New Real Estate investor from Midland, Texas

New Real Estate investor from Midland, Texas

Investor · Phoenix, AZ · Member since 2016 · 12 posts · 4 votes

Good morning everybody!

My names Jake wells and I am on a path to become an entrepreneur as a successful Real Estate investor. I work in the Oil & Gas industry as a purchasing agent. I am at the moment lost at where to start to get into the investing world of real estate. I've been learning the market thanks to a family member who works has been working in the banking and mortgage industry in Midland for about 30 years(Learning as in like where to be looking for property for Fix and Flips and Rentals and monthly update on the housing market). My rule of thumb is to learn from someone who currently does it or has been successful doing it in their past. I've been working on learning how to wholesaling just to get the basic in place like learning what the Comps are, how much they rent for, and have been meeting with FSBO property owners to practice(and to land deals) my wholesaling strategies I've been learning and hoping to land my first deal by August 2016. I've been having a Real Estate Agent send me daily listings as soon as they hit the market on the MLS so i can quick work to identify a good deal. I mainly have a interest in fix and flip and holing property's. I'm trying to build some extra cash flow with wholesaling so I can afford down payments on property's. I just need a person to answer some Q & A for me when times are feeling overwhelming and when I hit a barrier I can't seem to break.

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  • Baytown, TX · Member since 2016 · 8 posts · 1 vote
    10y

    Have you done any research on the impact of the oil drop on local real estate? Has the market bottomed out?

  • Investor · Phoenix, AZ · Member since 2016 · 12 posts · 4 votes
    10y

    Its actually still a very strong market here in Midland/Odessa, Texas. Not so much in the surrounding citys.

    I actually receive a monthly report on the currently real estate market in comparison to the previous year to show the markets strength.

    MIDLAND HOUSING REPORT

    May 11, 2016 – The April 2016 housing report shows a steady market compared to this time last year. This month’s housing report, released today, includes accompanying infographics to better represent data. Below is a quick glance at the numbers:

    Single family home sales are down only one percent from April of last year to 126 homes. The median price is down nine percent to $205,000.

    Midland’s monthly inventory was 3.7 months, .compared to 3.2 months last year.

    Homes spent seven more days on the market this year than last, at 50 days on the market. Active listings are up 12 percent to 548 since April 2015.

    April 2016 Statistics

    • 126 – Homes sold in April 2016, 1 percent less than April 2015
    • $205,000 – Media price in April 2016, 9 percent less than April 2015
    • 3.7 – Monthly housing inventory in April 2016, .5 months more than April 2015
    • 50 – Average number of days spent on market in April 2016, 7 days more than April 2015
    • 548 – Active home listings in April 2016, 12 percent more than April 2015
  • Investor · Phoenix, AZ · Member since 2016 · 12 posts · 4 votes
    10y

    Shoot me your e-mail and I'll send you this months report of Midland/Odessa and a few other surrounding areas.

  • Investor · King of Prussia, PA · Member since 2014 · 1k+ posts · 339 votes
    10y

    @Jacob Wells Best/first thing to do is get educated. Read read read! Read books on investing in real estate, listen to the podcasts, attend webinars and stay active on the forums while connecting with other investors in your area and pick a niche. Best of luck!

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