New STR Investor from DFW,TX looking to network and connect with go givers

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New STR Investor from DFW,TX looking to network and connect with go givers

Lauren Lockett
New to Real Estate · Grand Prairie, TX · Member since 2023 · 54 posts · 30 votes

Good morning! 

I work nights and everyday I say I'm going to try to wait to post during the day like a normal person. That could be in another 2 months so let's just get to it! :) 

Hey guys, my name is Lauren! My husband James and I live in Grand Prairie (a suburb of DFW,TX!) with our 2 sons- Cole and Canon. After following the Smarter Phases, I've locked down some goals/strategy and am now on the Market Phase of the process. My goal is to invest in a short term rental property in Texas, Oklahoma or Mississippi, but I'm honestly trying to figure out the market part by researching and really landing in on a spot to invest. I live in Texas currently, was born in Mississippi and grew up in Oklahoma. I've got some funds for a down payment and have realized with my income it'll be best to really study creative financing and learn more about strategic ways to leverage what I have. 

I first got interested in real estate right before having kids and ended up Airbnbing my place for a few years up until 2018 because I figured I'd need more income and options to invest for their future. I also want to travel and give more. I'm here now wanting to restart and get serious about real estate investing. 

I'm looking to create long-lasting relationships with go givers. (in real life, I've started reading a book a week on relationships and networking...because growth right?) 

Here's a question I have. How on earth do your provide value in this community when you're new?! 

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Bruce Lynn
Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
3y

There are a couple of meetups I think you might find helpful. One is on Saturday mornings in East Fort Worth, so that might be the closest to you. That is Robin Carriger's group I think called DFW REIA West. Probably if you google the name you can find it, or if you search meetups on BP you can find one of my posts with links to many of the groups. Normally about $20-$25 to attend.

Another is NTAREI, normally meets in Dallas at Preston/LBJ on Thursday nights and sometimes Tuesday nights.  Roger is the organizer.  I think cost is about the same, maybe $25/meeting.

Both have recently had STR experts speak.

One thing I would recommend, if it is a hands on investment, buy closer than further away. STR can be intensive. Think about when the microwave doesn't work or light bulbs go out or the faucet is leaking. You can pay someone $100-$200 to go to WalMart and replace the microwave or you can do stuff like that yourself. You can't do that if it is in MS, hard to do if it is in OK and will get real old real quick if you're making 2-3-4hr drive to OK on a Saturday to do stuff like this.

No matter what you decide, I think it is a great idea to have some reserves before you do it.  I recently heard a hard money lender say he would like to see borrowers have $50,000 in reserves to cover contingencies.  He's just seen too many people get into trouble when surprises happen, or market changes, or things take longer, etc.  At first I thought that was a pretty big number for reserves, but then got to thinking of many investors I've helped and networked with...and that is probably a really good number.   Plenty of people invest on a shoestring and maybe it all works out, but it can be super stressful.   Seems like everything goes wrong all at once and having those reserves helps smooth things out.  Ask all the people who had rentals in 2008...ask the apartment investors today if life is a bit stressful.   For the first time ever, the past few weeks I've seen probably 20 projects in Fort Worth area that are 85% complete and somewhere in that stress process.  In distress sale mode or in foreclosure sale mode or somewhere in that realm.  Likely to loose all their equity and all their sweat equity.   Not sure what the story is, but that cannot be a fun place to be....and I'm guessing many were doing it on a shoestring with no reserves.

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  • Justin Vogelgesang
    Investor · Fort Worth, TX · Member since 2021 · 68 posts · 57 votes
    3y

    Hey @Lauren Lockett I think you'll find a lot of like-minded individuals in this community. You should definitely check out some of the meetups in DFW also! Those are great for networking and learning from some of the experienced real estate professionals. 

    Side note: even newbies here have something valuable to bring to the table, so don't be shy to post or answer questions.

    1Reply
  • Zach Edelman
    Lender · New York, NY · Member since 2022 · 1k+ posts · 1k+ votes
    3y

    Welcome to BP! Unfortunate what recently occurred regarding STRs in DTX. 

    0Reply
  • Lucia Rushton
    Realtor · Dallas - Fort Worth Metroplex, TX · Member since 2016 · 1k+ posts · 925 votes
    3y

    @Lauren Lockett welcome and congratulations for making the commitment!

