Getting Started in Dallas Fort Worth

6 Replies

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

@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.

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.

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!

@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.