House Hacking in Dallas Market

[Frank Teshima]

hey all, im a currently new to REI. Ive been listening to podcasts, reading a ton of books and practice running numbers on deals for the past 6 months. Now as my lease comes to an end in September, i feel like its time to start looking for Realtors and Lendors so i can get in a househack. Im really wanting to get into a duplex, using an FHA 3.5% down. However, ive been looking at the prices and how much they can rent for, and it seems like I would not be cash flowing at all, and i would be simply paying more than i am paying for rent at my apartment. I am fully aware of the benefits of owning my own property, so i am wanting to know others feedback or past experiences with househacking in a similar market where price points are high, and you will have to be covering about 50% of the PITI as well as tips on anything to do with househacking. Thank you!!!

[Rob Lee]

Honestly, the numbers are what they are. This is a tough market to cash flow. You may have also noticed that there are not a lot of small multifamily properties available in DFW. The competition right now is insane. Not sure what your budget is or the desired location but you will need to be flexible. Consider a single-family home where you rent out the extra rooms. Start your process by getting prequalified. It's important that you and the realtor know where you stand. Anything under $300K is receiving 10+ offers. This is the target price for first-time home buyers and investors. Hope this helps. Best of luck in your search.