All Forum Posts by: Elliot Collins

Milton F. Pm me. Let's talk about it!

Thanks for those names, Randy!

Hello, I'm looking for wholesalers to help me find a property suitable for a flip. Don't want to spend more then 150k on the property. Property should be in Dallas County. Are there any wholesalers who could help? I would like to get on buyers lists. Thanks

Hi Obi,

Regarding Dallas and the suburbs of Dallas, there are areas and neighborhoods all over the area that are good for investing and flipping.  Don't just limit yourself to only looking in Oak Cliff, Cedar Hill and Garland.  Feel free to also include areas such as Richardson, Plano and other suburbs.  As far as areas in Dallas proper, East Dallas is experiencing a boom as well.  It really depends on how much money you have to spend on purchasing and rehabbing.

Most of my experience has been in the Oak Cliff area of Dallas and Cedar Hill.  I've gotten $400-$500 profit on the two properties that I have.  The only caveat is that I put some money into rehabbing before renting them out.  I agree that the suburbs are the way to go for finding stable properties that will give you good cash flow.

Hi @Petra Dennis and @Evelio Gonzalez.  Thanks for the warm welcome!  And I'd love to connect and compare past deals and discuss the future.

Thanks @Bhekizwe M.!

Thanks for the advice Michael.  I ultimately want to have a balance of doing 2-3 flips and 1 buy and hold a year.  That way I'm making some short term money and also acquiring properties to provide long-term cash flow and equity.  In terms of time, I'd like to have a property purchased, rehabbed and ready to either list or rent out by September of this year.  I have some capital, but not enough to purchase something out right.  I want to get to the point where I can buy properties cash, though.

Hello BP Community!  I'm really excited to be a part of this great group!

I'm a real estate agent/investor in the Dallas area.  My long term goal is to sustain myself with passive income so that any additional money that I earn is a cherry on top.  My short-term goal is to either buy and hold or flip a property in the next 3-6 months.  I'm unsure as to which option to take.

A little about me: I currently have 1 leased rental property with good cash flow and 1 property that I have been rehabbing for almost a year.  I will most likely also lease this place in the next month or two but there's a small possibility that I'll sell.  The rehab property was my first flip and hasn't gone perfect but the overall experience has been really educational.  I purchased for higher than I should have and have rehabbed to a higher quality than necessary for the area, but I will be able to rent it out for a good profit or sell and make a little bit of money.  All that being said, I'm even more eager to find another project and do better after that particular experience and listening to the BP podcasts.  

I'd like to have more capital to work with for future deals so I'm leaning towards a flip (I also teach school and could do a significant portion of the work myself this summer) but am unsure if it may be more beneficial to sell the soon-to-be rental that won't likely be quite as profitable and use that money for a flip (I wouldn't meet my summer flip timeline then), get conventional financing, or use some other type of financing.  I'm nearing the end of my purchasing power based on the 3 mortgages that I currently have and don't know if I should just try to max out or do something else.  Any thoughts?  I'd love to hear what some vets have to say about what to do at this point.

Also, I'm partial to the idea of buy and hold, but I recognize that I'll probably need liquid assets to get the best deals.  Given that I want to eventually live off of income from buy and hold properties, what are you guys' thoughts on balancing flipping and buy and hold?

Lastly, I'm interested in learning more about wholesaling and other parts of the real estate industry.  Are there any nearby Meetups happening any time soon?

Sorry for the long intro but thanks in advance for the advice!!