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Updated over 7 years ago, 03/22/2017
DFW Multifamily- First time buyer
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.
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!!
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@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.
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.
Chis that'd be great. How can can I reach you?
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Corderos, I'll PM you w/ my contact info since I don't believe I'm allowed to post it.
@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.
Is this lifestyle unlimited training? Do you know if they offer same training in Seattle?
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
@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.