I have just registered for DFW Rei Club today, and thought it best to introduce myself to your community. I am currently an MBA student and work full time in an accounting department. I have been interested in real estate since Rich Dad Poor Dad came out, so something like 13-14 years. I tried bird-dogging for a lady in Denton several years back, but it didn't satisfy me. I used to read Bill Bronchick and Wade Cook books on investing (very different approaches) and tried to learn all I could. When I was 23, I tried to buy my first fixer-upper, but my financing fell through. Now, I own a home with my wife, which we bought for retail price on an FHA loan, and we put extra money down so we would have a lower mortgage payment. As of now, it looks like we may have roughly 30k in equity. Our goal is to rent this house and buy another, or keep this house and buy a rental. I want to get as many properties under my belt as possible, for cash flow. I am looking to build up passive income. Although I am a ferocious worker, I often need my hand held when learning something new. I tend to ask so many questions that I seem to annoy instructors. My only savings is my IRA and my 401k, which I don't want to cash out. I listen to the Bigger Pockets podcast and hear about people who started with one property and now have 500, but I am perplexed on how that is done (financially), considering what I know about capital gains taxes and amortization. I remember a lot of the creative financing that I read about years ago, sandwich lease options, sub-to etc, but because I am a novice, I wouldn't be very convincing to a seller. Basically, I am itching to get to finally get to work on this, but don't know where to start. As far as I know, you can only have one active FHA loan at a time, and it would take me two years to save up a down payment on a modest rental. I really want someone to partner up with me, give me the grunt work, and go through one deal with me all the way through to the end. I would certainly work something out to make this beneficial to that person. I want to get as much done as possible in the month before school starts back up. Please call or text me at 940-765-9536, I live in the Marine Creek Ranch subdivision northwest of Fort Worth.
