Newbie Returning Member From 2009 in Austin, TX ready to invest!

New Member Introductions
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Newbie Returning Member From 2009 in Austin, TX ready to invest!

Tamara Pickens
Real Estate Investor · Austin, TX · Member since 2009 · 17 posts · 7 votes

Greetings, my name is Tamara!  So, according to my profile, I've been a member of Bigger Pockets since 2009, but I am also a part of the scores of people who have dreamed about investing in real estate but HASN'T.TAKEN.ACTION.

Welp, I'm finally tired of sitting on the sidelines, lol

When I joined Bigger Pockets back then, I was a champ at lurking but now I know it is much better to engage, ask questions, give value, and connect with others.

I've lived in Austin, TX since about 2010, married, and working a 9 to 5 (for now).  I am reading, educating myself, and beginning to build connections so that I can buy my first investment property this year.  I am actually looking to house hack a multifamily property to start with as it seems to make the most sense for the market I am in and for the goal of buy and hold/cash flow investing. I don't necessarily want to make real estate investing my fulltime career, but a very lucrative side hustle to my own business in holistic wellness and urban farming.

In 2009, I WAS looking to make real estate investing my fulltime career, mostly as a wholesaler but I've since realized that I do not have a passion for that particular niche, but I do love the flexibility, cash flow, and wealth creation that building a healthy property portfolio provides.

At any rate, I look forward to FINALLY engaging with people on the forums, learning, DOING, and sharing with others. Some random things to know about me is that I love to strength train (I have and plan to again compete in Strongman competitions), I hold a PDC (Permaculture Design Certificate...which basically means I love working with nature), I'm currently learning to be a DJ (like, learning how to scratch on actual vinyl type of DJ), and I am a former Army brat (so I'm not technically FROM anywhere, but hey "It's not where you're from, it's where you're at").  Feel free to ask me about any of these things, if you like, lol.

Nice to e-meet everyone!

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Michael Lee
Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
9y

Hello and I am happy that you came back!  When you say mot taken action yet was a good observant.  By the way, thank you for your performance in the military.  You may not realize it yet but Army people are trained to work in a group and the public is mostly into individual processing.  I do not know if you have read anything yet but Robert Kiyosaki books are around hard work and having vision.  His series of books speak much on how he has changed his line of thinking and future class taking.  Education in financial matters and how it goes on forever so besides learning about financial  statements and what you choose is very important.  Domination you acquire by learning all you can.

By the way, I am from and was raised in the city of Dallas Texas and have had several friends move down to Austin.  That would definitely live down there if I ever make that decision.   I have heard that Austin home prices have gone way up in general and we tend to be in a seller's market because the overall inventory he's been down but trying to catch up.  With the possibility of interest rates going up has urged many people to take advantage of that and have been buying lots of houses.  Remember that real estate has cycles and will not be in seller's advantage forever.  Not knowing what the future is going to be like we cannot say for sure when the market will turn around and be a buyer's market.

In the meantime learn as much as you can about real estate investing and look for deals on the basis of the current scenario.  When you start investing know as much as you can even if you do it part time.  Keeping your jod should help you get a loan.  Most people in this business have said they would have gotten into it sooner and let fear hold them up.  I have read more than once that mistakes and fear are pretty normal and do not let them hold you up.   I also have heard successful people that Mentors have been a part of their success.  Unfortunately I am 60 years old now and do not have a job right nor and cannot walk yet because of a bran anuerism and a stroke a I had a few years ago.

No matter what you select as a niche and am going to borrow some money get your financing figured out and get a loan letter before you start investing.  That letter will help you when you include it in with your offer a copy of that and it will make the owner confident you will close on the home loan.  That might help you compete with an all cash buyer.  I found BP about 18 months ago while medically recovering and have not picked my niche yet.  I have learn a bunch since I have been learning about 10 hours a day (7 days a week).  I have been employed in the construction business since I was 17 including those college years.

