Young Investor in Dallas Advice on How to Get Started Needed

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Young Investor in Dallas Advice on How to Get Started Needed

Christos Dimopoulos
St. Thomas, VI · Member since 2015 · 24 posts · 29 votes

Hello Fellow BP Members,

I am a 24 (soon to be 25) year-old aspiring Real Estate investor. I just moved to Dallas, TX with from Atlanta, GA for a fresh start. I am brand new to the area and while trying to figure out what direction I wanted to take my life, I found REI! I am sure glad I found it. I have previously worked in technology sales in Atlanta and do not yet have a job here in Dallas. I have some money saved up that I can invest into RE/live off for a period of time but am looking for advice on how to get started.

The strategies that appeal to me from a long term plan perspective are buy-and-hold Single Family and small Multi-Family (duplexes, triplexes, 4-plexes) houses. I see these as great a way to get into REI that should produce some cash flows fairly soon. I have aspirations to eventually get into larger apartment complexes investments in the future as well.

My situation of not currently having a job has me at a crossroads as to whether I should first seek a job to produce income and invest into REI on the side or jump into REI full time right away. I really like the idea of being able to dedicate all of my time to REI (searching, vetting, locating deals, and then managing the properties) but am hesitant to take the plunge. Are there any ways to do this?

I am brand new to RE from a hands-on experience standpoint but have taken a two-day seminar, attended webinars, listened to podcasts, and done a great deal of research thus far. I have thought about getting a job in Real Estate to gain some hands-on experience while getting paid. Are there any particular roles that I could get into in RE given I have sales experience on my resume? Which one would give me the best knowledge to help me in my future REI career. This does put all of my eggs into one basket (Real Estate), but it could be the best way to learn.

I would really appreciate any and all advice I can get here from experienced (and maybe even local investors) to help me make the best decision on how to proceed. If there are any investors in the Dallas area that could use some help in their business and are willing to take on young motivated and determined aspiring investor, I am willing to work my tail off to gain hands-on experience in RE and learn the business.

All the best,

Christos

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George Tak
Rental Property Investor · Dallas, TX · Member since 2015 · 29 posts · 10 votes
10y

Hi Christos,
I would recommend that you got a job while you hon your skills in the investing world.  I am sure you're a smart guy and probably learned a lot about investing.  However, learning and actually doing the investing may be totally different.  Also, you shouldn't use your savings as your living expenses if you can help it.  You should use your savings in something productive as in something that will produce assets or income.

If you, by chance, considered becoming a real estate agent to earn income while investing on the side, then I am interested in talking to you about joining my real estate company.

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  • Jack Butala
    Los Angeles, CA · Member since 2014 · 2k+ posts · 515 votes
    10y

    @Christos Dimopoulos

    You did the right thing by reaching out in BP.  I would encourage you to ask a ton of questions and do a lot of research here.

    Before you jump into flipping SFRs or buying rentals, consider getting your feet wet with very low priced land and flipping it to learn the mechanics of real estate and back some solid profit.  West Texas is a great area for this.

    0Reply
  • George Tak
    Rental Property Investor · Dallas, TX · Member since 2015 · 29 posts · 10 votes
    10y

    Hi Christos,
    I would recommend that you got a job while you hon your skills in the investing world.  I am sure you're a smart guy and probably learned a lot about investing.  However, learning and actually doing the investing may be totally different.  Also, you shouldn't use your savings as your living expenses if you can help it.  You should use your savings in something productive as in something that will produce assets or income.

    If you, by chance, considered becoming a real estate agent to earn income while investing on the side, then I am interested in talking to you about joining my real estate company.

    1Reply
  • Ethan Jones
    San Antonio, TX · Member since 2015 · 23 posts · 9 votes
    10y

    Hey Christos! Welcome!

    One option for getting started would be to start with some smaller investments in real estate equity crowdfunding projects. From there you could make contact with people doing this, follow the lifespan of documents, things like that. It can be great hands-off experience.

    0Reply
  • David Veeder
    Investor · Dallas, TX · Member since 2014 · 112 posts · 83 votes
    10y

    Hi Christos,

    I have been investing in real estate in Texas for the last five years. I now live off my income from the real estate. If you're going to purchase Single family homes (one two four unit ) you will get the best financing by having W-2 income. Also it is best to keep it as much as use your savings as possible to invest in real estate.

    If you have enough money saved to purchase Multi family (five unit and up) then you may not need a drive depending upon how large a complex you can buy. The financing is mostly based upon the Business"complex" that you are purchasing.

