Getting Started in Dallas Fort Worth

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Getting Started in Dallas Fort Worth

Parker Pavia
Investor · TX · Member since 2018 · 4 posts · 3 votes

Hello,

I’m looking to purchase a 2-4 unit multifamily property in Fort Worth or the mid-cities as my first investment property. I'm inexperienced in real estate but have tried to prepare by reading books, listening to podcasts, and also have an inactive real estate license in Texas (I've never used it to buy or sell).

Any advice, especially regarding realtors, property managers, etc., would be greatly appreciated.

I am planning to make my first acquisition myself, but I would also be open to a partnership.

Thanks,

Parker

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Tyler HodgsonBusiness Member
Investor · Flower Mound, TX · Member since 2016 · 245 posts · 193 votes
7y

@Parker Pavia are you planning on house-hacking this property or looking for something that is 100% rental property? 

Typically, I recommend people purchasing house-hacks or long-term rentals do so individually and don't involve other partners. Partnerships are better suited for short-term deals (like flips) or larger syndication deals. 

You definitely need to connect with @Kenneth McKeown. He's a real estate agent and an active investor. He's very active here on the BP forums, helping out a lot of new and experienced investors alike.

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  • Tyler HodgsonBusiness Member
    Investor · Flower Mound, TX · Member since 2016 · 245 posts · 193 votes
    7y

    @Parker Pavia are you planning on house-hacking this property or looking for something that is 100% rental property? 

    Typically, I recommend people purchasing house-hacks or long-term rentals do so individually and don't involve other partners. Partnerships are better suited for short-term deals (like flips) or larger syndication deals. 

    You definitely need to connect with @Kenneth McKeown. He's a real estate agent and an active investor. He's very active here on the BP forums, helping out a lot of new and experienced investors alike.

    3Reply
  • Saheed Oseni
    Rental Property Investor · Dallas, TX · Member since 2019 · 30 posts · 12 votes
    7y

    Yup house hacking your first property would be a great way to start the learning process. BRRR would be another way to ensure you have equity right off the back too.

    2Reply
  • Kyle MccawBusiness Member
    Property Manager · Keller, TX · Member since 2011 · 1k+ posts · 1k+ votes
    7y

    @Parker Pavia what is your time frame. I have a 4-plex that will be coming to market in 60-90 days. 

    @Joe 

    @Joe Funari has a duplex on the Dallas side of the Dallas/Mesquite border. $165k

    McCaw Property Management4.4911 Reviews
    WebsiteView Page
    3Reply
  • Theo Hicks
    Rental Property Investor · Tampa, FL · Member since 2015 · 1k+ posts · 969 votes
    7y

    First step is to pick a specific submarket. Fort Worth is huge and it will be very difficult to analyze every single Fort Worth 2 to 4 unit. 

    Next step is to narrow down a property you want to pursue. Right now, you have the size but what about purchase price? Renovations required? Age of property.

    Then, you'll want to work on your team. Will you manage yourself? If not, you'll need to interview and select a property management company. You'll also want to find a realtor to work with as well. You'll also need a mortgage broker as well.

    Once you have those pieces in place, it's time to start analyzing deals!

    2Reply
  • Parker Pavia
    OP
    Investor · TX · Member since 2018 · 4 posts · 3 votes
    7y

    @Tyler Hodgson it will be 100% rental property. I’m currently living in San Antonio, but I am from DFW. This will be a long-term hold, so it looks like I’d be better off individually.

    Thanks for the help, Tyler. I will connect with Kenneth.

    1Reply
  • Parker Pavia
    OP
    Investor · TX · Member since 2018 · 4 posts · 3 votes
    7y

    @Kyle Mccaw I am in no rush but would like to purchase something by September.

    1Reply
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