Where to start

Question

Hello,

Real estate investors. I am currently in escrow and selling my condo in LA and moving to Dallas. This is my 1st experience making major money in real estate and I would like to reinvest it, I am looking where to start. I need help and direction on my next move. I really want to make this my business, would be great to have a mentor, advice, feedback. Not sure if I should get my license to cover both ends or just hit the ground running.

Any LA/Dallas peeps please chime in.

Thanks,

Nicole

Nicole Fitzgerald · Answer

Hi @Sherry Patterson,

Thank you so much for your invitation, I look forward to connecting with you once I move.  My move date is 8/1, I will be in touch.

Thanks Again!

Nicole

Sherry Patterson · Answer

The meeting is tomorrow Weds. April 27th @ 7:00pm at Boomer Jacks 2300 Airport Fwy Ste 222, Bedford, TX 76022.  Our speaker is Kevin Coyne a mentor for Dennis Henson.  Would love to meet you!

Thanks,

Sherry

Brian Terry · Answer

Hello sherry, I am new to this game, currently looking to buy our 2nd house. We've been looking to find a group to meet up with. Boomer Jacks or Springs Creek sounds like a perfect meet up place for us. I'd really like to know when and where.

Sherry Patterson · Answer

Hi Nicole,

I host a monthly REI Bigger Pockets meetup in the DFW area and would love for you to come.  It is the last Weds. of every month at 7:00pm usually in Bedford, TX since that is kind of between Fort Worth and Dallas.  The location is TBA each month but it is usually either at Boomer Jacks or Spring Creek BBQ.  We have a great turn out and it is a great way to meet people and network.  We always have a speaker to teach us something and never trying to sell anything.  Several of the guys that posted are part of the group.  I am also an agent and focus on investment real estate and I own a brokerage and would love to have you work with our team.  We are Aspire Realty Team.  I would love to meet you when you get here!  Feel free to reach out I am available to help however I can.  Not sure if you already have a place to move to but I can help you with that as well.

See you soon!

Sherry

Michael Lee · Answer

Hello and welcome to BP!  I think you have made a good choice moving to Dallas.  I was born and raised I'd Dallas.  I still live in DallasCounty.  Your goals make a diffence on what you will do.  You can invest in sort term things or long term thing in real Estat investing.  Just do what you like the most.  I am kind of leaning toward tax lien trusts and tax deeds, Fix and Flip, and Buy and Hold.  I might even do some wholesaling.  There is a lot to do in real estate.  One of the most positive things about getting a license is that you will learn so much and possibly meet some good people that are thinking about the doing the same thing as you. Always do the numbers and try to look at something before you make an offer or at least have a clause in the sales contract that will allow you some time to inspect and possibly back out if you need to with a penalty that is no larger than your earnest money given.  Find/Get a Team of professionals that do stuff for you when you need them.  The typical Team members are Attornies, Real Estate Agents, CPA's (or accountants), Inspectors, General Contractors, and Handyman.  Just get whoever you need, they will be worth every penny.  When you do close on a property, get an insurance policy that will protect you if there is a loss, do that right after the close.  Also, as soon as you can after closing, get the exterior door locks changed so you make sure you know who has access.  If the locks are still good, just use them at the next address.

I am 59 years old and I found BP about 8 months ago and I am still trying to decide what to do.  I went to college, not that it is mandatory, and I got a business degree that emphasized real estate.  Since I was in Texas and planned on staying there I found out that I qualified for a broker license test and I got the license.  I kept that license for about 30 years.  I did a few deals for other people.  Regardless of what I had I felt more comfortable in the construction business.  I have been in the construction business since I was 17.  My father has been in the real estate sales for about 40 years and he has taught me a little bit.  If you think I could help you please contact me through BP at any time.  Good luck!

Chris Soignier · Answer

@Nicole Fitzgerald, welcome to Texas!

I'd suggest the first step to getting started is acquiring the right mindset, if you haven't already done so.   Why do you want to get into REI?    It shouldn't be just to make money (though that's certainly a benefit), but a greater cause to keep you forging ahead when the going gets tough.

Next, I'd recommend honing in on no more than 3 strategies to start with, then most importantly, take action!

I'm a Realtor as well as an investor, and would be happy to either help you find properties &/or talk about pros/cons of getting a license.

Andrew Clark · Answer

@Nicole Fitzgerald You've come to the right place. BP has endless amounts of resources and connections for your future investments. And there's definitely opportunities here to invest in the Dallas Fort Worth area. Let me know if I can be of any assistance as you look, I'm an agent and cover the whole metroplex.

Bhekizwe M. · Answer

hie @Nicole Fitzgerald

stick around and meet up with other investors for optimal learning and take off

Nicole Fitzgerald · Answer

Hey @Dale Tucker thank you! I will be sure to reach out. Appreciate the lead!