Ft. Worh/Dallas Contacts/Creative Finance People?

Question

Hey All,

I recently joined the group as I envision building a real estate empire.  I currently have one rental property with a small profit percentage.  I have been personally renting for two years as I have been rebuilding my credit from a divorce.  I am finally where I think I can be to buy another property.  I'd like to buy the property I am in and do a VRBO because I am on the road 6 to 8 months out of the year.  My thinking was to do a streamline FHA loan on my rental (to get the x off the deed), an FHA on the current one and a conventional on my hopeful third property for my principal residence.  However, since joining this group I am realizing there might be better ways to go about this.  Anyone know of any like minded real estate savy lenders/investors in the Ft. Worth (preferably) or Dallas areas who I could talk to?  The credit report and cash flow are looking much better so I just need to see my options.  Thanks for any contacts/advice

Account Closed · Answer

@Jarrod Roecker

Talk to Stephen Steakley @ iMortgage

512-577-8898

He works hard to get every deal done, no matter the obstacle.

John Jackson · Answer

@Jarrod Roecker   Look forward to seeing you tonight!  one thing I'll throw out about your first post is that you can only have 1 FHA loan at a time.  Actually, 1 FHA/VA loan at a time.

Eva Melendez · Answer

My suggestion is to look for owner finance property.  Even for the rentals...but only if the numbers support it.  Regular financing requires alot of income in order to qualify for the purchase because they don't count all of the income from the rental but only part of it and they want you to have alot of cash on hand in case the house is vacant for an extended period of time.  On the other hand if you can find an owner finance property where the payments are smaller and you know that you can rent it for more (should be at least a couple hundred more), then all you have to do is make sure that you have some money in reserves for repairs and vacancies.  The great thing is that rentals are going up in Dallas right now so you can probably rent them quickly and for a good amount.  I work the N. Dallas area and know of several owner finance properties available so PM me and I can help you out.

Eva Melendez

Hattie Dizmond · Answer

Thanks @Richard D. !!

@Jarrod Roecker As Richard indicated, I'm in Grapevine.  However, my primary farm area is the Richardson ISD and Far North Dallas.  I love to talk about the DFW market, so feel free to reach out or just give me a call.

Garrett Anderson · Answer

@Jarrod Roecker Best of luck man. I am in a similar situation. Wanting get things going and looking for the best and cheapest way to do so. I have been doing quite a bit of research on the, owner finance-rent strategy, that Eva mentioned above.

@Eva Melendez I would love to connect with you and learn more from you on your owner finance into rental knowledge. I am looking for good sources of properties (as every investor is trying to do), specifically owner financed. I have been perusing ownerfinancedirect.com. Are you familiar with that site, it looks great, but I dont know much about them.

I am fairly new to BP. How do I PM you? I will send you a colleague request and see if that gives me the option to send a PM. Thank you guys. God Bless

Jarrod Roecker · Answer

Thanks everyone for the tips.  I have started by going to some local REI groups.  I did a tax deed one last weekend with the Arlington REI group and am going to one tonight on lease options.  I am just getting started but am excited and passionate about the opportunities that are out there.  I just need to keep educating myself and find the right opportunities. Again, thanks so much for your responses. Much appreciated!

Richard D. · Answer

Hattie Dizmond is up in Grapevine, she can help you with a lot of the insights. I can help if your interested in tax deeds, I'm in Fort Worth.

Jarrod Roecker · Answer

Benjamin and whoever else might see this.  My wife and I went to the Arlington REI group this Saturday and found it very enlightening.  I would encourage you to go.  Also Mon, Oct 6th they are having a meeting and the subject is Texas Lease Options...google the group AREI and you should find it.

Monday, October 6, 2014

6:30 PM

Crown Plaza Suites

700 Avenue H East, Arlington, TX (map)

Ft. Worh/Dallas Contacts/Creative Finance People?

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