I am looking to team up with someone in the DFW area who has experience in flipping, whole sale, or rentals. I am willing to help with any work necessary just to LEARN. No money, just knowledge and experience. I've bought two plots of land in West Texas, one as a tax resale and another as a bid at the city hall. I'm a high school teacher so I've got plenty of time during the summer!
I need to step up and learn so that I can take the next steps to invest on my own. Again, I'm just seeking to learn and am willing to trade work on properties to gain knowledge.
I hope you are able to find someone in the DFW area to help you out. Where in West Texas are your plots located? Are you thinking of acquiring some more later on?
Best of luck with your search and your projects.
Hi, thanks for taking the time to reply. I've bought them in San Angelo. They're not too big, one is just over 5,000 sq. ft and the other is 13,125 square feet, but I got them at a low price... I noticed your from Midland. I was teaching out in Odessa back in 2011-2012. Is the oil industry still booming out there? It was insane when I was there!
The oil industry calmed down quite a bit after 2014 when oil was going for $100/barrel then went way down. I’d say it started picking up really fast in late 2016. Now, rents have gone up at least 30%, traffic is awful again. There’s a steady flow of people moving in every month.
It is getting crazy out here. Haha. Did you teach at OC or Permian?
San Angelo is a nice place, prices are more reasonable than up here and they have a very nice college campus. Pretty sweet area to invest. I’ll probably branch out there if prices don’t make sense anymore in Midland/Odessa.
I remember everything was over priced back then and there was a lack of housing that the school district sent us an email asking if we could rent out rooms for new teachers that were going to move for the 2012-2013 school year.I liked Midland a LOT better than Odessa. I taught at New Tech Odessa High School, now it's called George Bush High School, I think. It was near Odessa College (not too far if I remember).
Yea San Angelo is a lot more reasonable than where I currently live (DFW area). I couldn't compete with the deep pocket investors out there. I actually had a lender approve me for up to 200k but it was FHA and all the fixer uppers were out of the question as they didn't meet FHA rules, and the 3/2s were highly desirable and went well over 200, so I wasn't able to get anything last year. That's why I'm looking to team up to learn or to invest and make some profits
Hi Will. I'm in the San Angelo area and would love to connect next time you are in the area.
Thank you so much! I am actually in San Angelo a lot during the summer since this is my hometown. I'll be back around the 15th of this month. I have these two lots and looking to do something with them....I saw your a real estate broker and asked my brother (he does a lot of lawn work for real estate brokers) if he knew you. Do you know Phillip Green? He has a lawn service and he mentioned he has done work on several houses for a Mr. Nelson
Do you want to sell your lots or develop them yourself?
Since I'm starting out, I was thinking of selling one lot and using that money towards developing on the other, but I'm not too sure. I'm learning as I go. The one that is 13, 125 Sq. feet is a corner lot located on the intersection of veteran's memorial Dr and Elm street, with a view of the river. I acquired this lot as a bid at city hall. I know the person across the street is selling his land with river view at $3/sq. ft. but I am very open to reasonable offers.
The other lot is at 2817 pecan street. I was thinking of putting a modular home on pecan street (I've already met with the city about codes) and holding this property as a low income rental or even selling and carrying the note.
Any advice is highly appreciated!
Heading out to look at a lot... Will return to check on posts! :)
Yes, that's me. Phillip takes care of all of my properties and the ones I manage.
I believe I looked at the city ordinances a while ago, and if I recall correctly, they have not allowed any mobile homes to be put on lots for almost a decade. The old ones are grandfathered in, but I don’t think they are allowing any new or used to be moved into the city limits of San Angelo. Are both of those lots in San Angelo?
Oh cool! I've actually gone with him a few times. I helped him remove a tree recently at one of your properties. I enjoy going out to various properties with him to learn about some of the maintenance that owning rentals requires.
I'm very interested in acquiring more real estate in San Angelo. I plan to move back to Angelo and currently I live and work in the DFW area and not sure if a lender would qualify me to make a purchase this far from my job. I'd like to get a house out here in Angelo soon to rent it out for a year or two before moving back. I'll reach out to you next week. Would you recommend I look for a local lender (in San Angelo) or one in my area?
Thanks for your time! I know you are very busy!
Thank you, sir. You are correct. The city told me that mobile homes are NOT allowed, however, a modular home is acceptable. They said that a modular home is placed on an actual foundation, unlike a mobile home. To me it just seemed like codes and loopholes, but I'm no expert.
I inquired about mobile vs modular to learn about depreciation on posts on BP, google searches, 2 local builders, and a reputable CPA that handles real estate investments for some clients. All, except the CPA told me that modular homes are just like stick built homes and appreciate the same as a built home. The CPA told me that it would lose value (but I really hope he was thinking about mobile instead of modular) so it got me to take a step back. I am still researching this before I actually go through with putting a modular home on pecan street. I just don't want to be stuck with paralysis analysis and not do anything.
Thank you guys for posting and chatting with me. I really appreciate y'all! Any advice is welcome. I'm hungry to learn and make some deals! If any of you would like to meet up and see if we can make some deals or learn from each other, feel free to reach out.
I'm sure we can add value to each other in some way! I am willing to do manual work (summer time) or partially fund a deal. If you are a seasoned investor with experience I'd be ok with funding a small flip deal with your guidance and we can share profits-Again, not looking for money, rather seeking knowledge and guidance.
PS. BP is amazing, glad you guys are on here!!
@Will Green we have several good lenders here in San Angelo that would be good options. PM me and we can discuss your plans.
Hey there @Will Green . I am in Roanoke as well. Welcome! I'd be happy to meet up with you and help direct you however I can. I am not as big as most of these folks around here but would be glad to talk with you and help answer any questions you may have.
I have an empty lot where I was thinking about building or placing a modular, the up front costs were too high for me to turn it into a rental that made sense. Sewer access is down the street a half a block too, so that was prohibitive. There are a couple builders building in San Angelo right now who are buying lots, you might consider wholesaling your lots to them or partnering with them in order to learn.
Thank you. What is their company name I'll look them up. I'll be in Angelo after the 14th
There is a learning event, being organized by Brad Sumrock, for 2 days on 7/21 and 7/22 for $197. It is being held in DFW, Hurst Convention Center. You may check oi out.
In fact I am travelling from LA to attend the event.
That event is for multi-family investing. It's definitely worth it for those interested, but I think the original poster is doing something different.
Thank you, sir. I'd like to get into MFR. Right now I just started small with what I could (I felt like I was stuck with paralysis analysis and jumped in)