I'm a recent college grad who interested in REI, however, I don't know much about it, and would love to get started. I've read and watched videos on how to get started, but the information is very generic and doesn't apply to real estate in Texas. I'm currently living in Waco right now. I heard the market here isn't doing great right now. What are your thoughts on Waco and its surrounding cities.
Investor · Waco, TX · Member since 2014 · 60 posts · 32 votes
6y
Hi Sam, my name is Patrick Pendley. I'm a Real Estate Investor, Broker in Waco. I'm surprised that some one told you the market is bad. Its better than it has ever been. I've been in real estate since '06. I have the same plan as you. Feel free to reach out. I dont think I can post my email. You can find us if you search for J R Grace Realty.
Investor · Austin · Member since 2019 · 26 posts · 16 votes
6y
Hi @Sam Mao, welcome to the real estate world. Have you looked at Austin area? I would recommend you buying a less maintenance one as the 1st property. Austin’s housing stock has been low for the past years, so the supply/demand has been during the price up. However, you will still be able to find affordable ones.
According to ABoR president, Kevin P. Scanlan, “While it's typical to see a decrease in housing inventory and listings at the end of the summer, the continued year-over-year decrease in supply is proof that Austin's housing stock is critically limited. We’re encouraged by the City Council's stated commitment to creating more housing capacity. Increasing the supply and variety of housing is the only way to ensure a more balanced market.”
Lender · Hutto, TX · Member since 2017 · 95 posts · 60 votes
6y
Hi Sam!
Did you graduate from Baylor?
If you haven't yet, you need to read The Richest Man in Babylon. That will help guide your overall investing journey. Another great resource is The Millionaire Real Estate Investor.
Have you identified what you're trying to achieve through real estate? Is it asset appreciation to gain wealth? Cash flow to fund a life style? etc?
I’m looking to gain wealth through real estate. My goal is to build a real estate portfolio that generates passive income, while allows me to keep my daytime job.
Investor · Waco, TX · Member since 2014 · 60 posts · 32 votes
6y
Hi Sam, my name is Patrick Pendley. I'm a Real Estate Investor, Broker in Waco. I'm surprised that some one told you the market is bad. Its better than it has ever been. I've been in real estate since '06. I have the same plan as you. Feel free to reach out. I dont think I can post my email. You can find us if you search for J R Grace Realty.
Real Estate Investor · Waco, TX · Member since 2017 · 85 posts · 39 votes
6y
@Sam Mao I think the market is just fine if you buy right. I also highly recommend the Waco Real Estate Investment Association on the Meetup platform. The meetings are free, it is highly informative, and a great networking opportunity.
Dallas, TX · Member since 2019 · 12 posts · 3 votes
6y
@Sam Mao - I started off my REI journey by house-hacking my first home. We rented out the spare bedrooms and that was really eye-opening on the potential of real estate. I would recommend starting with that approach first as it will help reduce your living expenses while also starting to build equity in a home.