    I have experience in Single family, Small multifamily{8 unit) and a couple 40 unit properties. I am certainly willing to share what I know. Feel free to contact me.

    0Reply
  • Christos Dimopoulos
    OP
    St. Thomas, VI · Member since 2015 · 24 posts · 29 votes
    10y

    Thank you all for your responses!

    @Jack Butala

    BP is an incredible site, I fully plan on gathering as much information here as possible through questions and research. Investing in land to get started could be something I would consider after doing some more research on how to best/most profitably do it. Great idea! For starters, what amount of money (rough ballpark range) would be needed to get into a low-priced land flip that could create some profit?

    @George Tak

    I also agree that doing the research and actually investing are two very different things. I feel as though doing research online can only take you so far, but in order to fully learn, you have to jump in and play the game to a certain degree. I'm sure there will be mistakes that get made (and I certainly want to minimize the amount and size of them). My goal is to strike a good balance here to invest into something initially where the stakes are somewhat lower and the investment less complex with less room for error. Also having some work experience in the RE industry would be greatly helpful to accomplish this.

    Living off my savings is certainly not a long term sustainable option. You are absolutely right. I definitely need either a job as a source of income and/or some income producing investments (in real estate).

    @Ethan Jones

    Thank you! What an excellent idea MassVenture is! I am interested in learning more about the how I could gain some hands-off experience by investing through this platform.

    @David Veeder

    I certainly do not want to continue living off my savings for long! The more I can save for investing the better! Regarding the financing, great point on needing W-2 income. I may have to use my parents as co-signers initially in order to attain affordable financing given my current situation. I have considered idea of getting into a multi-family small apartment complex (5+ doors) and having the cash flows be my source of income while managing the property. My concern was getting in over my head if it was my first investment. Do you think it would be too much to take on for a first timer?

    I would love to set up a time to talk with you about your experiences and get a better idea of some of the specifics.

    0Reply
  • Jack Butala
    Los Angeles, CA · Member since 2014 · 2k+ posts · 515 votes
    10y

    @Christos Dimopoulos

    You should double your money with each investment.  We regularly purchase property for $500 and sell it for $1,500 almost immediately.

    Good Luck...

    0Reply
  • Christos Dimopoulos
    OP
    St. Thomas, VI · Member since 2015 · 24 posts · 29 votes
    10y

    @Jack Butala

    That helps me to get started researching. I may reach out with specific questions as I look if that is okay with you. Thank you!

    0Reply
  • Michael Lee
    Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    10y
    Originally posted by @Christos Dimopoulos:

    Hello Fellow BP Members,

    I am a 24 (soon to be 25) year-old aspiring Real Estate investor. I just moved to Dallas, TX with from Atlanta, GA for a fresh start. I am brand new to the area and while trying to figure out what direction I wanted to take my life, I found REI! I am sure glad I found it. I have previously worked in technology sales in Atlanta and do not yet have a job here in Dallas. I have some money saved up that I can invest into RE/live off for a period of time but am looking for advice on how to get started.

    The strategies that appeal to me from a long term plan perspective are buy-and-hold Single Family and small Multi-Family (duplexes, triplexes, 4-plexes) houses. I see these as great a way to get into REI that should produce some cash flows fairly soon. I have aspirations to eventually get into larger apartment complexes investments in the future as well.

    My situation of not currently having a job has me at a crossroads as to whether I should first seek a job to produce income and invest into REI on the side or jump into REI full time right away. I really like the idea of being able to dedicate all of my time to REI (searching, vetting, locating deals, and then managing the properties) but am hesitant to take the plunge. Are there any ways to do this?

    I am brand new to RE from a hands-on experience standpoint but have taken a two-day seminar, attended webinars, listened to podcasts, and done a great deal of research thus far. I have thought about getting a job in Real Estate to gain some hands-on experience while getting paid. Are there any particular roles that I could get into in RE given I have sales experience on my resume? Which one would give me the best knowledge to help me in my future REI career. This does put all of my eggs into one basket (Real Estate), but it could be the best way to learn.

    I would really appreciate any and all advice I can get here from experienced (and maybe even local investors) to help me make the best decision on how to proceed. If there are any investors in the Dallas area that could use some help in their business and are willing to take on young motivated and determined aspiring investor, I am willing to work my tail off to gain hands-on experience in RE and learn the business.

