Real Estate Investing Rookie! HTX

7 Replies

Hi, BP community! Getting started in the real estate game here in Houston, TX after months of consideration. Closing in on my first SF property this weekend. Any tips or advice for a beginner that you wish you had starting out?

You learn how to ride a bike by getting on and peddling not reading it in a book.  Way to take action. Get solid comps and rehab bid and don't buy over 80%.  You pay 2% on the front side purchase and 8% on backside sale. Add in holding costs if you leverage.  

Cory Boren

Investment Broker

832-877-8035

@Silas Caporal

Welcome.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul

Welcome to BP @Silas Caporal .  Good luck with your first purchase.  What is your exit strategy?  Rental or flip?

Congrats @Silas Caporal . Always love hearing about rookies doing their first deal. Keep it going....

Originally posted by @Cory Boren :

You learn how to ride a bike by getting on and peddling not reading it in a book.  Way to take action. Get solid comps and rehab bid and don't buy over 80%.  You pay 2% on the front side purchase and 8% on backside sale. Add in holding costs if you leverage.  

Cory Boren

Investment Broker

832-877-8035

 Can you elaborate on the 8% and 2% sale? Heh still trying to pick up the lingo

Originally posted by @Chris Bounds :

Welcome to BP @Silas Caporal.  Good luck with your first purchase.  What is your exit strategy?  Rental or flip?

 It's gonna be a rental. As far as exit strategy, I'm gonna flip the house for a down payment when I see decent deal. 

You say flip for a down payment?  Are you referring to offering sellers financing?

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