West DFW REI Group

Fort Worth's Premier Real Estate Investment Education Group

Author: Tim Cook (7 articles found) - Clear Search

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 sho
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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
    Read More...


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

+ Foreclosures

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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 until you get the feel of things.  Simply browsing the MLS or looking at real e
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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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We talk with lots of people looking to buy real estateinvestment properties in Dallas Fort Worthand 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… Dallas Fort Worth, surrounding areas, TX, 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 can
    Read More...