First Rea meeting still looking for deals

8 Replies

I went to my first REA meeting in Arlington today. Met some great contacts, some seasoned investors and others new to the business like myself. Everyone seemed to have their own opinion of best practice. One guy suggested a four plex over duplex any day because of insurance costs on the duplex.

I'm looking for a duplex, tri, or quad in the Dallas area if anyone has a seller or suggestions on how to generate leads off mls.

I will definitely be returning to a Rea meeting, but if there is something closer to Dallas please share!

Thanks,

Jeffrey

Welcome to BiggerPockets!

The one thing about bigger pockets is the ONLY thing we all agree about is investing in Real Estate. Beyond that you will find everyone has their own "opinion" or strategy on what works! Honestly we don't follow the 1%, 2% or 50% rules and invest in class A properties. We created a business plan and went from there! So good luck! I personally, use a realtor and buy short sales. It is a slower process but I have done well, personally. 

The blogs, forums and listening to the podcasts are a great source. If you see a post you enjoy check out the persons signature. Many of us including myself talk about our strategies, styles, niches and business model on our website. So definitely check that out as it is an amazing additional resource. For example, my blog is about while working full time, buy and hold investing, 0% Down Rentals, Personal Properties turned rentals, Long distancing investing, self-managing 3,000+ miles away. Definitely list your website or blog in your signature. Its a great additional networking source.

Look forward to seeing you around!

@Jeffrey McKee 

The main Dallas REI meets the 2nd Thursday of every month at 6:00 pm.

Addison Marriott Quorum - 14901 Dallas Pkwy - Dallas, TX, 75254 - by the Galleria

North Texas Association of Real Estate Investors (NTAREI) meets the 3rd Thursday of every month at 6:30 pm.

RICHARDSON CIVIC CENTER, 411 West Arapaho Road, Richardson, Texas 75080 (Southwest corner of Arapaho Road and Central Expressway [US 75].)

There is also DFW REIA that meets every Saturday at Woodhaven Country Club at 9:00 am. They serve breakfast and are decidedly "un-pitchy". Woodhaven is just off 820 & I-30. Finally, there are any number of MeetUp groups in the area. You can find a pretty good list of groups right here on BP.

http://www.biggerpockets.com/rei/real-estate-clubs/

@Jeffrey McKee 

Also...be patient. It's a really tight market right now. Plus, you're going to have a devil of a time getting leads off the MLS. You are better off driving for dollars. If you are serious about leads, talk to Jerry Puckett. He's a marketing genius and can help you with direct mail and other strategies for lead generation. Bonus...he's in Irving, so he understands this market!

As for Duplex -vs- Triplex -vs- Quad...pick the area of the Metroplex you want to focus on and the price point you feel prepared to manage.  That's going to tell you what types of property you will have available.  There are very few Tri's in DFW.  There are slightly more Quads, but they are predominately (for Dallas county) south of NW Hwy and west of Abrams.  There are a ton more duplexes in the Mid Cities and Dallas proper than there are in the northern subs.  (All of that is assuming you're staying in C+/B- neighborhoods or better.  You can find a lot more of those types of properties, if you're willing to venture into less desirable areas.

IMO, duplexes to quads are the worst of all worlds. They don't have the valuation approach, economies of scale, or financing options of larger multi-family properties, nor are they as easy to sell or value as SFH's. I'd stick w/ SFH's until you're ready to move to true 5+ unit multi-family properties.

Hattie,

What would you consider is the best strategy for driving for dollars? What do you look for, who do you contact, and how do you initiate negotiations and offers? I'll definitely look into reaching out to Jerry.

Hattie,

What would you consider is the best strategy for driving for dollars? What do you look for, who do you contact, and how do you initiate negotiations and offers? I'll definitely look into reaching out to Jerry.

@Jeffrey McKee 

Here's what I personally look for...

  • For Sale by Owner - super easy to initiate contact!
  • Vacant properties - I classify these separately from  "abandoned", so I'm looking for For Rent signs, no window coverings, signs someone has recently moved out, etc.
  • Abandoned properties - over grown yards, old fliers on the front door, anything that makes it look like people haven't been around
  • Deferred maintenance - trees hanging on the roof, broken windows, lots of peeling paint, fence falling down, et.c

For anything except the For Sale by Owner and any property with a For Rent sign - both of which should have a phone number on the sign - I just use the county tax site to get owner contact information and send them a letter.

Here's a link to 2 excellent Blog posts from Chris Feltus on Driving for Dollars...

http://www.biggerpockets.com/renewsblog/2013/05/03/driving-for-dollars-bible-part-1/

http://www.biggerpockets.com/renewsblog/2013/05/10/driving-for-dollars-tracking-owners/

Just a thought, but you might try driving around in an area you would like to invest in. Look for the properties you'd like to own, whether it be a four-plex, duplex and try to contact the owners and build a relationship with them. Maybe they'd consider selling, but if not, who knows, maybe they'll call you first when there ready to sell in the future.

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