Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Might need a creative solution for Son and Daugter-in-Law in DFW
Our son and daughter-in-law are currently living in a paid-for trailer in Ft. Worth, TX but they are getting eaten alive by land rental, taxes, utilities, etc. Their roof is in need of an expensive repair and I think they and we are ready to get the heck out and find something much more dependable and sound. They have an interested buyer so might take him up on it. I don't see any way they can pivot and use where they're living to their advantage - but I am a complete novice.
These two people are great and we see the huge potential that real estate investing holds and we're in a decent financial position to help (and we WANT to help we just need guidance in how). We live in Missouri now but lived in Dallas for 20 years so we're familiar with the areas and might have a connection or two - we're just not nearby now. Our son is currently working 6 days a week at a storage facility as general manager and has also worked as a customer service rep for a couple of years at chewy.com. His wife continues to be told that she's either not qualified or over-qualified for everything she's been applying for. I think either or both of them would do very well hiring on with a local (or remote) real estate investor, learning the ropes while doing leg work, making calls, etc.
What can we/they look into that would not rock their boat but allow them to move into something more stable, most likely being able to house hack. A duplex or triplex might be the right fit. The trick here is mostly financial. I have heard endlessly about getting creative, etc. but now that it involves me and my family my mind can't make sense of anything.
Thanks a ton in advance,
John
(For those familiar with the area they live near Hwy 30 & 820)
I think house hacking would be the best solution. First step if for your son and daughter in law to talk with a lender to see what they can get prequalified for. If they cannot get qualified on their own, explore the option of you and your wife getting on the loan with them to help them get approved (assuming yall are willingly). FHA would likely be their best option, as it will allow for a lower down payment (3.5%). Then if they can find a duplex/triplex and sell their trailer to put towards their down payment. Again, assuming yall are willingly you can help assist with the down payment/closing in the form of a gift.
Why not buy a piece of land outside the city, for cheap, hand dig a septic, bore a well, and bring in electric, then drag the mobile home out there.
@John Fierke I lived in north Ft. Worth for +12 years. Also, a great city for long term investments. I would recommend north east Ft. Worth. But there are several communities near Ft. Worth you shouldn't overlook too. These include North Richland Hills, Watauga, and Keller to name a few. I will be happy to share my experiences with regards to Real Estate Investing.
Quote from @John Fierke:
I don't get it. They are "eaten alive" by the cost of living in a trailer? A few minutes of searching tells me lot rent is typically less than $400 a month. Utilities average $250. Taxes are 5% of the trailer value, so maybe $50 - $75 a month?
If they want payments under $1,000 a month, they can only afford to buy something around $160,000 which is 1/2 the median home price in DFW right now.
I have DFW rentals and can tell you that even my 1/1 units 30 minutes outside of Ft Worth are $1200/ mo. I'm not sure where they would find anything well below that. Another option would be to be an onsite manager for a storage facility. They usually have small apartments onsite as part of the wage. As for being over/under qualified, there are server jobs at any restaurant. Pick one that pays well, bartend etc. I have friends that left teaching because it paid better to serve in a nice restaurant. Piece together whatever is needed to get the job done. If they look further outside the metro they can find more affordable places to purchase as well, but you have to have the funds to start or find a sub to deal.
Based on the details provided, I would advise that your daughter-in-law get some sort of paying job asap, get a few months of work history built up and then speak with a lender. At that point, they will have a much better idea of what financing products are available to them and what a realistic budget would be. They can then begin working with an agent to figure out what areas would be best an if a house hack would be possible.