New member from the Dallas area - looking for tips!
Hello,
My name is James and I am currently looking for a good real estate investment. Allow me to preface by saying I have the necessary funds for an investment around the $100,000 range; however the problem is that I lack local knowledge of where to start my investment hunt.
What I am looking for is a place to flip rather quickly, without living in the investment or spending over a year in the investment. I have exceptional skills in interior design and minor landscaping, which leads me to believe I should be looking at local residential; I am however also open to buying land though I see that as more long term (correct me if I'm wrong). I'm entirely new to real estate and completely open to any advice one could give, such as where to start, who to talk to, and how to talk to them.
Would anybody know of a good locality to being looking into? Maybe an emerging area, or even land.
I look forward to your responses and will reply promptly!
You don't want to buy land bro. At least not starting out. Your interior design skills will serve you well; wish I had that skill. I'm in Dallas area (and Ft Worth, and Austin/San Antonio). Native Dallasite, know money people, social scene, etc. Contact me if you want to chat more. Dallas is gr8 for REI. ---Gene
Welcome to Bigger Pockets. It is a good place to connect with real estate professionals and to learn about real estate. For example, you set up key word alerts. http://www.biggerpockets.com/alerts
Hey James,
Welcome to bigger pockets. I'm also an investor in the Dallas area.
It sounds like you need to be looking for a single family. If it were me, I would look in the suburbs north of Dallas. Check Richardson and Plano (really hard to find deals right now, especially at 100K), and if you can't find anything there then look in Garland. Should have plenty of flip opportunities there.
Good luck!
Bigger Pockets is the place to be. Click on the Learn tab above and read everything there. Be sure you subscribe to the podcasts as well.
I see that you are in near Fort Worth so check out the local Fort Worth REIA
http://www.meetup.com/DFW-Real-Estate-Investor-Clu...
Good Luck!
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#1 New Member Introductions Contributor
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Welcome to the BP family! You came to the right place to learn all about real estate investing!
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Originally posted by @Nick Smith:
Hey James,
Welcome to bigger pockets. I'm also an investor in the Dallas area.
It sounds like you need to be looking for a single family. If it were me, I would look in the suburbs north of Dallas. Check Richardson and Plano (really hard to find deals right now, especially at 100K), and if you can't find anything there then look in Garland. Should have plenty of flip opportunities there.
Good luck!
Thanks for the tip! Are there any divisions in particular worth mention?
Welcome @James Foringerto the Bigger Pockets community.
The Collin County market in your price range is really tight. The deals are few and far between. If one exists at $100k or less it is under contract within a day or two. In most cases these need extensive repair.
I agree with @James Palin that you might have better luck in and around Fort Worth. Have you checked out the market in Denton, which is closer to Argyle? You might want to look into REIAs and real estate meetup groups in these two cities. Through these you should be able to get a better feel for the local markets.
Also check out the 'Learn' tab above. You will find lots of useful information there. In particular look at the free how-to guides - especially the "Ultimate Beginner's Guide to REI."
Good luck!
@James Foringer I would look in north Garland. Try to find an area still zoned for Richardson schools.