Is anyone finding cashflow deals in the Dallas market?

[Edna Mensah]

I'm a first-time investor looking to buy my second home in Dallas, preferably something I could house hack (Duplex or SFH with an ADU or anything of that sort). I'm looking to buy with a lower down payment (most likely FHA 3.5%), live in it, and rent the rest out. Are there any specific areas in Dallas I should be focusing on for these types of deals? I haven't been successful in finding any cash-flowing deals with such a low down payment in today's interest rate market.

[Jason Wray]

There are several multifamily homes that pop-up every day in the Dallas. You just need to be constantly looking or finding a way to talk to home owners who may consider selling. Having a seasoned real estate agent is also important. Good thing about FHA is its 3.5% down and you can use the rents to help qualify for a bigger loan amount. It might make sense to get a pre-approval for the financing first so you can get a head start. That will help you gauge your Maximum loan amount and know your costs up front.

You may also want to get an Express Loan Approval where the bank underwrites your file up front.  Then they give you a "Commitment Letter" instead of a pre-approval letter.  That allows you and your agent to put in an offer and close in 12-15 days.  Making your offer a lot stronger with a guarantee and a quicker close date.  Its a tough market out there right now but this will help put you a head of other buyers.