West DFW REIA Group

The "Watering Hole" for North Texas Real Estate Investors!

Author: Tim Cook (10 articles found) - Clear Search

The Basics Of An Investor Wholesaling Agreement in Dallas Fort Worth

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A wholesale agreement for properties in Dallas-Fort Worth will be important to you as an investor, so make sure you grasp and understand everything about it. Learn more about the process and what to expect in our most recent post!

When two real estate investors/ wholesalers come together to find a distressed property at a low price, a real estate wholesaler agreement or a wholesale real estate contract will be required. The wholesaler enters into a contract with the seller to purchase the property, and then transfers or assigns ownership of the contract to the buyer. In essence, the wholesaler acts as a go-between between the seller and the new buyer, bringing together two people who might not otherwise have come into contact.

Contract Basics

There are many types of investor contracts available in today's investing world.  Some people use a real estate attorney to draft and evaluate for you to ensure that all terms and clauses are legally sound and make sense for all parties involved in the transaction. Many investors use their State created contracts.  In Texas, we use the TREC 1 to 4 family contract.  Even though there are num
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Self Directed IRA’s For Real Estate – What Are the Rules in Dallas-Fort Worth?

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A self-directed IRA can be a great investment vehicle even for real estate! Before you buy your next Dallas-Fort Worth investment property read this article first!

We get asked questions all the time from savvy investors who we work with here at TMC Property Solutions. Most of the questions surround buying investment properties in Dallas-Fort Worth, Texas. Which we, of course, know a lot about. The biggest question about buying an investment property or rental property is how will you pay for it and can you use your IRA to buy local investment properties?

Self-Directed IRAs for Real Estate – Can You Use Them to Buy Dallas-Fort Worth Rental Properties?

First off, IRA refers to an individual retirement account. Individual retirement accounts (IRAs) are tax-advantaged retirement savings accounts that people can utilize to save and invest for the future.

IRAs traditionally hold investments like stocks, mutual funds, bonds, etc. mainly because that’s the mainstream way most people save for retirement.

However, after reading thi
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What's Stopping You From Getting Started?

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What’s stopping you from getting started may be the question you’ve asked yourself for quite a while now. Because this is a simple topic to address, I'm going to keep this post brief today. It cannot be easy to put into practice at times, but the remedy is straightforward.

Here's the million-dollar question: 

"What can I do to overcome my apprehension and procrastination and get started"?

--Get rid of your excuses and your mile-long to-do list.

This week, I've heard more excuses from people who can't seem to get started in real estate investing than I have in a long time. They must wait until the stars are "perfectly aligned" before they can begin. You know; reasons like these:

  • I don't know where to start
  • I haven't chosen a logo yet.
  • I have to make a decision on whether or not to form a limited liability company (LLC).
  • I need to decide whether to use a yellow or green postcard.
  • I don't have a suitable image to utilize in my marketing materials.
  • I'm undecided on whether to use white or colored envelopes for my mailings.
  • I'm not sure where my buy-and-hold
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Must-Know Tax Tips For Real Estate Investors in North Texas

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Must-Know Tax Tips For Real Estate Investors in North Texas

Here are a few must-know tax tips for real estate investors in Dallas Fort Worth. Taxation on income is a given, by making the right moves, you can lessen the impact to your bottom line. Using tax laws to your advantage can maximize the returns that you will realize on your investments. 

Planning

Prior proper planning prevents xxxx poor performance, most especially when it comes to organizing your real estate investment business. As a real estate investor, you will want to seek out a real estate investment experienced Certified Public Accountant (CPA), through recommendations from other investors in the West DFW REI Group if possible. You will want to select a CPA with experience in this sector of the market that can offer guidance and recommendations which places you in a position of optimizing your tax deductions for your real estate holdings in Dallas Fort Worth. You should plan to work closely with your CPA, in order to create a plan that is specific to meeting the needs of your circumstances and business model.

Write-Offs

Every decision you make with your real estate investing business should b
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Evaluating A Real Estate Investment Deal

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 Evaluating A Real Estate Investment Deal

We talk with lots of people looking to buy real estateinvestment properties in [market_city]and the surrounding areas.  Some of them know what they're doing when it comes to evaluating a real estate investment deal... and some of them are still in the learning process.

But, since our entire business is finding great deals at deep discounts... and often passing those deals onto real estate investors like you... I thought it would be a great idea to share with you some resources to use for evaluating a real estate investment deal.  This works in any market... [market_city], surrounding areas, [state], any other states across the country.

When you really boil it down... evaluating a real estate deal is a pretty simple process.  If you're looking to buy real estate as an investment, wholesale properties, hold them for rent... whatever, one of the most important parts is "buying it right"(i.e. - not overpaying).

So let's dive in.

