Starting out with a 1-4 multifamily property in DFW
Fort Worth, TX · Member since 2018 · 20 posts · 7 votes
Hello BP community members,
I'm a long-time BP lurker having browsed the discussion forums numerous times in the past but finally decided to sign up and join the community as a small step towards RE investment action.
I relocated from the south Texas McAllen/Rio Grande Valley area, where 4plexes are abundant, back up to DFW within the last year. I have never owned a property so my initial strategy for breaking into the RE investing world was to go the 1-4 multifamily owner-occupied FHA route as my initial investment, using my one FHA "silver bullet".
My question is whether that is a viable strategy in the DFW area given how hot the market is here and the seemingly uncommon nature of 1-4 multifamily properties? In the south Texas/ Rio Grande Valley area fourplexes are extremely common with entire subdivisions being comprised solely of fourplexes rather than large apartment complexes and the builders there keep on building them. Here in DFW these properties seem few and far between.
The other issue in regards to the viability of the owner occupied 1-4 multifamily strategy are the skyrocketing property prices here in the DFW market which leads me to wonder if the numbers on such a property, if one were to turn up, would even make sense? Would a 1-4 multifamily property with good income metrics be a decently nice one to live in?
I appreciate any insights on this or getting started with investing in the DFW market in general.
Kind regards,
Mike K.