ISO Experienced Investor Advice for First-Time Househacker

[Christopher Murphy]

Hi All,

I am typically a pretty optimistic guy, but I am not sure that anything has given more of a rollercoaster of emotions than real estate and I do not even have a property yet. I first started reading and learning about real estate about May 2021. I read more and then got preapproved in August. Been looking for several months, made several offers, one accepted and then fell through due to financials (relying too much on the lender & me inexperienced with the process). I thought I was competitive in the fall...now I am having my agent telling me it's not even worth offering at list price because comparables in the area are selling 30K over list price. People are flocking to houses to lock in low interest rates before they go up.

So a couple things: I know the old adage is "buy real estate & wait", but I am struggling with that vs. don't rush into something. I am also really hoping to get out of my W2 to work on my business which I am very confident can replace my W2 income given just a few months to grow it. I am currently staying with family and no longer want to burden them so the QUESTION IS: do I just go for an OK deal that would be just better financially than renting, or do I rent short-term/month-to-month and wait for interest rates to go up for buyers to die down? I am in the DFW, TX market and the population keeps growing and growing. My purchase price amount is $220K...should I also consider finding a partner to up my purchase price amount and have more houses to pick from?

Of course I'd like multi-family but individually I cannot be pre approved for that. My strategy idea has been renting by room on a SFH. I'm rambling, but any feedback anyone would have please let me know.

Best,

Chris