Hello all. I am just getting started in real estate investing and am located in the DFW area, which is also where I intend to make my first buy. I do have some experience buying, selling, and even briefly renting a house due to moving at least once a year for the past 5 years for work, however that was all due to circumstances and my refusal to rent something myself.
I am trying to absorb everything I can from the various education opportunities on this site and have also ordered several books which I will start reading as soon as they arrive. My planned strategy for my first buy (based on the little I have been able to learn/read so far) is to employ the brrrr strategy, likely in the Ft. Worth area specifically. My plan is to use cash on hand for the initial purchase and rehab and then to refinance and rent out once completed. I have basically no contacts in the area for the purpose of REI, so looking forward to networking on this site.
Welcome to the BP community @Ben McCaleb . Great to have you here.
Let me know if I can be of service. I am well versed in the BRRRR strategy and live in Fort Worth.
@Ben McCaleb Welcome to BP! There are a ton of resources here as you are probably aware and plenty of active DFW members. There are some good meetups in the area and here is a discussion on some. That's a great way to network along with just have coffee with other investors.
You mentioned you have moved every year the last 5 years for work. Do you see this continuing? Could you possibility be moving out of the DFW area? If so, you might want to set up systems that can be run from a longer distance.
Let me know if you ever need anything!
@Ryan Blake Thank you, I would be interested in connecting.
@Zane Zeigler Thank you for the link, I need to start going to some of the meetups. Networking is definitely not a strength of mine and something I need to work on. The constant moving has been a result of me pushing to progress within my company, however I have always wanted to own my own business and view real estate as my path to that. I have the ability to stay here if I would like, it just potentially hinders me continuing up the corporate ladder, which I'm ok with assuming my real estate ventures are progressing.
@Ben McCaleb welcome to Bigger Pockets! Always great to see a fellow Texan here. And the link above was also posted in our Texas forum. Feel free to monitor the Texas forum too. A lot of us local people post and answer questions there. Let us know if there is anything we can assist with. Thanks!
Hi Ben - welcome!
Do you currently own a property now? Are you in a position where you could do a live-in BRRRR flip? If you do, you can use an FHA loan to find a 2-4 unit property, and live in one unit while the tenants in your other units pay your mortgage and hopefully give you some cash flow. Once you build up enough equity in the house, you can refinance out and continue down the line.
But, it's a great way to get started, since it's a way you can get a rental property for an extremely low down payment of 3.5%
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