West DFW REI Group

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, 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
Read More...

 Evaluating A Real Estate Investment Deal

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... I thought it would be a great idea to share with you some resources to evaluate a real estate investment deal.  This works in any market... Dallas Fort Worth and surrounding areas, Texas, and 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 important parts is "buying it right" (i.e., not overpaying).

So let's dive in.

What Goes Into Evaluating A Real Estate Investment 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 sell fo
  Read More...

Benefits of Joining Your Local REIA

REIA is an abbreviation for Real Estate Investing Association / Group.  REIA groups or clubs as some are called, are 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 directly from the relationships developed and information shared at REIA group events.  I refer to them as your real estate investor “watering hole.”  Members attend the “Watering Hole” to learn and 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

+ Sh
Read More...

4 Tricks for Integrating Social Media and REI

March 26, 2019

Traditional methods of selling and flipping houses are on their way out. White pages and newspapers on dwindling.

However, in 2019, it is estimated that there will be around 2.77 billion social media users around the globe!

“A Strong Social Media Presence is needed in order to be successful in Real Estate Today. House Flippers that take the time to invest in their social media see more returns and build a stronger network than those that don’t.” – Loren Howard, Prime Plus Mortgages – Phoenix Hard Money Lender.

Social media is here to stay. With the rise in popularity, it is easy to see why more house flippers are looking at social media to flip their houses.

Social media marketing can be a great way to advertise your business and get people excited about your listings.

Use these social media tricks to flip more houses!

Having a Business Page

Having a business page is so important to flipping houses on social media. Having a business page will make it easier to promote your flips, use paid ads, make your posts easier to share, and expand your reach.

You can also use business pa
Read More...

8 Ways to Tighten Up Your Rehab Process

June 6, 2016

Like any successful endeavor, you need a plan when you’re ready to rehab a property. A surefire way to waste valuable time and money is to go into a project helter-skelter—everything needs to be done according to a plan and in the right order. Here are some tips that can help you on your next property renovation.

DUE YOUR DILIGENCE

First things first—walk the property inside and out. Make thorough notes about repairs and upgrades you want to make based on your exit strategy.  Assess the neighborhood where the house is located and choose improvements suited for the area or renter. Over- or under-improving a house can make finding a buyer or tenant harder. These things should also be part of your budgeting process:

• Anticipate problems and plan contingencies. All budgets need a plan B.
• Factor in holding costs, sales commissions, and other expenses that can eat into profitability.
• Make sure that your after repair value (ARV) or rental rates are properly analyzed.  Local realtors are a resource to assist with ARV estimates and rental comparables.
• Ask other investors for contractor referrals.  Make appointments with them before closing on the property—remember that good contractors are booked in advance.  Have a detailed plan of your project ready to share to ensure all cont
  Read More...

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
  Read More...