Dallas Tx · Member since 2021 · 112 posts · 31 votes
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!
Arlington, TX · Member since 2020 · 54 posts · 11 votes
5y
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.
Arlington, TX · Member since 2020 · 54 posts · 11 votes
5y
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.
Dallas Tx · Member since 2021 · 112 posts · 31 votes
5y
@Michael Thorne
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.
Arlington, TX · Member since 2020 · 54 posts · 11 votes
5y
@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?
Dallas Tx · Member since 2021 · 112 posts · 31 votes
5y
@Michael Thorne
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.