Re-Introduction... From East Texas and Austin

6 Replies

Hi again! 

I introduced myself awhile back here but just after that I fell into a lot of reading and some of the learning curve that can be massive (which I am still in btw).  

I live in Tyler, Texas and I spend a lot of time (mostly weekends) in Austin.  I am in Austin right now actually, doing some work on a friend's property here which is in the process of ramping up to be a Short Term Rental.  They are doing all the work themselves and I am helping them and honing my rehab/remodel skills along the way. 

The area I am most familiar with in Austin is the Hyde Park area and the lettered streets area toward 35.  The property I am working on here is on 38 1/2. The values of properties here are insane compared to Tyler!  A 2/1 here in Austin in this area is valued somewhere in the $300K-$400K range and could be picked up in Tyler for $100k or less.   


My goals are still ultimately to own rental properties, however I have come to the realization that I will need to increase my capital significantly on the way, so I am looking at doing some flips to generate the needed income over and above (and possibly eventually replacing) my day job. 

I would like to meet some who are doing this successfully in my areas and really understand what I am getting into especially with flips.  I have been out of the residential construction industry for a long time, but I used to be a residential electrician and have done some residential framing and odd repair/remodel jobs previously... but it's been a while.

Seems the more I read, the more questions that generates and it would be nice to develop some relationships with others close by who are doing this, and possibly end up working together on some projects in the future.  

I have J Scott's Book on flipping houses (working through that one now) and his book on estimating rehab costs.  In the flipping book he recommended a book called Inspecting A House which I have acquired a copy of... and a friend who has a few rentals introduced me to her friend in Austin who (her husband) does construction now after starting with flipping houses years ago, who recommended a book on flipping that was actually written by her brother called "Flip: How to Find, Fix, And Sell Houses for Profit by Rick Villani. Haven't gotten to that one yet either.

Books are great, but I would still like to get personal relationships going. 

This site is massive! 

Well, I am heading outside to (hopefully) finish installing a fence and straightening a slightly leaning detached garage before making the 4 hour drive back to Tyler this evening. But I'll check back in on breaks.

Thanks,
Todd

@Todd Aaron  Welcome to BP! One of the best things you can do (besides becoming a Pro on BP) is to connect with locals - so you've got the right idea. You can do a search by Zip Code to start building your network. Go here - https://www.biggerpockets.com/meet.

There's a wealth of information and connections here.

Make a plan - and stick to it. In other words - commit to analyze 3 properties a day until you hit 100. Then keep going and start making offers. Find solutions, not problems. Connect with more experienced people and learn from them - for the first couple of deals your education should be considered your paycheck. Anything extra is a bonus.

Originally posted by @Tom Keith:

@Todd Aaron Hello from Longview! Sounds like You are having fun learning. Best of luck to You. PM me and I can give you info on the local REI group over in Lindale. Be Safe

 Thanks Tom.  I sent you a PM

Originally posted by @Steven Kopstein :

@Todd Aaron Welcome to BP! One of the best things you can do (besides becoming a Pro on BP) is to connect with locals - so you've got the right idea. You can do a search by Zip Code to start building your network. Go here - https://www.biggerpockets.com/meet.

There's a wealth of information and connections here.

Make a plan - and stick to it. In other words - commit to analyze 3 properties a day until you hit 100. Then keep going and start making offers. Find solutions, not problems. Connect with more experienced people and learn from them - for the first couple of deals your education should be considered your paycheck. Anything extra is a bonus.

Thanks Steven!

Sounds like a solid plan.  

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you