North Richland Hills, TX · Member since 2017 · 8 posts · 3 votes
Greetings To All,
After recently participating in the Webinar with Brandon Turner "How To Get Started With Real Property Investing", I am charged to go out to take strong strides forward towards my journey to Financial Freedom. I have made the decision to unite my will power and intent with my want and desire for a more fulfilling life.
My angle that I am working is House Hacking for my first purchase on a Multifamily home. My Financial Strategy is to go with Rent To Own situation or use FHA Conventional Loan (least favored option).
Which brings me to ask the following question.
Where In the Dallas Fort Worth Area would you recommend my search be most effectively applied?
I am looking for something around possibly around $100,000 -$150,000 range (open to correction).
There's a huge difference between having $100-150k to put down for a downpayment for your house-hack, versus looking for properties that are $100-150k that are multis. If it's the latter, you will be in very iffy areas at that price point since DFW has since some massive appreciation in the last couple of years.
I've househacked recently in San Diego where the price point is much higher. The multis start at 500k+ here unless you want to live in C-/D area. I used 20% down but you can use a FHA for as low as 3.5%
My suggestion: go to your local REIA and chat with the investors that have invested in duplexes/tris/quads to see what area they'd recommend and work backwards. Identify the area, then the pricepoint, then take 5% of that (3.5% FHA loan plus 1.5% in fees) and that's how much money you'll need roughly.
Now if you used DM or did some hard work marketing, you could find a deal below that point. If you need help with DM, just give me a shout and I'll send you templates, scripts, checklists, etc.
Good luck! Househacking is a great concept and great way to get your landlord chops on.
A quick "Hello" and wishing you all the best of success here at BP and in your investments. I am super new here as well and I know we both look forward to learning from some pretty amazing people on this site!
A quick "Hello" and wishing you all the best of success here at BP and in your investments. I am super new here as well and I know we both look forward to learning from some pretty amazing people on this site!
@Todd Keith, I am looking for any of the three: duplex, triplex, quadplex. Im assuming the price i would pay and the quality of neighborhood would be heavily waying in on if I would want more than quadplex.
@Randy Bell $150k is a tough price point in DFW. You are going to be looking at C- neighborhoods at best.
Why are you looking at rent to own rater than FHA/conventional? Rent to own is not very common in Texas due to laws making it very difficult to legally implement.
@Randy Bell $150k is a tough price point in DFW. You are going to be looking at C- neighborhoods at best.
Why are you looking at rent to own rater than FHA/conventional? Rent to own is not very common in Texas due to laws making it very difficult to legally implement.
Hey Andrew, I am willing to do Fha loan but Id rather not have to use the banks and involve them if possible.
What cities would you recommend I search in if I increased the price point to 200,000?
Or what price point would you recommend I start with?
@Randy Bell - How do you plan to search for properties in DFW? Are you using direct mail, loopnet, or something else?
@Todd Keith I am curing my ignorance day by day. I have been riding around in different neighborhoods, and looking at different real estate sites like Redfin, Trulia, and Zillow. Do you have a recommendation?
There's a huge difference between having $100-150k to put down for a downpayment for your house-hack, versus looking for properties that are $100-150k that are multis. If it's the latter, you will be in very iffy areas at that price point since DFW has since some massive appreciation in the last couple of years.
I've househacked recently in San Diego where the price point is much higher. The multis start at 500k+ here unless you want to live in C-/D area. I used 20% down but you can use a FHA for as low as 3.5%
My suggestion: go to your local REIA and chat with the investors that have invested in duplexes/tris/quads to see what area they'd recommend and work backwards. Identify the area, then the pricepoint, then take 5% of that (3.5% FHA loan plus 1.5% in fees) and that's how much money you'll need roughly.
Now if you used DM or did some hard work marketing, you could find a deal below that point. If you need help with DM, just give me a shout and I'll send you templates, scripts, checklists, etc.
Good luck! Househacking is a great concept and great way to get your landlord chops on.
@Ray Lai thank you for your thoroughness. I kind of felt like I did not know where to start but now I have some idea. Forgive me for my ignorance but what does DM stand for? Is that direct marketing?