Find/Hire a local and experience in what you do to be one of your Team members.  Your primary Team members might be Attornies, real estate Agents or Brokers, CPA's (or accounts that know what they are doing), Inspectors, General Contractors, Propery Managers, and Handymen.  Do not try to do everything yourself.  Be in control of what you are responsible for.  When you get some experience you can trust others more.  Just because their business card with an important title on it does not mean that they know more than you do.

Track everything you do and review that regularly to hopefully decrease expenses and increase your income.  That can help your business.  Always do the math analysis and try to look everything you offer on or at least have a clause in the sales contract that allows you some time (10 to 15 days) to make a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.  Do not cut any corners on your math analysis to make it look better on paper but not in reality.  If you think I can help you with anything to contact me through BP at any time.  Oh yeah, by the way, I had a broker license in real estate for about 30 years eventhough I never have done that full time.

Good luck to you!

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  • Michael Lee
    Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    9y

    Hello and I am happy that you came back!  When you say mot taken action yet was a good observant.  By the way, thank you for your performance in the military.  You may not realize it yet but Army people are trained to work in a group and the public is mostly into individual processing.  I do not know if you have read anything yet but Robert Kiyosaki books are around hard work and having vision.  His series of books speak much on how he has changed his line of thinking and future class taking.  Education in financial matters and how it goes on forever so besides learning about financial  statements and what you choose is very important.  Domination you acquire by learning all you can.

    By the way, I am from and was raised in the city of Dallas Texas and have had several friends move down to Austin.  That would definitely live down there if I ever make that decision.   I have heard that Austin home prices have gone way up in general and we tend to be in a seller's market because the overall inventory he's been down but trying to catch up.  With the possibility of interest rates going up has urged many people to take advantage of that and have been buying lots of houses.  Remember that real estate has cycles and will not be in seller's advantage forever.  Not knowing what the future is going to be like we cannot say for sure when the market will turn around and be a buyer's market.

    In the meantime learn as much as you can about real estate investing and look for deals on the basis of the current scenario.  When you start investing know as much as you can even if you do it part time.  Keeping your jod should help you get a loan.  Most people in this business have said they would have gotten into it sooner and let fear hold them up.  I have read more than once that mistakes and fear are pretty normal and do not let them hold you up.   I also have heard successful people that Mentors have been a part of their success.  Unfortunately I am 60 years old now and do not have a job right nor and cannot walk yet because of a bran anuerism and a stroke a I had a few years ago.

    No matter what you select as a niche and am going to borrow some money get your financing figured out and get a loan letter before you start investing.  That letter will help you when you include it in with your offer a copy of that and it will make the owner confident you will close on the home loan.  That might help you compete with an all cash buyer.  I found BP about 18 months ago while medically recovering and have not picked my niche yet.  I have learn a bunch since I have been learning about 10 hours a day (7 days a week).  I have been employed in the construction business since I was 17 including those college years.

    Find/Hire a local and experience in what you do to be one of your Team members.  Your primary Team members might be Attornies, real estate Agents or Brokers, CPA's (or accounts that know what they are doing), Inspectors, General Contractors, Propery Managers, and Handymen.  Do not try to do everything yourself.  Be in control of what you are responsible for.  When you get some experience you can trust others more.  Just because their business card with an important title on it does not mean that they know more than you do.

    Track everything you do and review that regularly to hopefully decrease expenses and increase your income.  That can help your business.  Always do the math analysis and try to look everything you offer on or at least have a clause in the sales contract that allows you some time (10 to 15 days) to make a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.  Do not cut any corners on your math analysis to make it look better on paper but not in reality.  If you think I can help you with anything to contact me through BP at any time.  Oh yeah, by the way, I had a broker license in real estate for about 30 years eventhough I never have done that full time.

    Good luck to you!

