Introduction : New to BP from Addison (Dallas) , Texas

9 Replies

Hello BP community , My name is Nirbhik Modi and I joined BP few weeks back, so I thought I should introduce myself. I work as an Electrical Project Manager for Texas Instruments in Dallas. I have been doing stocks investing for about 6 yrs, but just getting started in REI world. I am currently in self education phase and plan to buy my first property (Rental - buy and hold) in next 6-8 months. I have been attending Webinars hosted by Matt Faircloth, Brandon and J. Scott on weekdays, I have also read UBG and in process to read " The book on Rental property investing - Brandon Turner. I hope this will be enough to kickstart my RE education.

Through this post, I hope to connect with more people on BP. I will be happy to meet people through Skype (outside Dallas) or in person in Dallas area and know more about them (cup of coffee or beer is on me :-)). 

Thanks, 
Nirbhik Modi

welcome aboard. Investing in real estate has been the best financial decision I ever made. Be conservative with the long term in mind and you can't go wrong. 

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@Nirbhik Modi

Welcome to Bigger Pockets!

This is a great place to learn and network. A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

Discounts on some products and services are offered to BP members: https://www.biggerpockets.com/perks/pro

If you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/renewsblog/

The site has quite a few tools that can be helpful for new members. I like the search features: https://www.biggerpockets.com/search

@Nirbhik Modi Welcome!

I'm right by you (for now - I'm investing again) in Farmers Branch! Love the location here and am going to miss it terribly but I know the short sacrifice will be well worth the long term wealth I'm able to build through investing in real estate. 

What's your goal? Outright investments or primary occupant SFH/MFH's to house hack? There's a multitude of ways to start depending on the route you're looking to take.

Originally posted by @Kenneth McKeown:

@Nirbhik Modi Welcome!

I'm right by you (for now - I'm investing again) in Farmers Branch! Love the location here and am going to miss it terribly but I know the short sacrifice will be well worth the long term wealth I'm able to build through investing in real estate. 

What's your goal? Outright investments or primary occupant SFH/MFH's to house hack? There's a multitude of ways to start depending on the route you're looking to take.

Hello Kenneth !! Currently, I am in self education phase, but in next 6-8 months my plan is to start investing with SFH rentals (Buy and Hold) and start building my portfolio from there, Ideally, I would like to use the Stack approach that @Brandon Turner talks about in his webinars. 

What areas are you investing in Dallas? 

@Nirbhik Modi I like to answer this question using data, and I have built a system to do automatically identify areas that have the highest rental returns at the lowest risk.

My team built a system to model rents using machine learning based on comps, location, and local economic strength. We take out holding costs specific to each location -- expenses for everything from taxes to insurance to vacancy and a repair allowance -- to get to a true net operating income yield.

In the example below, I filter out everything except "B" neighborhoods, which I have defined using my own risk criteria. It gives me a pretty good idea of that middle ground between too expensive and too risky. Some areas around Balch Springs and Pleasant Grove are good places to start. It does vary block to block, so the data that goes into this is at the block level. The areas the light up in orange tend to be the areas where risks are manageable but yields still high. However, some people prefer "A" areas or units that are newer, in which case the target areas would be different.

I also built a script to analyze active listings on the market and output yield estimates, risk scores and rankings within a few seconds. That allows a very fast way to narrow down the options worth a closer look, based on investment criteria.

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