Updated about 9 years ago on . Most recent reply
Motivated newbie E. WA/DFW
Hello BP,
I am a motivated young newbie entrepreneur. Although I have no previous REI experience, I do bring 10 years of sales/public service expertise to the table. I am currently in the tri-cities area in eastern WA, but It looks like I will be relocating to northern DFW, TX for my wife's job in the near future.
I had begun looking at using real estate as a career a few months ago, as this aligns with my personality, passions, and goals. Then we found out about this job potential for my wife and I put things on hold. I didn't see any reason to get licensed as an agent in WA, just to move to TX.
In the last few months I have seen more info on flipping, B&H, Lease Option, WS, etc... this has made me rethink my strategy when we move, as B&H would fit my long term goals very well. The concerns I have with either strategy mainly revolve around the challenges faced when moving to a new city sight unseen. I will have no sphere of influence, no local knowledge, and lastly no capital. My wife's income can pay our bills but I will have the time and motivation to go above what we need.
What would those familiar with DFW market recommend as a good option in the near future? Become a licensed agent and build a sphere from scratch, which will have little financial downside other than licensing costs and time. Or search for a mentor and try my hand at REI, though I will have to start with low exposure deals, as I do not have the capital to support a failed adventure.
Ultimately flipping houses and building a portfolio of rentals to create cash flow is the end goal.
Lastly I have seen REI's be both for and very critical of being an agent/investor. From what I can tell it just seems like you need to disclose which "hats" you possess, along with which one you are wearing at that time. Am I missing something there?