All Forum Posts by: Tim Watts

If you don't want smoke in the house, then look for a non-smoker and put it in the lease for their friends and family that come to visit.  Even if they smoke outside, it will stay on them and they will bring it on their clothes, or the wind will blow it and ashes in... etc.  The smell will get into the house.

Welcome to the site Larry! 

Welcome Michael!  Learn as much as you can... my advice is not not just read but interact and ask questions.  If you learn how to ask questions, you will then be able to take action when the time is right.

Welcome to the site.  I'm also in Fort Worth and there is a great meet up the second Sat of the month.  If you have time, make sure to go.  The details are usually posted in the meet-up forum.

Welcome @Blake Watkins.  Always good to meet others here in Fort Worth!

Welcome @Codie Riggs... I'm also in Fort Worth.  There is a lot of marketing competition but if you can find your competitive advantage like @Dmitri L. says, there is plenty of room in the metroplex to work.

@Josselyne Lugo  When doing my initial evaluation when the lead comes in.  I try to judge if it is a cosmetic or major rehab and I use a simple $ / sq estimate for repairs.  It does not beat going to the house and seeing it, but it gives a starting point.  I dont' have construction expreience, so this is the best I have right now.

I find that the houses I've been getting recently are $15 to $20 / sqft.  I have lost quite a few bids because someone with more experience has come in and given a better, more accurate bid.  But I am still getting the occasional contract and I'm learning as I fall forward.

Like I said, I'm really weak so I did what @Ryland Taniguchi mentioned.  I've partnered with a local flipper.  I give him first shot at my leads and he spits the gross profits with me if he picks up the deal.  

@Jeff Deutsch, I'm not too far away from where you are.  I'm just starting but I've had a lot of the same fears and questions.  I have a B type personality that gets stuck in analysis and learning.  The only way I was able to start was to do it and quit asking so many questions.  I could spend years learning, and I highly recommend getting an education, but the best education is to fail by doing and that will move you forward into success if you keep moving forward. 

To your first question, I've found that they have faith in me when I have faith in me.  But I had to put my foot in my mouth several times and have sounded dumb many times... but the more I do it, the better I feel about what I have to offer.  The more confident I am, the easier the conversation goes.  You should really practice out loud with a friend.  Tell them to ask you tough questions and come up with answers.  This will help you increase up your confidence faster.

My first advice is to get started and don't worry so much about the details end game.  it will happen when it happens.  Hard for me to say that, but I'm getting deals, and I'm not sure how to sell them... freeks me out so much I have to work really hard finding solutions.  I've lost a few that I thought were deals and were not.  I've learned and fall forward.

What I recommend is to start advertising or beating the streets.  Learn enough to get started and set up your marketing plan.  Then learn the next step when you need to.  You may sound foolish and you will loose deals by not saying the right thing or estimating the numbers wrong.  After a while, you will get a better grasp of how to listen, what to listen for, and how to talk to the needs that people have.

As you are marketing, and making offers, then start adding your team members.  Start talking to Real Estate agents.  Start asking for referrals from others in the same area.  What is a good title company to use.... got a good and cheap roofer... etc?

Don't' worry about the lawyer. You will get one when you need one.  Right now you need deals.  I waited until I started getting deals before I start talking to a CPA or a lawyer.  No taxes to worry about if you don't have any income.

Good luck and get started

@Paul Wurster

I'm looking to start some rentals in Montgomery.  Would you mind shooting me your property manager?  I'm in Texas and don't plan to move, so I would need a good reliable manager.

Are these still good areas to look in for rentals?  Capitol Heights, Morningview, Pecan Grove, Montgomery East, and Forest Hills.

Planning on being there!