First time house hacker duplex

10 Replies

I live in Dallas Texas and I’m really into house hacking after I stumbled into BiggerPockets real estate podcast and reading the house hacking strategy by Craig Curelop. I feel and believe this is the right way to get into real estate investing. Btw big shoutout to Craig Curelop for a wonderfully composed and powerful book. Anyone from the Dallas Fortworth area that can help me in my initial journey to real estate investing. I am more interested in the north Dallas duplexes like Richardson, Plano, Allen, little elm and garland. I’m in the process of contacting lenders like house ready and house possible from Freddie Mac and fha loans. Any info about investment location recommendations for duplexes. Btw I have a family of my own with two kids, so the obvious house hack would be a duplex that I can stay in one side and rent out the other side.

Thanks everyone.

Hey Tesfalem - my wife and I are looking to do the same thing. I haven't read Curelop's book yet but it is definitely on my list. Thanks for the reminder!

We're hoping to get a 4plex with an FHA and just started attending open houses to get familiar with meeting and talking about real estate, even though it will be another year before we're ready to buy. Glad to see somebody looking to do the same thing, interested in what kind of replies your post gets. Good luck - Brian

@Tesfalem Araia

Congratulations on taking the big first step. For a duplex, I would recommend 2 room 1-2 bath that is close to businesses and transportation. You should also consider how much risk you’re willing to take. Would you invest in C/D locations? Hope this helps, good luck!

@Tesfalem Araia , Great start by self-educating! I'm glad you've decided to jump in to this wonderful business. Try not to get stuck in the Analysis Paralysis phase that so many seem to do. Your first deal doesn't have to include amazing returns, especially if you're living in it. Just get started.

I don't personally know the area you're looking at, but house-hacking can work in even the most expensive markets. I did it in Denver.

Hope all goes well with your investing adventures! 

@Alyssa Dyer I just made my first move today by talking to a home mortgage consultant from Wells Fargo bank discussing DTI and my credit score plus the fact that they offer fha and the home ready and home possible programs from Freddie Mie and MAC. At the end of the discussion, I have been forwarded to their application for mortgage but I want to talk to more lenders before I start applying for pre approval.

Do you recommend any particular lenders?

My wife and I live in the Dallas/Fort Worth area and are looking to house-hacking also. Living in one side and renting the other out.  We plan on renting or lease to own our home we live in and move into duplex or fourplex.  

Any advice would be helpful.  Thank you..

@Tesfalem Araia I'd recommend Aaron Chapman with Security National over any big box lender. So many times I've seen marketing snag buyers, then they're SO SLOW.. any hiccup comes up and it takes an army and a lot of waiting to overcome. Aaron did 700 investment deals last year and does FHA. He's helped, several house hackers. So it's nice to work with a team that specializes in what you're trying to do now and where you're going. Happy to send over contact info, I just know I can't post contact info here!