Brand New Investor in Lubbock, Texas

Brand New Investor in Lubbock, Texas

Lubbock, TX · Member since 2015 · 2 posts · 1 vote

My name is James Hutton, and I'm taking my first steps toward real estate investing. I am studying at Texas Tech in the Lubbock, Texas area, and would love to connect with people who work in my area. This is a great community of like-minded people and I'm excited to get to know many of you!

Right now I am six months away from graduating with a Bachelors of Business Administration, and I plan to work full-time while investing a part of what my wife and I can save into real estate. My first goal is to make my first deal by the time I graduate, since I right now I have so much time to learn and flexibility to make deals. Ultimately, I would like to reach a level of money and experience where I can buy and hold rental properties that cover my family's expenses. At that point my wife and I will 'retire', and work on what we want to because we want to, not because we are beholden to anyone. I'm at the beginning of a long, difficult, and hopefully prosperous journey, and appreciate any help and advice I can get at this point.

Again, I look forward to getting to know you all and working with many of you!

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  • Marlon FongPro Member
    BiggerPockets Support · Bridge City, TX · Member since 2016 · 1k+ posts · 367 votes
    9y

    Hey @James Hutton Welcome ! BP is a great place to learn and get assistance.

    BiggerPockets
  • Residential Real Estate Brokerage · Lubbock, TX · Member since 2012 · 13 posts · 4 votes
    9y
    Hello James Hutton welcome to BP. I am a local real estate agent as well as investor. Send me your contact info, I would like to connect with you.
  • Flipper · Tempe, AZ · Member since 2016 · 11 posts · 7 votes
    9y

    Hey James, I'm an investor here in the Lubbock area as well. I'm always meeting up with and connecting with aspiring investors so shoot me a message and we'll try to connect. 

  • Investor · Lubbock, TX · Member since 2015 · 16 posts · 11 votes
    9y

    James,

    I'm a 22 year old grad student getting me Master's in Accounting here in Lubbock and am also a Realtor with Keller Williams. I currently have 15 rentals (closing on another next week) and I'll tell you that Lubbock is a great place to invest in real estate. I'm averaging a 14-15% cap rate on mine right now (not cheap way east of university houses either) which generate a little over $100k in cash flow after all expenses. Let me know if you'd like to connect. I'd love to grab lunch or something. I can help talk you through all aspects of the process and answer any questions you may have from financing to contractors, etc. Feel free to shoot me a PM if you'd like to get together! 

  • Lubbock, TX · Member since 2015 · 2 posts · 1 vote
    9y

    Thank you all for your friendly introductions, I look forward to talking more with all of you!

  • Flipper · Lubbock, TX · Member since 2016 · 5 posts · 1 vote
    9y

    After four weeks, I've just heard from the bank regarding my offer on a short sale for my first flip house. It appears that I am going to get it--though they haven't yet set a closing date and I haven't written the check.

    Yesterday, I left my previous work and today, launched my rehab business.

  • JD, CCIM , Real Estate Broker · Tuscaloosa, AL · Member since 2014 · 1k+ posts · 1k+ votes
    9y

    Congratulations, @Marita Tedder. I LOVE short sales as an investment vehicle. 

    Don't forget about your personal residence, also. Many investors buy properties to use as their personal residence, and then fix them up and sell them two years later. Under current tax law, as long as you've occupied a property as your personal residence for 24 of the 60 months prior to sale, you do not have to pay any taxes on the profit, up to a $500,000 maximum exclusion for married couples.  If you keep flipping every two years, you can build up a really nice equity with no income taxes.

    Also, think about buying fourplexes and living in one of the units. You get cheap fixed rate long term mortgage money for the entire loan.

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