All Forum Posts by: Chris Hamm

Hey BP!

My wife and I are ready to buy a second property. Here's the plan:

2/1 Condo or Townhome in Dallas

Looking for centrally located; we'll be using it for business purposes a couple weeks out of the year, but want to AirBnb it the rest of the time.

We've been pre-qualified for 200k in conventional financing.

So, the questions:

1) If we wanted to get in touch with a whole saler, how would we find someone? With this, any recommendations for a rehabber with experience with this model?

2) Are there any good companies in Dallas that manage short term rentals, since we'll be pretty hands-off?

3) Is there anything else we should consider?

Please, this is the model that best suits our needs, so our goal is more "how can we make this work," not "will this work."

TIA

@James L.

Really, I'd say it's up to you. Just remember that soldiers are sometimes pretty rough on their houses. You'll get them rented out, but after someone leaves, prepare for some touching up. I'd say stay on the South side of highway 190, but that's personal preference.

Brian Adams is a Realtor here. I'd PM him.

Hey everyone!
Okay, I understand James' view point on the title. Misleading or not, I get it. He was just asking if he should invest in Killeen.

Alright, here's the bombshell, James:
Killeen just doubled the size of the city's land. Military cutbacks are set to take effect, but Ft. Hood is one of/ maybe THE LAST place they'll be cutting forces at. Texas A&M is adding acres every month to Texas A&M Central Texas inside the city limits. A new Wal-Mart has just went up this past month. Killeen is a boom town right now. If Wal-Mart saw the reason in placing a THIRD one inside city limits (I can literally drive 8 minutes to the next Wal-Mart), then they must know something.

Don't flip in Killeen; buy and hold. It's a rental, transient town. Soldiers and college kids will be cycling through constantly.

Good luck, James. If you want any more inside information in Killeen, I'm in the middle of it. I was raised here, I've lived here, and I've got a business here.

Thanks everyone for the welcome. I'm floored by the amount of information and advice on this site, and I'll be sure to check out everything as soon as I can.

I'll be seeing you around!

Awesome. Thanks Lynn. The more response I'm getting, the more everything fits into the picture. I've always been a head-strong 'do it now' kind of person, and it's worked for me; but I'm seeing the major benefits in taking care of the other things first.

Rachel: I'm doing the best I can on here to find an experienced investor in my area. Thanks for the advice!

I've considered the extended family lending option, but I used that to start up my first business. It went well and all is good, but asking them again may stretch some ties.

The second job is good; I hate to say it, but that may be my best option. I was hoping to make REI my next career step, but I may just have to wait it out and save up first.

Thanks for the advise Joe.

I've checked out quite a bit on here and my question seems to be only partially answered for my situation. So, here's my question as it fits to me:

I have no backup money; I rent my house; my car isn't paid off yet. As far as personal property goes, I own nothing.
I do own a business, currently undergoing a change from sole proprietorship to LLC so that I can open up a second business under the umbrella for REI, but that's neither here nor there.

My question: where do I even start to find a lender to help me on my first REI? Again, just imagine I have absolutely nothing but time, sweat, and a high level of motivation.

I'm a current business owner in an unrelated market, but my wife and I have decided that we'd like to throw our time into Real Estate Investing.
Currently, I'm looking for work in the area under a mentor to begin learning the ropes of investing. As my profile says, I started my business at 19 and now it has gotten to the point of self-sustainment. I'm highly motivated and optimistic, and I'm pumped to break ground in such a versatile field.