What Goes Into Evaluating A Real Estate Deal - (for single-family houses)

There are just a few main elements when you're evaluating a deal.

  • Cost of repairs needed to get it back up to good condition
  • The after repair value (ARV) of the property (what it's worth and ca
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Benefits of Joining Your Local REIA

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Benefits of Joining Your Local REIA

REIA is an abbreviation for Real Estate Investing Association / Group.  REIA groups or clubs as some are called is an invaluable tool to meet people from all walks of life who have an interest in real estate investing and to learn all about the REI business.  Members of REIA groups are like-minded groups of men and women “where deals and funding meet”.  Companies have been formed and deals have been made as a direct result of the relationships developed and information shared at REIA group events.  I like to refer to them as your real estate investor “watering hole”.  Members attend the “Watering Hole” to learn, find deals and funding. 

Learn more about the benefits of joining your local REIA group through the Infographic below:


Education - Here's a small list of topics you may see at your local REIA:

+ Getting Started

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What Is A Real Estate Virtual Assistant And How Can They Help My Business? Part 1

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What Is A Real Estate Virtual Assistant And How Can They Help My Business?  Part 1

A real estate virtual assistant (REVA)provides assistance in administrative tasks such as paperwork, online marketing, data entry, phone calls, market research, pulling comps, website maintenance and management, etc., specifically trained for real estate professionals.

Real Estate Virtual Assistants work remotely from the comfort of their home or their own office space, working on task you assign to them.

There’s a lot of ads for virtual assistant services online these days, but it is best to remember that they come with many different skill sets and levels, but most of them will have no specific training to support real estate investors.

How Real Estate Virtual Assistants Can Help You?

The short answer is… almost anything that can be done online or with a phone, your REVA can help you with.

While it is true that the role of virtual assistants has grown from secretarial and general administrative services, there are now literally dozens of specializat
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Common Mistakes Investors Should Avoid

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No two real estate investors are the same.  You may have similar styles & tastes but there is always something about you and your business that makes you start at the same point but where we go from there is completely up to us.

There is no sugarcoating the fact that investing can be difficult at times.  Without the right mindset you can easily get frustrated and swallowed up by the business.  There are several common business traps and pitfalls you need to avoid.  Falling for even one of them can cause your business to get off track, making it difficult to get back on track.  Here are five common investor traps/mistakes you need to be on the lookout for.

  • Short Sided Thinking: Regardless if you invest on a part-time or full-time basis, you can’t expect immediate results.  Entering the world of real estate investing is much like entering any other business.  There will be a period of adjustment and a learning curve you need to deal with.  It is extremely rare to generate revenue in your first 90 days without a little bit of luck involved.  Too many investors expect leads to fall in their laps, and when they don’t they get frustrated with the business and many quite without giving it time.  The reality is that it takes some investors months before they close their first deal.  Even if you enter the business with established contacts, it could be rough going unt
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Tasks To Outsource to Virtual Assistant

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  • Tasks Wholesalers Can Outsource to Virtual Assistants

For many new investors, wholesaling real estate is often the first step for a new real estate investor to learn the trade and make some money.  When executed correctly as the middleman, wholesalers can make some quick cash without credit or personal financial risk.

That being said, as market presence builds and more deals sit on the table, some tasks that consume a lot of time pile up.  Outsource these tasks to best manage your time and return on investment.

Tasks To Outsource to Virtual Assistant

1. COMPS/Market Analysis

COMPS or commonly called comparable market analysis (CMA) is a critical piece of a wholesalers job/responsibility that has to be accomplished on every deal you are considering making an offer on.  When done correctly, pulling comps can take a fair amount of time to ensure your SOLD properties are a fair comparison to the home you are evaluating.  With ample training, this is a task that can be delegated to your Virtual Assistant (VA) and can free up
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Evaluating A Real Estate Investment Deal

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Comments

We talk with many people looking to buy real estate investment properties in Dallas, Fort Worth, and the surrounding areas.  Some of them know what they're doing when evaluating a real estate investment deal … and some are still in the learning process.

But, since our entire business is finding great deals at deep discounts… and often passing those deals onto real estate investors like you… So, I thought it would be a great idea to share some resources to evaluate a real estate investment deal with you.  This works in any market… Dallas, Fort Worth, surrounding areas, TX, any other states across the country.

When you boil it down… evaluating a real estate deal is a pretty simple process.  If you're looking to buy real estate as an investment, wholesale properties, hold them for rent… whatever, one of the most critical parts is "buying it right" (i.e., not overpaying).

So let's dive in.

What Goes Into Evaluating A Real Estate Deal – (for single-family houses)

There are just a few main elements when you're evaluating a deal.

  • Cost of repairs needed to get it back up to good condition
  • The after repair
    Read More...