Determined New Investor, Dallas
Member since 2020 · 16 posts · 4 votes
Hey BiggerPockets members! My name is Nick Taylor, I am currently 21 years old and have committed myself to becoming a real estate investor. I am currently looking into the DFW metroplex as I was born, raised, and also live here while I finish my degree at Southern Methodist University. I have begun building my core foundation of real estate and I am currently looking to invest in single family or potentially house hack as I am graduating within the year! I would appreciate any book recommendations/tips to get started!
@Nick Taylor here are some book recommendations:
Buy, Rehab, Rent, Refinance, Repeat by David Greene
Real Estate Investing Gone Bad by Phil Pustejovsky
Quit Like a Millionaire by Kristy Shen
Investing in Real Estate by Gary Eldred
The One Thing by Gary Keller
Set for Life by Scott Trench! Good for outlining what to do but, as said above, doesn't help you get a deal in a fast market like Dallas. On the other hand, DFW doesn't show a lot of signs of slowing down (from what I've read), so there's a chance you could get something on appreciation, but relying on that is risky.
Set up your keyword alerts for Dallas and you'll find like a minimum of 5 people every week posting about how they are moving to Dallas and want to know where to buy :) The competition isn't slowing down so don't wait around. I have found an agent in Dallas who has investing experience and I am going to meet with a group here in OKC that facilitates investing and also does property management. I will see what is on offer and call some mortgage lenders to see what I qualify for before ruling out any options. David Greene messaged me and said he'd buy in OKC while I'm here and then save up for another year and then buy a househack in Dallas. If my (unsubstantial) funds work I may make a go of that but it's all going to come down to what kind of loan I can get and what properties are available.
Moral of the story: get your ducks in a row ASAP. Start checking Zillow, learn what you're looking for, begin running numbers even if it's rough just to practice. Also get your financing lined up, I'm in a bottleneck right now because my realtor wants to know what my budget is and I have no idea what I qualify for. You, me, everyone and their aunts are trying to find a househack in Dallas right now so you don't want to get caught flatfooted.
Set for Life by Scott Trench! Good for outlining what to do but, as said above, doesn't help you get a deal in a fast market like Dallas. On the other hand, DFW doesn't show a lot of signs of slowing down (from what I've read), so there's a chance you could get something on appreciation, but relying on that is risky.
Set up your keyword alerts for Dallas and you'll find like a minimum of 5 people every week posting about how they are moving to Dallas and want to know where to buy :) The competition isn't slowing down so don't wait around. I have found an agent in Dallas who has investing experience and I am going to meet with a group here in OKC that facilitates investing and also does property management. I will see what is on offer and call some mortgage lenders to see what I qualify for before ruling out any options. David Greene messaged me and said he'd buy in OKC while I'm here and then save up for another year and then buy a househack in Dallas. If my (unsubstantial) funds work I may make a go of that but it's all going to come down to what kind of loan I can get and what properties are available.
Moral of the story: get your ducks in a row ASAP. Start checking Zillow, learn what you're looking for, begin running numbers even if it's rough just to practice. Also get your financing lined up, I'm in a bottleneck right now because my realtor wants to know what my budget is and I have no idea what I qualify for. You, me, everyone and their aunts are trying to find a househack in Dallas right now so you don't want to get caught flatfooted.
@Haley Powell I can't post contact info here, but we can connect. You might consider reaching out to Aaron Chapman at Security National to mark the lending aspect of things off your list! He can help you, regardless of the market you land in and offers competitive rates.
@Alyssa Dyer I will look into him! I have a list of people to contact but I'm uncertain of what to look for or what to ask. I'm worried someone will take me for a ride if I'm blatantly ignorant.
@Nick Taylor Definitely all the BiggerPockets books - super helpful, easy to understand, and actionable. I'll read a chapter then get so excited about real estate that I have to put it down and just take action. Same thing with the BP Podcast - I listen to it every day in the car/gym/etc. I'm relocating to Dallas next month and just went under contract on a SFR house-hack in Plano. I'll be the first to admit it wasn't a great deal, but it should work out just fine as a house-hack.
Would love to connect and learn together!
-PK
@Nick Taylor. You are on the right path. Keep plugging away meeting people and telling everyone your plans and goal. They will help you !
@Nick Taylor Definitely all the BiggerPockets books - super helpful, easy to understand, and actionable. I'll read a chapter then get so excited about real estate that I have to put it down and just take action. Same thing with the BP Podcast - I listen to it every day in the car/gym/etc. I'm relocating to Dallas next month and just went under contract on a SFR house-hack in Plano. I'll be the first to admit it wasn't a great deal, but it should work out just fine as a house-hack.
Would love to connect and learn together!
-PK
@Nick Taylor. You are on the right path. Keep plugging away meeting people and telling everyone your plans and goal. They will help you !
@Haley Powell he's an incredible guy. I know him personally. I know you connected with @Kiera Underwood so feel free to reach out to either of us if you start the lending conversation and don't understand something. Honestly, though you could say "Aaron, I don't know what you're saying.." and he'd likely take a step back and walk you through. Great guy. Excited for you!!
@Haley Powell he's an incredible guy. I know him personally. I know you connected with @Kiera Underwood so feel free to reach out to either of us if you start the lending conversation and don't understand something. Honestly, though you could say "Aaron, I don't know what you're saying.." and he'd likely take a step back and walk you through. Great guy. Excited for you!!
Thank you Alyssa!
@Nick Taylor I can definitely relate! I am also new to real estate investing here in Dallas. Towards the end of 2019 I started doing as much research as possible, reading as many books as I could, and listening to podcasts and audiobooks daily. That definitely helped me build a solid foundation. In the beginning of 2020 I started going to local meetups frequently and trying to network with any and everyone. Now I’m also looking to house hack a property in Dallas. My goal is to find a duplex but that’s looking to be a huge challenge in this market. But I’m definitely not giving up on the goal. I look on Craigslist and other avenues for distressed properties on a regular. In the meantime, until I find a good sfh or duplex, I am wholesaling to build up some reserves and also build my network with other investors in the area.
From one new investor to another, I would say just keep pushing. Continue to learn every day, but also be sure to set out time to network with other investors, realtors, hard money lenders etc. You never know, you might just across a good deal through your network.
As far as books go here are some of my favorite books (real estate and non real estate related):
-Rich Dad Poor Dad (of course)
-The Book on Real Estate Investing with Low and No Money Down
-Finding and Funding Great Deals (I’m going through this one right now)
Non Real Estate Related:
-Principles by Ray Dalio
-Relentless by Tim Grover
-The Alchemist by Paulo Coelho (this is my all time favorite and read it twice a year)
Nick ! Glad to see you're reaching out for help on getting started. I myself and just getting started in the business as well. I also am a graduate of SMU (2017). Perhaps we can help each other out. Shoot me a message when you can and let's connect!
Nick ! Glad to see you're reaching out for help on getting started. I myself and just getting started in the business as well. I also am a graduate of SMU (2017). Perhaps we can help each other out. Shoot me a message when you can and let's connect!