    All the best,

    Christos

     Hello and welcome to Texas!  I am 59 years old and fro and raised I'd Dallas but I now live in Coppell.  You sound like a good candidate to be in real estate.  There is a lot of competition in Dallas so be careful and consistent.  I graduated from college and I got my broker license in 1980.  Because I was more comfortable with it I got into the contruction business before I was graduated.  I have been involved with the construction business when I was 17,  if you think I can help you with anything do not hesitate to contact me.  I found BP about 3months ago and I am still learning.  Good luck!

    0Reply
  • Justin Larpenteur
    Frisco, TX · Member since 2015 · 54 posts · 10 votes
    10y

    the young investor minded people are springing up out of the ground and I'm glad you are part of it. I started a year and a half ago at 20 years old. Paid a guru and did a wholesale deal. Thanks to BP I quickly freshened my mind and have spent a lot of my money investing in knowledge, terms, strategies, etc.. The more I learn the more opportunities I find and I believe if you keep being thirsty for knowledge, you will find mentors, deals, and opportunities to make money and start the big flywheel that is Real Estate Investing. A great friend of mine, @Doug N. was able to point me into some real directions of learning that weren't just fluffy stories like "Rich Dad." Instead, he recomends a book called "Spin Selling." 

    Check it out. Learn to love learning and you will not fail. Save your money and only invest in things that DONT rust, rot, and depreciate. Instead of buying new clothes, buy a bunch of business cards and pass them out and keep in contact with people and be consistent. Keep looking for work. Don't be stingy. You and I don't deserve the best paid job yet but if we keep building we will soon change the world. 

    Also, @Michael Quarles has some great stuff. Don't worry about the whole psychological speech yet, just worry about making friends and being honest. Give the dirty stories of how you failed so they know you're human and tell them how you learned and overcame. I once new a guy that tried to lie his way into success. The whole "fake it till you make it" saying is bull **** in my opinion. I say be real and be consistant. 

    If you don't want to spend money on books, spend money getting to a local REIA. Learn to talk to strangers if you are having trouble with that. Sorry if I'm just throwing stuff at you but I don't want to give you the easy answer of "find a way to add value." It's much more than that. All these things that I'm preaching can add some sort of value.

    Add me. I want to hear your progress.

    1Reply
  • Michael Quarles
    Flipper/Rehabber · Bakersfield, CA · Member since 2008 · 3k+ posts · 3k+ votes
    10y

    @Christos Dimopoulos

    Before long you'll be 54 and wonder how the Hell did I get here...

    My only advice is that you're right no matter what your business model is.  So go create a really huge business model and achieve it.

    It doesn't matter if you buy land, passive investments (yuck) or massive investments. SFR, Duplexes, Apartment Complexes or Commercial.. What matters is that your desire to succeed outweighs the pain of accomplishing that success... Without the correct mind frame failure is certain.

    Personally I like the idea of "Burning your Boat" however for most that concept only creates homelessness. 

    Think of real estate investing much like a fighter would... Can you get a lucky punch in? Absolutely. Can you get two lucky punches in?  Probably not... Prepare for success if you don't then you're preparing for failure. 

    I remember the first day at MMA training... We had to begin the practice by jumping rope for 20 minutes and each time you stopped jumping you had to drop down and do 10 push-ups... I did a lot of push-ups that day... Eventually I worked my way up to knockouts... 

    Quitting is for quitters, winning is for winners and waiting is for those that serve you food... You decide which one you want to be... Go kill a house...

    1Reply
  • Christos Dimopoulos
    OP
    St. Thomas, VI · Member since 2015 · 24 posts · 29 votes
    10y

    Thank you all so much for the advice and input. I would love to connect with you all to hear about your progresses in Real Estate Investing!

    0Reply
  • Mark Creason
    Real Estate Lender and Broker · Dallas, TX · Member since 2013 · 966 posts · 500 votes
    10y

    Christos,

    I work in Commercial lending here in Dallas.  I have bought and flipped over 500 homes.  If you ever wanted to meet up for a beer or something, let me know.  Would be more than willing to give you any tips I may have.

    Mark

    1Reply
  • Tejuan Nickelson
    Wholesaler · Beaverton, OR · Member since 2015 · 33 posts · 9 votes
    10y
    Christos Dimopoulos I felt the same way. It's exciting sitting on the computer hunting for deals for your investors. My advance go all in you'll swim.
    0Reply
  • Naeem Kapasi
    Investor · San Antonio, TX · Member since 2015 · 227 posts · 66 votes
    10y

    @Christos Dimopoulos, Welcome! Make sure to read the Ultimate Guide for REI at www.biggerpockets./UBG. It will give you the overview of all the different routes you can take within REI and teach you a lot of the basic stuff!

    0Reply
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