    Even newbies have questions that add value to other newbies or even seasoned investors. That is how I have treated my new faith, with lots of questions and many people tell me it adds value to their lives.

    Best wishes and reach out if you need anything or have questions.

    0Reply
  • Lauren Lockett
    OP
    New to Real Estate · Grand Prairie, TX · Member since 2023 · 54 posts · 30 votes
    3y
    Quote from @Justin Vogelgesang:

    Hey @Lauren Lockett I think you'll find a lot of like-minded individuals in this community. You should definitely check out some of the meetups in DFW also! Those are great for networking and learning from some of the experienced real estate professionals. 

    Side note: even newbies here have something valuable to bring to the table, so don't be shy to post or answer questions.


    Hey Justin! I certainly will jump in where I can as a newbie. I jumped into my first meetup last week with IMPACT (I think it's an Arlington REIA I found on Google/Meetup) in Fort Worth last Thursday and it was great! Reading the forums and listening to the podcasts, I've heard that recurring theme to begin by connecting and networking with this community! My goal is to go to an event a week and make 3 new connections. Do you have any suggestions on DFW meetups that you find helpful?

    1Reply
  • Lauren Lockett
    OP
    New to Real Estate · Grand Prairie, TX · Member since 2023 · 54 posts · 30 votes
    3y
    Quote from @Zach Edelman:

    Welcome to BP! Unfortunate what recently occurred regarding STRs in DTX. 

    Hey Zach! Absolutely unfortunate for the single family zones in Dallas, but I'm grateful for the opportunities we still have in multifamily zones and in specific areas outside the metroplex. It still presents great opportunities for STR investors if they are absolutely set on investing in and around the area. Are you investing in the Austin area or throughout Texas as well? 
    0Reply
  • Lauren Lockett
    OP
    New to Real Estate · Grand Prairie, TX · Member since 2023 · 54 posts · 30 votes
    3y
    Quote from @Lucia Rushton:

    @Lauren Lockett welcome and congratulations for making the commitment!

    Even newbies have questions that add value to other newbies or even seasoned investors. That is how I have treated my new faith, with lots of questions and many people tell me it adds value to their lives.

    Best wishes and reach out if you need anything or have questions.


     Thanks so much Lucia! I will absolutely begin doing that. I feel a little uneasy not knowing how to contribute but you're right. I'm hoping as I learn and implement I can share more too! I will definitely begin posting questions or whatever I've found helpful! How are things going your way and what are you looking to do in the metroplex? 

    1Reply
  • Roger Paschal
    Real Estate Consultant · Fort Worth, TX · Member since 2011 · 45 posts · 39 votes
    3y
    Quote from @Lauren Lockett:
    Quote from @Justin Vogelgesang:

    Hey @Lauren Lockett I think you'll find a lot of like-minded individuals in this community. You should definitely check out some of the meetups in DFW also! Those are great for networking and learning from some of the experienced real estate professionals. 

    Side note: even newbies here have something valuable to bring to the table, so don't be shy to post or answer questions.


    Hey Justin! I certainly will jump in where I can as a newbie. I jumped into my first meetup last week with IMPACT (I think it's an Arlington REIA I found on Google/Meetup) in Fort Worth last Thursday and it was great! Reading the forums and listening to the podcasts, I've heard that recurring theme to begin by connecting and networking with this community! My goal is to go to an event a week and make 3 new connections. Do you have any suggestions on DFW meetups that you find helpful?

    Re: Investor Meetings in DFW

     Lauren, there is also another IMPACT Meeting coming up in Grapevine next Monday (4th Monday of the month) at Dave and Busters.

    and another meetup IMPACT Plano on the 1st Thursday in Plano, Sept 7th

    and in Denton on the 3rd Monday of the Month 

    you can find more on meetup  

    1Reply
  • Roger Paschal
    Real Estate Consultant · Fort Worth, TX · Member since 2011 · 45 posts · 39 votes
    3y
    Quote from @Roger Paschal:
    Quote from @Lauren Lockett:
    Quote from @Justin Vogelgesang:

    Hey @Lauren Lockett I think you'll find a lot of like-minded individuals in this community. You should definitely check out some of the meetups in DFW also! Those are great for networking and learning from some of the experienced real estate professionals. 

