All Forum Posts by: Dawn Oishi

@Nick B.  Wow...I'm super impressed! Guess I may need to take a second look.

I'm really curious, of everyone who has replied....are any of you making double digits on this type of investment?  If so, is it possible to see your case study?  I've always doubted whether you could achieve double digits and wondered if it was based more on # of units vs. # of investors.

@Paul B.  I'm completely with you when you say that networking and knowing who is putting together the deals.  I want to know they have a solid history before  I put eggs in that basket.

@Dennis P.  Lifestyles Unlimted seems like a great company to get involved with. I listen to their rado show weekly and always learn something new.

@Josh Sandefer

I'm located in the Sachse/Murphy/Plano area and have successfully placed several investors into Plano SFR and Multi-Fams as rental investments while finding them homes nearby for their own residences. Please let me know if I can assist you in any way. :)

@Jocelyn Evans

I saw your post yesterday and felt you were given some pretty decent info.  Since I have worked with several first-time BP investors on making their investor dreams come true, I wanted to ask a few questions.

1.  How much do you have for the down payment? What is your plan to pay for the property? Have you spoke with a really good lender who can give you some creative financing ideas?? With very little down, you are going to need creative options....trust me! Despite what is told in every weekend seminar, it is very hard to leverage anyone other persons money for your first investment here in N Texas for several reasons.  I've had this conversation more times than not about this with new investors.  Of course, if you have family, friends or Angel investors lined up...completely different story.

2.  What is your goal?  Are you just looking to Wholesale a few deals so you have more cash to make an actual purchase? Are you looking to buy and hold? Buy and Hold to rent for appreciation? Buy and Hold for just rents? Buy, Update, Flip?

3.  Do you have your team or do you need to build one still? I ask because in that price range the competition is STIFF! Deals move super fast...within a matter of hours! You will need to find the deal and get your GC and any other potential repair people in within a matter of hours. You will need your Realtor to possibly run comps and to write your contract.  If you win the contract, you will need your repair team in place. Every day that ticks by is $$ out of your pocket.

4.  Do you have a farm area yet??  You are asking your friends on BP to suggest places where you should be farming deals.  Some of us are nice and will offer up good suggestions.  Other, well....they may lead you astray because...well, they don't want the competition!  Once again, this goes back to having your team...a Realtor, seasoned investor, mentor..who knows the farm area.

5.  Safe is a relevant term.   There are many websites that you can look at to view the types of crime and amount of crime that happens in any certain county, zip code or street block.

I'd love to answer any questions you may have, offer up a few creative lenders, suggest some farm ideas, and offer up some Realtors that could help you in the farm areas. May even be willing to set you up a portal search.  Just shoot me a message.

Best of luck with your first investment!!!

I am a CPMS however, I use The Mardia Group for PM.  Chris has great rates!  Otherwise, The Lisa Richardson Team at our Keller Williams office does pretty well. Let me know if I can put you in touch with either one of them

@Lani A. Payne

Welcome to BP, Lani!  You will find a ton of great information and amazing people on here. @Scott Marshall just provided you some fantastic tips!  Where in Dallas are you located? I'm in North Dallas...Office is Firewheel/Garland. I'm always looking to make new investor friends!

@Jon La Rosa

I'm a Realtor here in DFW who works with many local and out-of-state investors. I'd love to know the details and pass it along to them.

@Ray Baker

I'm available for the DFW market. Please let me know if you need some assistance.

@Coby Herzog

Our Step Up investor seems to be at the 200k price point.  You could possibly argue $175k and up to around 250k.  There are some areas that the $200-250k price point can easily get $2k a month rental.  You really side step most investors when you go $250k and higher.  Yes, there can be good margins in higher priced properties.  Research is going to be key!

@Ali Daiy

Be cautious if you employ this tactic in the DFW area. Many university neighborhoods have an ordinance that prohibits stealth dorms. This means they only allow a certain number of unrelated adults to reside in one house. For example, TCU recently changed its city ordinance from 5 adults to 3.

Every owner and investor is required to register the home and the occupants. The leases must be on file and be available for property inspection and investigations. Fines can be quite hefty.

Also, there are very few basements in DFW. Converting an attic is going to be costly.  DFW gets pretty sweltering in the summer!  Lastly, what will you do to ensure that an owner or investor doesn't take advantage of your rehab, allow you to do them, then kick you to the curb?  I can see the shady ones allowing you to do it then claiming they could not get an occupancy permit for the rehab because they have already reached or exceeded their occupancy limits.  Keep in mind, none of this would work with sec 8 units either.  

Lots to consider!  Good luck!!