Newbie Investor, planning to get started in DFW area

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Newbie Investor, planning to get started in DFW area

Angela Fadahunsi
Memphis, TN · Member since 2016 · 9 posts · 3 votes

Hello BP family!!!

I'm excited to be a part of the BP family. I've been a member for a while now, finally ready to get into real estate investing. My husband and I are very excited, absorbing as much info online and through podcasts and books as we can. We currently live in Memphis, TN but are relocating to Dallas (northern suburbs) this Summer to be closer to family. We are looking to find a house-hack in the area that we can move into or a SFR that we know can be used as a buy and hold once we decide to move on to the next property.

It's been great learning so much from the BP site, etc, excited to get the first deal soon!

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Marlon FongPro Member
BiggerPockets Support · Bridge City, TX · Member since 2016 · 1k+ posts · 367 votes
8y

Hi @Angela Fadahunsi! Welcome to the BiggerPockets family! You came to the right place to learn all about real estate investing! Here are some recommendations for you:

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

Check out BP Podcasts:http://www.biggerpockets.com/renewsblog/category/podcast

BiggerPockets
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  • Account Closed
    Investor · Palos Verdes Peninsula, CA · Member since 2017 · 115 posts · 46 votes
    8y

    @Angela Fadahunsi Hi and welcome to Bigger Pockets. The road map for real estate investing success can be found right here on BP! Connect with experienced investors, learn everything you can, and get deals done correctly. Congratulations, you came to the right place. I wish you all the success on your journey.

    1Reply
  • Angela Fadahunsi
    OP
    Memphis, TN · Member since 2016 · 9 posts · 3 votes
    8y

    Thanks @Account Closed! This is definitely the right place!

    1Reply
  • Marlon FongPro Member
    BiggerPockets Support · Bridge City, TX · Member since 2016 · 1k+ posts · 367 votes
    8y

    Hi @Angela Fadahunsi! Welcome to the BiggerPockets family! You came to the right place to learn all about real estate investing! Here are some recommendations for you:

    Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

    Check out BP Podcasts:http://www.biggerpockets.com/renewsblog/category/podcast

    BiggerPockets
    1Reply
  • Angela Fadahunsi
    OP
    Memphis, TN · Member since 2016 · 9 posts · 3 votes
    8y

    Thanks @Marlon Fong for these helpful tips.  I will follow through on the items! 

    0Reply
  • William Corcoran
    Arlington, TX · Member since 2015 · 68 posts · 18 votes
    8y

    @Angela Fadahunsi My wife an I are both Realtors here in DFW.  If you need anything, please don't hesitate to reach out!

    What area specifically are you wanting?

    1Reply
  • Angela Fadahunsi
    OP
    Memphis, TN · Member since 2016 · 9 posts · 3 votes
    8y

    Thanks @William Corcoran!!! We are looking for a duplex that we can do a house-hack with. We are planning to move to the north Dallas suburbs (likely McKinney). We have a realtor friend in the area who has set us up with alerts for new properties. From what I've been reading/hearing, that side of town is really hot. We've been analyzing every deal she sends that comes from that area, so far we haven't run across many properties that look promising. So we are still in the search phase for the right place. Since we're on a time line of Summer 2018 move, hopefully we will find something by then, if not we are considering buying a SFR for less than $250K that we know can cash flow as an investment property once we decide to move out.

    1Reply
  • Jay Helms
    Rental Property Investor · Gulf Breeze, FL · Member since 2014 · 1k+ posts · 733 votes
    8y

    Welcome to the BP family and congrats on taking the first steps in REI. One of the most popular blog articles I've written was titled 'Purchasing Our First Duplex'. Love to see your comments:

    https://www.biggerpockets.com/blogs/8160/50653-pur...

    1Reply
  • Angela Fadahunsi
    OP
    Memphis, TN · Member since 2016 · 9 posts · 3 votes
    8y

    Thanks @Jay Helms! I'll definitely check it out. 

    0Reply
  • William Corcoran
    Arlington, TX · Member since 2015 · 68 posts · 18 votes
    8y

    @Angela Fadahunsi you’re correct. The whole area is saturated and a real sellers market. 

    IMO, the best way to find investment deals right now is Off-market. The MLS is a tough sell. Are the listing you're being sent on market MLS?

    0Reply
  • Angela Fadahunsi
    OP
    Memphis, TN · Member since 2016 · 9 posts · 3 votes
    8y

    @William Corcoran They are all MLS listings. If you don't mind sharing, what are some ways you've found helpful to locate off-market deals in DFW for someone who is not currently local?

    0Reply
  • Tonya Weathers
    Dallas, TX · Member since 2017 · 43 posts · 19 votes
    8y

    Hi Angela! Welcome to BP. I've recently located to Dallas, and I have have to admit, it's been tough. I've recently closed on a duplex last month in the North Oak Cliff area. I'm able to house hack, but it was a hard find. Unfortunately, due to such a saturated market, I've decided to switch direction to multifamily apartments (35-50 unit properties). MLS is definitely NOT the way to go here. It's all about off-market properties. They main way to find them is coming up with a marketing strategy that works in your target area. McKinney is hot, but i recommend ditching your agent, doing your own marketing campaign, and negotiating your own deals (owner finance, lease options, etc.) I am happy to share any other information that I've learned since moving here. Feel free to message me anytime! Good luck to you and your family!

    1Reply
  • William Corcoran
    Arlington, TX · Member since 2015 · 68 posts · 18 votes
    8y

    @Angela Fadahunsi  I wouldnt suggest ditching your agent. You never know when or where a deal will come from. Just don’t sign an exclusive with him/her. 

    As for off market, email me. My email is on my profile. I’ll send you some help full stuff.  Directly marketing yourself is the best way to go in this market.  

    1Reply
  • Angela Fadahunsi
    OP
    Memphis, TN · Member since 2016 · 9 posts · 3 votes
    8y

    @Tonya Weathers @William Corcoran Thank you both so much for the helpful. I'll be in touch soon. 

    0Reply
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