New Investor in Dallas

11 Replies

Hi Folks,

Nice to meet y'all. My name is Collin and I'm getting into real estate investing in the Dallas area. Right now I am spending my time educating myself through books I've picked up and with the knowledge available on BP. I've also started evaluating deals. Education is not worth much if you don't use it! I moved to Dallas over a year ago and I am currently struggling with understanding the local market. All I have to go on right now is comparing prices in similar areas.


My current goal is to purchase and rent out a multi-family property within six months (5/20). I have a great full-time job that keeps me busy as a patiently look for a deal and provides me with the money I need to put in a down payment.


I want to connect with people through BP in the interim. I look forward to learning and sharing my knowledge on this site.


Thanks for reading!


- Collin

@Collin J Marshall

Your first step should be to connect with a real estate broker who specializes in multi-family properties.  If you are looking at 1-4 units any investor friendly realtor would work.  5 or more units look for a commercial broker.  You should also work on defining exactly what property you are looking for and where you want it to be located.  Do you want Class A properties or B or C?  Are you looking for appreciation or cash flow?  What Cap rate, and/or cash on cash return are you looking for?  What is the comparable cap rate in the area that you are looking?  

Welcome to BP and best of luck in your real estate investing.

@Tamara Deering

Hi Tamara,


Thanks for the response and things to think about! I think you're right about getting in touch with a real estate broker. Right now I can only answer a few of your questions: I'm interested in cashflow for 1-4 units and have narrowed my searching down to a few areas. I'll work on answering the rest as I look for a broker.

Best,

Collin

Hey and welcome! Bigger Pockets is the way to go in today's real estate investing. It's the only place to connect with seasoned investors and learn about the real estate industry. Congratulations. Wish you the best.

@Collin J Marshall

Hey Collin and welcome!

I actually just made my new member introduction today, and it seems that we have similar interests in real estate investment vehicles in the form of multi-family properties.  While I' may not be in the same stage of investing as you are I think this is a good opportunity to get acquainted with another new fellow investor with a day job in the area.  Are you also planning a house hack or simply trying to rent out entire properties?

Hi Collin, 

Welcome to this amazing community. I myself also relocated to Dallas from Los Angeles 5 months ago just to start my real estate investment career and I already have my 2nd home under contract. I've had great success in being able to understand the DFW market by looking doing a lot of due diligence research on corporate relocations, school district, rental rates, purchase price, competitiveness. I also credit a lot of my success to the relationships I have made here in the area with my real estate agent @Kenneth McKeown  and lender @Tyler Hodgson . They've given a ton of free advise in narrowing down the markets and evaluating which sub markets have great rental comps, high quality tenants, and low purchase price. Kenneth is also personally an investor in multifamily as well and knows the area extremely well, would be the perfect contact for you. Tyler will give you the best rates as well and provide so much knowledge about your financing options. 

Feel free to connect, would love to talk to you in more detail. Best of luck @Collin J Marshall

@Collin J Marshall

Welcome to Dallas and congrats on starting your real estate investing!

If you have any questions about the local market or getting started, don’t hesitate to give me a shout. I’ve lived in Dallas for 13+ years, have been investing in RE for 10+, and am also a local Real Estate Agent.

I personally invest and help many of my friends and clients transition into RE investing.

I’d love to help in any way I can.

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