All Forum Posts by: Elliot Tan

 Got it. Thanks @Rob Lee

It's good to know that it will be challenging to find good deals in the small multifamily market in DFW. I'm up for a challenge, but also very willing to follow a path with less resistance! Do you all have any recommendations of towns/cities within an hour or so outside of DFW that has more multifamily readily available? Or maybe if mother in law units are more or even less available than multifamily units in DFW right now? Trying to explore all options!

@Jon Shoop We definitely will be looking for a quality property management company when the time comes to move. I too am a bit unsure about how it'll be living next to our tenants. We won't be moving for probably another 2 years or so. But I'll keep you in mind when we start to look more aggressively. Thanks for reaching out.

@Rob Lee Thanks for sharing your personal experience! You spent 10 years at your first house, so about how long would you think we would have to stay at this first place in order to build up enough equity to refinance and move on to the next place? We'd hope to put 10-15% down on the first place and then just keep recycling that money! Thanks for sharing your support for us choosing DFW and how you think it's a great place!

@Vernon Watts thanks for the offer Vernon. We won't be moving for another 2ish years, so won't be looking to buy quite yet!

@Bruce Lynn thanks for all those details. Just what I was looking for to get a clearer picture of what it's gonna be like. Good to know that lenders will be looking at my income to see if I can support that mortgage. I definitely thought if I could show likely rent numbers they would be more willing to lend to me. And, it is great to know the challenges we'll have to overcome. I too am hoping to avoid FHA loans. They just seem to add more complications, and I do not like MIP sticking with me throughout the life of the loan.

Again, really do appreciate sharing the details of what it's gonna take, plus your recommendations for each type of property.

My wife is a champ, and willing to do this for a while in order to build a solid foundation for our future. She is not afraid of work and dirt and sweat! I just hope my kids can adjust to the challenges.

@Lucia Rushton my uncle is a lifetime construction worker, who has rehabbed every house he's lived in. So he will be helping me, and we'll sub-contract out anything he isn't comfortable doing. I will live in whatever part of town is safe for my family and will help us get a good deal and tenants :) ! What are some more questions I should be asking myself, and you all, that will help me make a clearer decision when the time comes?

@Wes Johnson how bad is too bad for a bank to consider giving me a loan? Would you mind sharing some examples of what might disqualify the property from getting a loan from the bank? Also, what's the price point of some of the deals you are seeing for your HH and BRRRR clients? It would be good to know what are some of the ball park figures.

@Ryan Wiedner thanks for getting the ball rolling and sharing what you see could work for us.

Thanks for all the solid info and recommendation.  I appreciate each one of you reaching out sharing your knowledge and wisdom.