New Investor in Dallas Starting BRRRR – Looking for Advice & Local Resources

[George Nadian]

Hi, my name is George. I’m new to real estate investing and have been actively learning by reading books and listening to the BiggerPockets podcast during my work commute. I work in roofing sales here in the Dallas, TX area and have been able to build up some financial reserves.

Over time, I’ve developed strong connections with local real estate agents and have been steadily expanding my contractor network. I’m currently in the process of getting pre-approved for conventional financing and also have a hard money lender who collaborates closely with my mortgage lender.

I’m preparing to begin my first BRRRR project and had a few questions I’d appreciate some guidance on:

• What’s a realistic rehab budget for a first-time project if I’m working 40–50 hours per week (Monday through Friday)?
• Is a 14.99% interest rate with a 3% origination fee considered competitive for a 12-month hard money loan with simple interest?
• Which areas around Dallas are promising for BRRRR opportunities?
• Are there any local real estate meetups or REIA groups in the Dallas area you’d recommend?

Thanks in advance—I’m excited to get started and appreciate any insights!

[Bruce Lynn]

All of this depends on the project you buy and how fast you are on rehab.

I would say get faster....12 months is a long time.  Get it done in 30-60 days and have 60-90 to sell it.  Don't take 12 months, it just costs you way too much money in lots of different ways.  Hard money, taxes, insurance, theft risk, market risk, and so much more.

Try to buy as close as you can to your work or home.  If you live in Garland and need to drive to Weatherford every night and every weekend to work on your project, that gets old and expensive quick.