Updated over 5 years ago on . Most recent reply
FHA Pre-Approval for Duplex in DFW-TX
Hello everyone! Happy Friday! I was just pre-approved for a $400k FHA loan. I am currently working with a real estate team trying to find the perfect duplex. I currently rent an apartment, but would way rather get into a duplex, rent out the other side, and add value to the property in my spare time. I am located in the Grand Prairie zip code 75052 and am searching for full duplexes within a 25 mile radius. What type of important questions should I have for my real estate agent and mortgage lender? My goal is to find a duplex under $325k - preferably in the $200k range, live in the property for two years while adding value to the property with exterior/interior improvements, then move on to the next duplex and repeat. As a first time "buyer" I'm confident there are many things I am not aware of, so any advice would be greatly appreciated. For any duplex owners, are there any specific properties I should stay away from? Or is there anything you wish you would of done differently for your first FHA duplex deal? I do listen to a lot of BP podcasts in my free time, and am continuously learning. Would love to connect with any DFW, Texas or any realtors/investors to grow my circle. Thanks for taking the time to read my post, and I look forward to shared success with all BP members!