Taking a bite out of the DFW Market

[Johnathan Robinson]

Hey Y'all,

My girlfriend and I moved to Dallas 4 months ago for some great career moves; she now owns a 7-Eleven franchise and I took a new job as a Financial Reporting Mgr at a public company. Now that I've learned a little about Dallas, I want to begin investing in real estate. I passively hold an investment property in Georgia, but want my investment activity in Dallas to be much more hands-on. 

I've spoken with a lender and have been pre-approved for up to $340K, with a stipulation that I put down 10% and get rid of property in Georgia. I assume they want me to get rid of the house to make the debt to income ratio work; I'm likely going to "sell" it to my dad.

My criteria: 

I want to buy and hold and I prefer a multi-family property (up to 4-plex) that we can occupy and rent; however, I know the DFW market it pretty tough at my price range. My desired area is North Oakcliff, which I also know is pretty tough at my price range. I am flexible to looking at SF that can cashflow.

What have been y'all's experience in the DFW market? Any tips you can give me on making my strategy work or modify it in a way that will work? 

[Mylan J.]

Finding a duplex in OC for your price range is much easier than you might think. My Dallas rentals are all in OC and I live and grew up in the area as well. OC is large, so in "gentryfied" OC, you're right around SFR range at $340k, but in other parts, (& safe) you'll be fine.

I would suggest, if you care, to consider a fixer. Almost all parts of OC is welcoming to that activity. I'd go the HML route, add the value, then refi out with your pre-approved status. You'll save a whole lot over buying retail. #my2 cents.

I suggest this, because I've done it. Reach out if you would like the resources, ( HML, rehab co, etc)