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Updated over 7 years ago, 03/22/2017

User Stats

14
Posts
6
Votes
Corderos SMith
  • Real Estate Professional
  • Lewisville, TX
6
Votes |
14
Posts

DFW Multifamily- First time buyer

Corderos SMith
  • Real Estate Professional
  • Lewisville, TX
Posted

Curious if anyone knows anything about the multifamily market here in the DFW area. My credit is in the process of repairing (just have to get one collection removed) and I'd ideally like to purchase a duplex, triplex, 4plex by June of 2017. 

Does anyone know much about the multifamily market here in the DFW (Richardson, CAarrolton, Dallas)? Also I'm thinking I can leverage an FHA loan since my credit score is poor, this is my first purchase has anyone else used creative ways to finance a multifamily unit with minimum cash down with sub par credit?

Love to hear your experiences. Thanks alot. 

User Stats

32
Posts
29
Votes
Bonnie Staples
  • Investor
  • Dallas, TX
29
Votes |
32
Posts
Bonnie Staples
  • Investor
  • Dallas, TX
Replied

Hi @Corderos SMith,  You just missed the best MF training event available - which took place last weekend in DFW/Addison.  This event fortunately is put on 3 times per year - the next one will be in March 2017 - Please see my page and Market Place for more info -- If you want to truly learn how to be successful in MF - I strongly encourage you attend.  

I wish you all the best - you are certainly looking in the right direction with your interest in MF.

I hope you will find this helpful!!

User Stats

1,016
Posts
607
Votes
Chris Soignier#5 Coronavirus Conversation Contributor
  • Real Estate Broker
  • North Richland Hills, TX
607
Votes |
1,016
Posts
Chris Soignier#5 Coronavirus Conversation Contributor
  • Real Estate Broker
  • North Richland Hills, TX
Replied

@Corderos, I'm a MF investor and a REALTOR.   I'd be happy to consult w/ you on what you're looking for, your current credit/financial situation, etc. to help you start the process toward achieving your goal.

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User Stats

14
Posts
6
Votes
Corderos SMith
  • Real Estate Professional
  • Lewisville, TX
6
Votes |
14
Posts
Corderos SMith
  • Real Estate Professional
  • Lewisville, TX
Replied

Thanks a lot Bonnie! I will def have to look into your training event. March will give me even more time to prepare and learn more before I attend. 

User Stats

14
Posts
6
Votes
Corderos SMith
  • Real Estate Professional
  • Lewisville, TX
6
Votes |
14
Posts
Corderos SMith
  • Real Estate Professional
  • Lewisville, TX
Replied

@Bonnie Staples

User Stats

14
Posts
6
Votes
Corderos SMith
  • Real Estate Professional
  • Lewisville, TX
6
Votes |
14
Posts
Corderos SMith
  • Real Estate Professional
  • Lewisville, TX
Replied

@Chris Soignier

Chis that'd be great. How can can I reach you?

User Stats

1,016
Posts
607
Votes
Chris Soignier#5 Coronavirus Conversation Contributor
  • Real Estate Broker
  • North Richland Hills, TX
607
Votes |
1,016
Posts
Chris Soignier#5 Coronavirus Conversation Contributor
  • Real Estate Broker
  • North Richland Hills, TX
Replied

Corderos, I'll PM you w/ my contact info since I don't believe I'm allowed to post it.

User Stats

47
Posts
24
Votes
James W.
  • Investor
  • Houston, TX
24
Votes |
47
Posts
James W.
  • Investor
  • Houston, TX
Replied

@Corderos SMith I own duplexes in Fort Worth, Dallas and in Granbury. The market is pretty hot at the moment, with few triplexes or 4plexes, and a few more duplexes. It's possible to find stuff that cash flows--are you looking to live in one unit or not? If so, it should be easier to sort out.

With poor credit, I don't know what to tell you, other than get pre-approved and make sure you have a decent downpayment available. In my experience,most of these sellers won't do business with you without a pre-approval letter. You will also need to have a few months "if it is empty" cash on hand to qualify for the loan, at least with a typical FNM loan. Best of luck.

User Stats

143
Posts
67
Votes
Harrison Liu
  • Investor
  • Seattle, WA
67
Votes |
143
Posts
Harrison Liu
  • Investor
  • Seattle, WA
Replied

Is this lifestyle unlimited training? Do you know if they offer same training in Seattle? 

User Stats

14
Posts
6
Votes
Corderos SMith
  • Real Estate Professional
  • Lewisville, TX
6
Votes |
14
Posts
Corderos SMith
  • Real Estate Professional
  • Lewisville, TX
Replied

Thanks a lot @James W. I live in Lewisville, price of living in Ft Worth is def to my liking.  In an ideal world I'd like to live in a unit and lease the others. The more I'm learning the more I'm understanding the factors that go into getting a property financed correctly. Be pretty cool to connect once I have more purchasing power

User Stats

47
Posts
24
Votes
James W.
  • Investor
  • Houston, TX
24
Votes |
47
Posts
James W.
  • Investor
  • Houston, TX
Replied

@Corderos SMith I have a good buyers agent that I have worked with, but I have also brought a full downpayment to the party. If you are looking for a no money down kind of approach, I don't know much about that.