All Forum Posts by: Jessica G.

@Tiffany Milan When I couldn’t NOT start!!

@Sanjoy V. Hey congrats on getting started. I have no experience with large deals like you are describing but I do have experience with being 6 months into a first deal.. we read everything there was to read, listened to every podcast, met and talked with so many experienced investors, REI meetups etc. At the end of the day there are just going to be things you can’t predict because you don’t know what you don’t know. We are currently spending $10k on city requirements for a sfh in a city that just happens to be incredibly more strict than we could have really known. There has been an insane amount of stress, using funds we had allocated for other things, and all of this AFTER having tenants In place. $7k of these expenses popped up the day after we executed a contract for our next property. Anyway, I couldn’t imagine unforeseen expenses and roadblocks on a $6MM property. Best wishes whatever you do!

@Danielle McClelland I’m 35 and we executed the contract for our 3rd house yesterday! Woohoo! I’m glad you asked this question though because I wish I had started 10 years ago.

@Melissa Man I'm sorry, that is really a tough situation. Hopefully you are able to figure out a decent solution.

@Christopher Christian If your goal is to increase your income you’ve been at your current job too long! Getting 2%-3% raises every year doesn’t do it, unfortunately to take a big jump in salary you have to change companies. I’m at my 3rd company in 10 yrs and my income has tripled in that time. For what it’s worth, I got my MBA during that time period and I don’t really think it made any difference. If I were you I’d use my time to network, work on killing the interviews, and land a new job. The job market is on fire so now is the time to go for it!

@Alfred Litton We are thinking about the locations you listed because we love the 'burbs north of Dallas. Do you think it will be more difficult finding tenants being SO far from Dallas?

@Melissa Man Regardless of a slow down, I'm curious how you calculated a new build in Little Elm to cash flow? The price/rent ratio in Denton County is way upside down right now. If you didn't buy this as an investment property but as a primary residence, and now you aren't using it as a primary residence, I'm struggling to understand how it makes sense to keep it. I don't see how this will ever be a cash flowing property...

I personally would probably sell while the market is still high and then buy a house when you know where you are going to live using rental property criteria when I do buy.

@Tom R. What helps me stay focused on the long-term plan is writing down my goals every morning. EVERY morning. And then figuring out a few things I can do that day to move the ball down the court. Also my suggestion to you would be to write down what your goals are, then cross those out and think bigger! I believe in going after impossible goals because like Michelangelo said: the great danger for most of us is not that we aim too high and we miss it, it’s that we aim too low and we reach it.

@Derrick Burtle This is one reason I got my own license, I’m definitely not going back and forth with someone about my offer, and I also wanted to be respectful of other realtors’ time. Plus having access to the MLS for comps on not only sales but leases has been totally worth it!

@Tisha Croom I'd definitely recommend getting out there and networking with people in the industry to get recommendations. Find people that you connect with, and ask them who they use! I'd much rather go with a lender that people I know are using regularly to do deals.

Best wishes getting started!