Newbie seeks multi-family specialist in DFW, Texas!
While living in Japan I started studying real-estate via Bigger Pockets. After two years, I've finally made it home and I've been working for 6 months, regaining credit and saving.
I'm looking for a patient ally to help me invest in a multi-family property.
I'm open to commercial-level properties and have an intermediate understanding of the dynamics of commercial vs. residential.
I'd like to have a Skype conversation with a more experienced investor who is willing to help me work out some kinks in my plans and shed some light on my market.
For those who would prefer to reply here, I'll go ahead and state my goals:
GOALS:
1. At the very least, I want to own a home. Renting yet another year will cost, total, another 11k and I want to AT LEAST be building equity.
2. I am considering doing off-campus student housing around UTA to offset monthly payments and become more knowledgeable about land lording. ( although I don't plan to do it forever ).
3. I prefer to find a four-plex or larger in the DFW mid-cities area to live in while renting.
CHALLENGES:
1. Due to working abroad 6 years, I must rebuild my US credit (nearly excellent now) and build my work history ( nearly 6 months now).
2. My downpayment by end of 2018 may be enough, by end 2019 certainly enough.
2. I fear I won't be approved for a loan until nearly August 2019.
POSSIBLE SOLUTIONS:
1. Seek out seller financing.
2. Syndicate a loan. ( I do not have a network yet )
3. Wait for traditional financing. ( end of 2019 - would force me to rent too long )
4. Get a co-signer. ( probably not possible with my family )
Any advice or leads on good brokers and agents, especially via Skype or phone, would be greatly appreciated.
Thank you!