All Forum Posts by: Gary Wong

Welcome to BP. I am a real estate agent as well as an investor. I am in the north falls area. What are the price range of the home you usually have for wholesale?

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Originally posted by @Marc Ver Wayne:

My name is Marc Ver Wayne and I am currently living in Riverside, CA. I am looking in the next 18 to 24 months to move my family to the DFW area for my job and I am looking to purchase our family home (with possible income potential) along with beginning my buy and hold career (preferably in multi-family). I am currently working in an Analytics position within the mortgage finance industry, so I have always thought of myself as having a good amount of knowledge in Real Estate, but I have had my eyes opened while here on Bigger Pockets. Luckily my long commutes have been saved by the Picket Pockets podcasts and my free time spent here on the site and expanding my knowledge through reading.

My goals are to be become a buy and hold investor while maintaining my current career so that in the future my retirement and income streams are not solely based on my job and/or equity investments.

I do have a question that I would like feedback from the forum as I begin to formulate my plans in the near future:

When we go to make the move we will have enough of down payment (20%) saved up for our primary residence and I project my investment property down payment (including reserves) will be realized in another 12 to 18 months. Does it make sense to go for a low down payment (FHA) loan for my primary residence and at the same time jump into purchasing my first rental property? Or should we wait the 12 months and have more sizable down payment for both? My risk tolerance is in the middle but more on the cautious side.

I look forward to engaging with everyone on Bigger Pockets!

Welcome to the BP.

You would have to look at the market 12 months from now. If the market is as hot is right now, it would be very difficult to purchase both at the same time due to the competition, but it's not impossible. It would be ideal to purchase a primary and rental at the same time if you can make it happen, since your rental income would help you cover some of your monthly expense, sorta like house hacking but with two houses. If you put now 5% down for your primary residence on a FHA loan, there would be a MIP every month.

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Welcome to BP. It's a great site to connect with other investor. How much experience do you have with real estate?

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Originally posted by @Bernardus Grinsven:

Hello,

I'm new to the single family flipping and looking for my first property. I have renovated/upgraded many multi family properties in the past (before the crash) and looking to get into flipping single family. The reason I'm perfect for this is the fact that I don't need sub contractors. I have my own little company and can do the work with my small team of professionals, also I build furniture at my shop. This can be of great value since I can build/modify cabinets, storage, furnishings, etc. at cost.

Welcome to BP. I am a real estate agent as well. Let me know when you need someone on your team or a partner. I am interested to learn more about rehabs.

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i am around the Dallas area as well. I started out with a rental property in the McKinney area. I learn a lot from the no podcast. It's best to connect with investor in the area and just pick their brains. You will develop more relationships when you bring a deal to the table with possible partnership.

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I grew up in Plano area since I was a little kid. Collin county has grown a lot since then. I think it's good to invest the developing area such as wyile, little elm and Denton.

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I would recommend putting up the house For sale by owner and if they want to downsize, an apartment would be the best option since that option has the least maintenance. With for sale by owner, they are receiving additional income which is kind of like house hacking.

There is other options such as renting the house out and they move into an apartment, but with that option, it would be best if you find a property manager.

I wouldn't recommend house hacking unless you are managing the other tenant. Being a new landlord is unpredictable and can be a lot of work.

I don't know if selling the house in Dallas and moving them to Denver would cost more stress on their financial situation with additional expense.

Hope that helps, best of luck.

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Welcome to BP. Arlington is a great location in DFW. Close to it, is Mansfield which has a lot of potential as well.

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I personally don't know any tax advisor but I look up a lot of tax related questions on turbo tax or the IRS website. Hope that helps, any specific question you want to know the answer to?

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All Forum Posts by: Gary Wong

Gary Wong has started 6 posts and replied 101 times.

Post: Hello Dallas

Post: New member from the DFW area in Texas!!!

Post: Newbie soon to be in DFW (Dallas), TX

Post: New member from Dallas TX

Post: Flipping in Dallas

Post: Training and experience

Post: DFW area SFH Investment

Post: Need a creative idea for my inlaws

Post: New buy/hold member Arlington tx

Post: Tax Adviser in North Dallas