Hellp guys, I am new to realestate, currently saving up for my first multifamily property, looking to use a 203k fha loan ,create equity and immediately refinance to use a heloc , its a long shot in this market but I have 6 to 12 months to run numbers and learn all I can!
I've made a post about this topic already, however I am looking to meet with experienced investors, talk, walk properties network!
And I'm looking for information regarding local reia meetings where I can do this, I am in the Dallas ft worth area any information would be appreciated!
Hi @Juan Campos Glad you are here to learn and invest! There are several REIA meetups in the DFW area. I have found value in an Impact Group that meets in HEB hosted by @Sherry Patterson . It’s not super salesy and they are not looking for up front commitment to take $10k of your deals you get. Here’s a link: https://www.meetup.com/impacta...
I have gone to a couple others since things have been opening up and this is one I go back to. If you use Google, there are many others in the area if you are looking for a certain area - e.g. Dallas, Plano, etc.
When you say you want your first Multi-family - how many units are you looking to invest to start?
I am doing fix/flips and am also targeting small multi family as an expansion area.
Helpful for me as well, thank you sir.
Thank you Michael, thats very kind of you I will definitely check this out, as a full time GM its difficult to find time but I will make time I am committed to this and want to become successful no matter what, I am looking to start with a duplex or a fourplex
Preferably in distress in order to rehab using a 203k loan,
That way I can create immediate equity in order to refinance, to drop that fha insurance premium and use HELOC a year after for my second property.
I'm learning about acronyms, numbers, rules of thumb right now, but more than anything networking to meet the right people,so when I find my first deal I know just who to call.
Which market are you in?
@Juan Campos I know what you mean about the acronyms- every industry/hobby/field has its own vernacular that needs to be learned. I am focused on the Arlington, Texas area. I am from here and more that I “have to invest in my backyard to see it”, I want to invest in my community that has been good for me - a giving back.
I need to learn more about 203k loans - got any good articles/podcasts you’ve seen that you could recommend?
What part of town are you in?
Wow that's very nice of you Michael giving back to the community, that's part of the reason why I want to become an investor, to give back to the community and help make housing more affordable for those in real need.
i grew up in Arlington, grand praire area and I'm currently studying the local market its where I plan to buy my duplex,however this market is in short supply and with all this bidding going on it makes it more difficult.
I am currently saving up so I can make a good down payment on it once I finally find it.
But I need to find a solid general contractor as well, to network and have people I can call as soon as I'm ready to buy, im looking to purchase in the next 6 to 12 months.
How long have you been in realesate?