    Side note: even newbies here have something valuable to bring to the table, so don't be shy to post or answer questions.


    Hey Justin! I certainly will jump in where I can as a newbie. I jumped into my first meetup last week with IMPACT (I think it's an Arlington REIA I found on Google/Meetup) in Fort Worth last Thursday and it was great! Reading the forums and listening to the podcasts, I've heard that recurring theme to begin by connecting and networking with this community! My goal is to go to an event a week and make 3 new connections. Do you have any suggestions on DFW meetups that you find helpful?

    Re: Investor Meetings in DFW

     Lauren, there is also another IMPACT Meeting coming up in Grapevine next Monday (4th Monday of the month) at Dave and Busters.

    and another meetup IMPACT Plano on the 1st Thursday in Plano, Sept 7th

    and in Denton on the 3rd Monday of the Month 

    you can find more on meetup  


    1Reply
  • Bruce Lynn
    Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
    3y

    There are a couple of meetups I think you might find helpful. One is on Saturday mornings in East Fort Worth, so that might be the closest to you. That is Robin Carriger's group I think called DFW REIA West. Probably if you google the name you can find it, or if you search meetups on BP you can find one of my posts with links to many of the groups. Normally about $20-$25 to attend.

    Another is NTAREI, normally meets in Dallas at Preston/LBJ on Thursday nights and sometimes Tuesday nights.  Roger is the organizer.  I think cost is about the same, maybe $25/meeting.

    Both have recently had STR experts speak.

    One thing I would recommend, if it is a hands on investment, buy closer than further away. STR can be intensive. Think about when the microwave doesn't work or light bulbs go out or the faucet is leaking. You can pay someone $100-$200 to go to WalMart and replace the microwave or you can do stuff like that yourself. You can't do that if it is in MS, hard to do if it is in OK and will get real old real quick if you're making 2-3-4hr drive to OK on a Saturday to do stuff like this.

    No matter what you decide, I think it is a great idea to have some reserves before you do it.  I recently heard a hard money lender say he would like to see borrowers have $50,000 in reserves to cover contingencies.  He's just seen too many people get into trouble when surprises happen, or market changes, or things take longer, etc.  At first I thought that was a pretty big number for reserves, but then got to thinking of many investors I've helped and networked with...and that is probably a really good number.   Plenty of people invest on a shoestring and maybe it all works out, but it can be super stressful.   Seems like everything goes wrong all at once and having those reserves helps smooth things out.  Ask all the people who had rentals in 2008...ask the apartment investors today if life is a bit stressful.   For the first time ever, the past few weeks I've seen probably 20 projects in Fort Worth area that are 85% complete and somewhere in that stress process.  In distress sale mode or in foreclosure sale mode or somewhere in that realm.  Likely to loose all their equity and all their sweat equity.   Not sure what the story is, but that cannot be a fun place to be....and I'm guessing many were doing it on a shoestring with no reserves.

    2Reply
  • Lucia Rushton
    Realtor · Dallas - Fort Worth Metroplex, TX · Member since 2016 · 1k+ posts · 925 votes
    3y
    Quote from @Lauren Lockett:
    Quote from @Lucia Rushton:

    @Lauren Lockett welcome and congratulations for making the commitment!

    Even newbies have questions that add value to other newbies or even seasoned investors. That is how I have treated my new faith, with lots of questions and many people tell me it adds value to their lives.

    Best wishes and reach out if you need anything or have questions.


     Thanks so much Lucia! I will absolutely begin doing that. I feel a little uneasy not knowing how to contribute but you're right. I'm hoping as I learn and implement I can share more too! I will definitely begin posting questions or whatever I've found helpful! How are things going your way and what are you looking to do in the metroplex? 


     DFW continues to be a strong market because of our fundamentals. Opportunities to be had, but we do not have any low hanging fruit, deals need to be made in order to be successful. 

    2Reply
  • Lauren Lockett
    OP
    New to Real Estate · Grand Prairie, TX · Member since 2023 · 54 posts · 30 votes
    3y
    Quote from @Roger Paschal:
    Quote from @Lauren Lockett:
    Quote from @Justin Vogelgesang:

    Hey @Lauren Lockett I think you'll find a lot of like-minded individuals in this community. You should definitely check out some of the meetups in DFW also! Those are great for networking and learning from some of the experienced real estate professionals. 

