All Forum Posts by: Noah Thacher

@Timm Silva, I love the enthusiasm! BP has been such an encouragement to me over these last several years as I have gotten into real estate. The emphasis on building a solid team around you can not be over stated. People can get so hyper-focused on the speed and magnitude of a deal that they don’t take the time to work with people who align with their goals and values. So important to get the right people around you and like you said, figure out how you can help them! I also love the emphasis recently on the podcast of making a great deal instead of finding one. Deals are hard right now in this hot market and if you can find a creative approach to making a great deal you can still thrive as an investor in this market!

Estefane, I am a realtor in the Dallas area! To be totally transparent, I have not worked with anyone yet on buying a property for the purpose of using it as an AirBnB. I know that you really need to familiarize yourself with the city code you are looking into b/c certain cities frown upon short term rentals but there are some great areas where an Air BnB makes a lot of sense. I really like the area of east Dallas that is south or east of White Rock Lake, around the Casa Linda area!

Ola, my family and I live in Richardson and we love it! Great schools, affordable and easy access to either downtown Dallas or Plano/Frisco/McKinney where there is lots of development. 

Investment Info:

Single-family residence buy & hold investment in Richardson.

Purchase price: $340,000
Cash invested: $70,000

This is my first real estate investment and it is also my personal residence. When we purchased the property the previous owners had finished out a tiny house in the back yard. We have been able to turn that into a long term rental and help cover our mortgage. Whether it is a roommate or a stand alone unit, house hacking really is a great way to begin the real estate investment journey!

What made you interested in investing in this type of deal?

I've always been fascinated with Tiny Homes, the efficiency of space and minimalistic concept is amazing. While we were looking to purchase our first home, this house with the tiny home was on our radar. We loved the house and honestly the tiny home was a bonus. We used it as a home office for a bit but then decided that it would be great to generate some extra income to help with the mortgage. We love our tenant and it has worked out great so far!

How did you find this deal and how did you negotiate it?

Through an agent and the MLS.

How did you finance this deal?

A conventional loan w/ 20% down.

How did you add value to the deal?

Thankfully most of the work was done for us, we just needed to execute and find the right tenant.

Lessons learned? Challenges?

The biggest lesson learned has been the power of house hacking! It is such a great way to get the foot in the door with real estate investing while also building community. We have loved getting to know our tenant and have been thankful with the extra help on our mortgage.

Cole,

Congrats on the new job, DFW is a great place to be! The market is moving pretty quick here like in most of America right now. If you get with the right lender the pre-approval process can take less than a week. If you are thinking about moving in the summer I would suggest starting the lending conversation in March/April and then plan a trip or two to come look at properties and get something under contract. Seller Leasebacks are also pretty common right now so depending on the situation you may not be able to move into the house until a month or two after you close. Depending on what kind of budget you are looking at there are some great pockets of DFW that are great for first time homeowners. My wife and I live in Richardson and we love the area. Here is a resource that lets you explore some of the different Dallas Neighborhoods and Suburbs.

https://www.ebby.com/homes-for...

Noah Thacher