Newbie from West Texas

16 Replies

Good morning all,

I'm pretty new to BP and I guess my real estate investing career started right out of college, 2 years ago. I purchased my first home in Midland, TX and rented out 2 rooms to my friends. I actually under charged them for rent but it came out to where we split PITI and bills 3 ways and I still gained all the equity and tax benefits of home ownership. That definitely got me started with the itch but I've recently gotten married and my friends moved out and my wife moved in. I really started to pursue this dream more in May of this year. I am under contract for my first property in Lubbock, TX. It is a SFR currently leased through July 2019 that I'll be taking over. It's an older 4/2 home rented out to 4 college students which from my research draws higher rent than a single family living their. My next steps are to continue building a portfolio of solid SFRs and hopefully soon branch out into multifamily properties. Lubbock has quite a few SFR with a detached back building than helps draw additional rent and adds doors. This is something I am interested in as well. I chose the college rental market to start because being fresh out of school I am more familiar with these markets.

My goals aren't fully defined yet (working on that soon) but in the short term I hope to bring in enough passive income in the next 3-4 years that we can supplement my wife's salary giving her more freedom and flexibility as we look to start a family. 

Caleb

@Caleb West

Welcome to BP!

Get a piece of dirt and build an RV park for oil field workers. You can both retire in 2 years. RV spots are going for $1200 a month. I'm currently looking for 20 acres. if you come across any suitable property send me a PM.

Thanks for the welcomes @Clifford Paul Yep...only issue I think of is managing and maintaining it. I’ll keep eyes peeled. There’s quite a few businesses coming in and doing that. Some real money can come from renting out your house to companies for living. Covering all bills, cleaning, maintenance, etc. I’ve heard rates as high as double standard rents on that. Not something I want to do as I still have a day job that might cause some COI with but an idea to say the least if you have contacts here.

@Kurt Snyder

Thanks for the welcome! Had a lot of life changes the last 4 months with marriage and then beginning real estate investment so I've slipped on goal planning. But typing this Newbie post has been eye opening for me to step and rethink goals. That's part of the beauty of BP.

Just put our mail out closing papers in the mail for our property! Excited for the future and next steps. Analyzing deals and looking for deal #2 as well.

Congratulations!! Lubbock is a good market! I have a great property manager that I use there, so if you need that connection let me know! 

@Caleb West

Welcome to the BP family! Great that you joined the site! Here are some recommendations for you:

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Wishing you the best!

Hi Caleb, I am a real estate investor and real estate agent in Lubbock, working mostly in the same college rental area you are interested in. I would love to talk more!

@Clifford Paul

I'm in the West Texas area, Midland to be exact, with a vacant piece of land (free and clear) that I'm looking to do something with. I'm just breaking into the market and haven't come across any mentors or potential investment partners in my area. Let's connect if you're interested.

Welcome, loving the WTX folks showing up! We are a family shop that operates out of Lubbock, Midland, and DFW. Mostly SFR/townhomes, beginning our journey into other real estate related ventures now. If you ever want to connect let me know. I'm out of Midland, my brother is an investor-friendly agent out of Lubbock. @Matt Moreland . He has experience in commercial, multi-family (small and large), SFR, and analyzing all sorts of deals. Very familiar with the Lubbock market and would be a good contact there.

@Mason Moreland

Thanks for the note. Would love to connect here in Midland. 

I am currently keeping my focus in Lubbock. Wrapped up 2 deals in the first year (3 total doors with tenants until next summer) and have taken a few months off. Had a few major capital expenses and bad tenants that are being worked through right now. Nothing too unexpected and my PMs in Lubbock did a top notch job handling. I keep my eyes out for deals in Midland but haven't pulled the trigger between cost of entry and attempting to keep some diversification since my W-2 job is oil/gas related which closely matches housing market in Midland. 

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