Hello Luke! You did pick the right way to go. There is much competition in Dallas so it will help you have to learn more about your real estate specialty to get going forward having more than average closings. Being unique will help you too. That is in your mind, not in your selection. Start just doing simple projects in your "backyard" or a close area that you know well. Pick an area that has the most sales. You might have more competition but if you can be a dominating person and eventually you will get more calls from the prospects that need help. Be a problem solver to your potential customers. They will appreciate that and might give you referrals. Tell of your friends and other companions what you do and some of them might call you or give referrals. Be creative on the deals you do and get it arranged in a way that you will enjoy it. There are many ways to get financing and know how they work and get a pre-certification letter before you start looking for a deal to buy. Shop around and know you got a good deal. On your homeowner financing loan alternatives is to show them the math on paper that shows them the extra profit and the possible tax liability spread out for several periods instead of showing they will and have to report it all in the next year end tax preparation and the savings that they might get. There is many Private Lenders out there looking for investments they than they are currently making. Their interest rate might be a little higher than a bank but look more at the project and not you, like a Bank would and possibly save you some time to close. A "cash rich" Partner might be a solution to your problem with financing even if you have to give them some of your profit. Part of something is usually better than nothing.
Your goals and work plan should be done and gives you some path to take. Just so you will get a little worthiness about me is a little of my history. I am now 61 years old and have about 30 years of construction management experience as well as having a Texas real estate broker license for about 30 years. I also graduated from college with honors in a business degree that emphasized real estate. I was born and raised in Dallas. I now live in Coppell. I am currently bedridden and cannot walk or work yet but I have spent about 3 years learning all that I can including reading a book about every 2 weeks. My father has been involved in commercial real estate for about 40 years and has shared some of his knowledge with me. One of the hardest things to have naturally is bravery. If you do not have it, learn to be it. Do not give up if your 1st deal is not very good for you and do not let your emotion make an important decision. Treat your real estate decisions as serious business. You might have to work hard in the beginning but it should pay off and give you more confidence. Your letter stated that you are a hard worker and doing real estate deals at first are hard too and I think you are prepared for that.
I am sorry this letter is so long but I have much to say. There is much to learn but it is pretty simple. Always do the property evaluation when you do some deals and understand all areas. I think that the Dallas area will have some opportunities. Do not treat this like a hobby, but a business. Learn what is currently working in your area and do that. Do not try to do everything by yourself and realize that other people like to help you. Meet others who have experience and want to work for you. Do not assume anything will get done by others until you get trusting of them especially those things you are responsible for. Keep track with your Team members and tell them that you appreciate them and that you will award them for their help as you make money. I'm sure there is more to say but I do not want to overwhelm you. I hope your family will back you for doing this and need to understand what you are doing. They need to know why you are doing this and understand you goals. Make sure all of your staff Team members know your goals and understand them. Your Parents may disapprove of what you are doing because they grew up in different times and that things have changed but that they still love you and want you to enjoy life and what you do. It's OK to listen to what they say but do your own thing. Learn how to listen to successful people that have done what you want to do. Go to local real estate clubs and events to learn more and to network with like-minded people. Continuos learning is a vital part of this. If you think I could help you do or learn anything, please contact me through this site. I am currently on this site just about everyday. Good luck to you!
Thank you for the reply. I’m confident that I’ll be able to learn the things I need to in order to be successful in real estate. I’m just not exactly sure how to get from here, reading and learning everyday but not being able to buy anything bc I don’t have a lot of money laying around, to there, owning my first apartment building.
Again thank you for your time and I look forward to being a contributing member of this community.
Hello again! Not having any or enough funds to buy and financing a property by a conventional lender would make it almost impossible to get a loan from a Bank. But there are several options. A Private Money Lender could possibly help you even it is for the down payment plus repairs. You may already know but make sure that your primary lender restricts that. If that is OK you can also ask the homeowner to finance your down payment and possibly supply the funds need to make repair or rehab. The same is done by a "cash rich"Partner or a Hard Money Lender. The alternate lenders tend to pay more attention to the property than yourself. Shop every type of loan to make sure you have gotten the best loan for you.
Welcome to BiggerPockets Luke and good luck investing!
Thank you Andrew, I look forward to learning more from the community.
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