    Side note: even newbies here have something valuable to bring to the table, so don't be shy to post or answer questions.


    Hey Justin! I certainly will jump in where I can as a newbie. I jumped into my first meetup last week with IMPACT (I think it's an Arlington REIA I found on Google/Meetup) in Fort Worth last Thursday and it was great! Reading the forums and listening to the podcasts, I've heard that recurring theme to begin by connecting and networking with this community! My goal is to go to an event a week and make 3 new connections. Do you have any suggestions on DFW meetups that you find helpful?

    Re: Investor Meetings in DFW

     Lauren, there is also another IMPACT Meeting coming up in Grapevine next Monday (4th Monday of the month) at Dave and Busters.

    and another meetup IMPACT Plano on the 1st Thursday in Plano, Sept 7th

    and in Denton on the 3rd Monday of the Month 

    you can find more on meetup  

    Roger, 

    It was great meeting you last Thursday at the IMPACT event! Plano and Denton may be outside my driving range, but I may try going to the Grapevine event. I just added them to my calendar. I'll absolutely be at the Arlington events in the future so I hope to connect with you again! 
    1Reply
  • Alicia MarksPro Member
    Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
    3y

    Welcome Lauren! I will be at the Grapevine Impact meeting tomorrow. Make sure to say hi! I also run a meetup in Addison. We have a lot of newer investors in my group. My philosophy is that everyone comes with life experience that can contribute. Think about your job skills, personal background, or other skill sets that can be valuable to someone else. Sometimes it's just the time availability that allows you to be helpful (drive for dollars, updating remodel pics, sending out letter campaigns, etc.) The biggest thing is to be honest about skills you have or don't have, and follow through on what you've committed to doing. Consistency will make you stand out.

    [email protected]Podcast Guest on Show #204
    1Reply
  • Lauren Lockett
    OP
    New to Real Estate · Grand Prairie, TX · Member since 2023 · 54 posts · 30 votes
    3y
    Quote from @Alicia Marks:

    Welcome Lauren! I will be at the Grapevine Impact meeting tomorrow. Make sure to say hi! I also run a meetup in Addison. We have a lot of newer investors in my group. My philosophy is that everyone comes with life experience that can contribute. Think about your job skills, personal background, or other skill sets that can be valuable to someone else. Sometimes it's just the time availability that allows you to be helpful (drive for dollars, updating remodel pics, sending out letter campaigns, etc.) The biggest thing is to be honest about skills you have or don't have, and follow through on what you've committed to doing. Consistency will make you stand out.


     Hey Alicia! Thanks so much for connecting with me here! I was so looking forward to meeting you in person today. Unfortunately, my littles have been home with me today out sick from school. Thanks again for the info and I've marked it in my calendar for the 4th Monday of every month right? See you next time! 

    1Reply
  • Alicia MarksPro Member
    Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
    3y
    Quote from @Lauren Lockett:
    Quote from @Alicia Marks:

    Welcome Lauren! I will be at the Grapevine Impact meeting tomorrow. Make sure to say hi! I also run a meetup in Addison. We have a lot of newer investors in my group. My philosophy is that everyone comes with life experience that can contribute. Think about your job skills, personal background, or other skill sets that can be valuable to someone else. Sometimes it's just the time availability that allows you to be helpful (drive for dollars, updating remodel pics, sending out letter campaigns, etc.) The biggest thing is to be honest about skills you have or don't have, and follow through on what you've committed to doing. Consistency will make you stand out.


     Hey Alicia! Thanks so much for connecting with me here! I was so looking forward to meeting you in person today. Unfortunately, my littles have been home with me today out sick from school. Thanks again for the info and I've marked it in my calendar for the 4th Monday of every month right? See you next time! 


     Back to school germs are never fun. Hope they feel better soon!

    [email protected]Podcast Guest on Show #204
    1Reply
  • Jeffrey McKeePro Member
    Real Estate Agent · Plano, TX · Member since 2013 · 479 posts · 91 votes
    3y

    Come Check out our meetup!

    0Reply
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