Any Help from Dallas, Texas ?

Question

Hello, i’m interested in real estate. I wanted to make a post to get any tips and tricks from members of bigger pockets. Whether it be from Agents, brokers & property managers to tips how to buy a property or appraisals. ￼I plan on buying a house under 75k and using the brrrr strategy to build passive income and then build a portfolio of rental properties. I don’t have a simple question just wanted advice from those who have experience in real estate in the dallas area.

Jace Beard · Answer

@Vernon Watts Thank you for replying. I was interested in wholesaling at one point and i still have a few questions that i never fully understood. Do you do assignment contacts or double close. Also do you have to have a buyer ready to buy the property before you take the contract to prevent paying and using your own money.

Vernon Watts · Answer

Hi Jace

You can ask me anything at anytime you need answers. The answer is yes I do assignment contracts with my clients. At that point, I take pictures of the property and post them on craigslist,connect investors and of course Bigger Pockets. I put my signs in the yard and wait for customers to call and give their offers.

My out of pocket expenses are (sometimes $0-$1000 for good ARV contracts) business cards, for sale signs,copies of contracts, skip tracing online services (MemberReportsOnline.com) and that's about it. low cost, don't ever pay  money down on a property unless you're at the city auction.

Vernon Watts · Answer

Hi Jace

You're in the right place, just be patient and others from the BP family will offer some help with the questions that you have presented. I'll give you a starting point from a wholesalers stand point. Before the pandemic hit, I drove for dollars. I looked for homes in zip codes similar to the price range you're seeking now. When I found homes with For Sale signs in the yard or in the properties windows.

I called the number on the for sale sign, of the properties I wrote down that interest me and started to dialog with the owners or whom ever were representing them, and placed the ones I could under contract for sale. That's how I got started finding and selling property, and later I searched for property on sites like this, while building my Buyers, agents, rehabbers, and investors list from those who I came in contact with in person and over phone calls for offers on the house I put up for sale.

The others will chime in soon and give you their starting point as well.

Happy Hunting, Vernon