Experienced DFW Investors - Best Place to Buy a Quad, Triplex or Duplex

[Kevin Reynolds]

This is my first post besides my member introduction so here it goes:

IN THE NEXT 6-9 MONTHS I WOULD LIKE TO BUY A QUAD OR TRIPLEX

I want to buy a place in the Metroplex where I could live in one unit and rent the other units out. It would also need to be livable for my wife and our dog. It doesn't have to be fancy, but it needs to be safe and in a solid middle class neighborhood or better. (A duplex might work, but I prefer to go bigger if the numbers work and there isn't a good reason to only get a duplex.)

- I will have 150k to put down and even some funds to do my rehab

- I will still have some funds afterward to put down 20% on one or two more SF rentals

- After one or two years I will probably refi or get a line of credit to facilitate other RE aquisitions.

- I prefer Irving / Las Colinas (my wife works in uptown Dallas, but I still want to be linked to the Ft. Worth side of DFW as much as possible.)

     Also we would consider Grapevine, Colleyville, Farmers Branch, NRH, HEB and maybe Arlington but the work commute for my wife is an important consideration.

Questions:

1) It seems most DFW investors, at least on BP, talk is about SF. How good is the market for 2 to 4 unit properties? 

2) Are any of the areas I mentioned better for inventory, GRM, ROI or any other factor I should consider.

3) Which would be a better resource, a wholesaler or investor friendly broker? Both or neither?

4) I am new to the investing side of RE and haven't lived in the Metroplex for 25+ years so any other wise advice you can give this newbie would be most appreciated.

Thanks,

- Kevin

p.s. I would even consider a small commercial 5, 10 or 15 unit apartment if the numbers worked and it was realistic to get the financing. Is this crazy to consider and how is this inventory in DFW?

[Adam Wright]

Hi Kevin

On the Multiple Listing Service, we are still seeing a steady number of MF properties coming on the market, but it is nothing significant.  For example, I have a client closing on a duplex this Friday in the Mid-Cities area, but it was the only duplex matching his criteria in that area.   

Here is what Quads and Triplexes are available right now from a number perspective in the areas you have specified. There are 48 total in the entire MLS coverage area.

Irving / Las Colinas - 0

Grapevine - 0

Colleyville - 0

Farmers Branch - 0

NRH - 0 

HEB - 1 

Arlington - 2

Fort Worth has the most active properties with 12 properties.   There are significant more duplexes with over 100 throughout the north Texas area.   

I can't speak for the larger units, but I would be happy to reach out to one my colleagues on the commercial side for you.   

I hope this helps you in your analysis.