All Forum Posts by: Chance Johnson

I house hack a duplex. When I was looking about two years ago, small multis were a bit easier to find. Mine was on the market for several months. 

Hi Nicole, what happened with the FHA Streamline? Find out if there were any catches?

Hi there!

I've been in Dallas for about three years now, and am moving towards my first property as well. Congratulations on your success!

Feel like offering any details on your first purchase?

Sounds great! Excited to be there.

Hello,

When doing preliminary market rent research using a site like padmapper, how does one modify the most commonly found listings from aparment complexes to better fit a du-/tri-/four-plex? Complexes have pools and other facilities that are included in the rent, as well as other things I'm sure, so I would expect that their rent rates for a 1000 sq.ft. 2-2 would be higher than a similar small multi. So if 5/6 hits from the mile surrounding a property are from large complexes and have rents that range from $950-1200, how much lower should I consider possible rents for a property I am looking at?

Once I decide if it makes any sense at all, I would likely drive around and do a more thorough market rent survey; this is just to see if there is any point, I suppose.

 Hello Mark, thanks for the info. Sorry I have taken so long to reply. I'm sending you a PM now.

Edit: The system isn't letting me PM you until we are colleagues. I'll put in the request.

Thank you, Mr. Taylor, I'll give him a call tomorrow!
I've also heard some about the Tuttle Group out of Plano, has anyone any experience with them?

Hello all,
I'm getting ready to buy my first property. The goal is to do so before July, but some promising properties have come to my attention, so I want to take a look and possibly make some offers. As a result, I am looking for a loan officer who is experienced with FHAs/203ks in the DFW area. I've never done this, so any advice or guidance is more than welcome. Do I need to get pre-approved?

I thought that'd be the answer. I've been searching for a 3/4 unit multi for my first deal, and that is exactly my current path forward. Thanks for the answer!

If I may ask, most people I've seen recommend living in the first FHA property for a year, then refinancing and using the one allowable FHA to purchase another property. Why do you suggest 2+ years?

Welcome! It sounds like you are in the same place in the journey that I am, so I wish you the best!

In the few days I've been posting, I've found that it is much better to be a participating member than a lurker.