye.  So know your own numbers and never depend on wholesalers to provide accurate repair costs or ARVs.  Some do a great job, but plenty will take your money and run.

  • Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
    2y

    Contractors are probably your most challenging find and the bottleneck I would say for 80% of flippers.  No matter who they are or how they come recommended, seems like you're always having to chase people around and triple check their work.   That's probably same in CA and everywhere.

  • Member since 2024 · 1k+ posts · 351 votes
    2y

    @Bruce Lynn amazing info:)

  • Rental Property Investor · Fort Worth, TX · Member since 2021 · 47 posts · 40 votes
    2y

    For investor friendly contractors, check out Blake Johnson with Finishing Touches Remodeling in Fort Worth. I haven't personally used him, but I know multiple investors who have, and I've seen his work. (And as a disclosure, he's one of the sponsors of the DFW REI Club that I am a member of.)

  • Specialist · NJ · Member since 2022 · 1k+ posts · 653 votes
    2y

    Dallas is a rough city to get inventory. Great neighborhoods, great ARVs but the number off the MLS will not work and investors with deep pockets make cash offers that can knock financing offers out. I looked into this market. It's a great market but you need to be liquid and you need to either build your own wholesale outfit or be at the top of the buyers list at 2 - 3 pf the best wholesalers of the area.

  • Real Estate Consultant · UT · Member since 2024 · 1 post · 0 votes
    2y

    I know some really good agents and title companies that are licensed across the state. I have worked with 2 solid lenders in Texas. Let's connect 

  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    1d

    Happy to connect and shed some insight on current HML terms

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