    2Reply
  • Lisa Bujulian
    Real Estate Agent · Austin, TX · Member since 2016 · 18 posts · 11 votes
    9y

    Hello @Tamara Pickens welcome back! If it's hard money questions, investment properties, multi fam, SFR's, ect let me know I'd be happy to help in any way possible. I'm a local wholesaler in town and would be happy to be a valuable resource to you! -Lisa

    1Reply
  • Jason Hirko
    Lender · San Antonio, TX · Member since 2016 · 1k+ posts · 1k+ votes
    9y

    @Tamara Pickens Welcome back! Good luck on your new endeavor

    1Reply
  • Tamara Pickens
    OP
    Real Estate Investor · Austin, TX · Member since 2009 · 17 posts · 7 votes
    9y

    @Michael Lee  Thanks so much!  Im actually the child of someone who served, my father is a Vietnam vet and serve for 32 years.

    @Lisa Bujulian  Thanks for the warm welcome, I will be reaching out, look forward to talking with you!

    @Jason Hirko  Thanks so much!

    0Reply
  • Jacob Pereira
    Real Estate Agent · Austin, TX · Member since 2014 · 636 posts · 486 votes
    9y

    Hi @Tamara Pickens, and welcome back!

    My first question is: what do you do for a living, how much do you make, and how long have you been making it? This will determine what you can buy. Yes, I know there are plenty of people who advocate zero-down, other people's money strategies, but that's very hard to do even for pros (Not that I'm a pro, but I've never been able to make it work), and nearly impossible for new people.

    My second question is: how much do you have saved up. Even with FHA, VA, or other subsidized loans you still tend to need close to 10k to get started (and often significantly more).

    My third question is: how much discomfort and work are you willing to put up with? There are absolute cash cow fourplexes for a BRRR on the East side, but you'll constantly be cleaning trash out of your yard, fixing annoying minor problems, and dealing with petty crime. My most recent purchase was a fourplex for $275k (off the MLS, btw) in April which had rents under $3k a month; since then I've moved everyone's rent up to $900 a unit, and while there were a few gripes and complaints, everyone signed the new lease and stayed on.

    In other words, if you have a decent job, a few thousand dollars in the bank, and aren't afraid to roll up your sleeves, you can make a decent amount of money over a fairly short time span. If you don't have good answers for the first two, I'd suggest you get those fundamentals out of the way first. The third isn't necessary, but it means that you'll need to work a little harder to find a deal that works.

    Feel free to PM me your ideas if you'd like a critique and I could recommend you a few lenders and agents to help you out if you're ready to go.

    0Reply
  • Tamara Pickens
    OP
    Real Estate Investor · Austin, TX · Member since 2009 · 17 posts · 7 votes
    9y

    @Jacob Pereira  Thanks for the great response, i love this insight.

    My first question is: what do you do for a living, how much do you make, and how long have you been making it? I work in IT, so right now I make $65K+ a year and I've been at my job for 9 years in March.

    My second question is: how much do you have saved up. This one is a little more dicey as I've only just started getting serious about putting a lot away, so I don't have 10K....yet.  Do you think I should wait a year to save this and then look at investing?

    My third question is: how much discomfort and work are you willing to put up with? Well, *I* think i'm willing to put up with some discomfort because I feel like i do that already in my apartment complex, lol.  The quality of tenants where I live has taken a nose dive, so let's just say, I'm well versed in the spicy side of neighborly experiences.  I also work hard (I work too hard at my job, lol), so Im not a stranger to the grind or sweat equity/getting dirty.

    I will PM you as well to get your thoughts, thanks again!

    0Reply
  • Dan Krupa
    Real Estate Broker · Phoenix, AZ · Member since 2013 · 749 posts · 399 votes
    9y

    @Tamara Pickens , welcome and set a goal to make that first deal happen with the next three months! Good luck to you! 

    1Reply
  • Mark Nolan
    Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    9y

    @Tamara Pickens

    You have come to the right place to connect with the wide array of real estate professionals and investors. Make sure to view the Bigger Pockets book store: https://www.biggerpockets.com/store

    1Reply
  • Kevin Hunter
    Rental Property Investor · Carlisle, PA · Member since 2013 · 1k+ posts · 543 votes
    9y

    @Tamara Pickens, welcome back to BP.  Good luck with the goals you have set.  Time to get started.  Good luck!

    1Reply
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