Attorney · Lawton, OK · Member since 2020 · 2 posts · 1 vote
My husband and I are looking to purchase a quadruplex with a FHA loan in Dallas, TX. We don't know any agents in the area, nor are we too familiar with the market. This would be our first real estate property purchase.
We are purchasing it with the intent of living in one unit for a year, renting the 3 out.
We’d like to find an agent/broker that can help us through this process.
We’re newbies and can use the guidance! Thank you!
Investor · Corpus Christi, TX · Member since 2019 · 71 posts · 43 votes
6y
@Arpi Galstian I don't think you can go wrong with the House Hacking Strategy, especially in expensive markets like Dallas. You'll find some cheaper properties outside of Dallas county but really you're just going to have to learn as much about this market from afar as you can. Local investors/agents/lenders/property managers will be able to help you starting out. I'm currently looking for my first house hack as well and have found endless resources her at BP.
As you continue to educate through books, podcast, articles, etc, I'd find a local agent who can start sending you MLS listings in the area(s) you're considering living/investing in. Get specific in those details in terms of number of units, square footage, rehabbed/fixer upper, and start analyzing those deals daily. Since this will be owner-occupied you'll need to also look at comparables(comps) in your area, as well as potential rental income you could charge when running the property numbers. Use BP Insights for this but resources like Rentometer will do the same.
It's the LAPS funnel that @Brandon Turner talks about all the time. Get Leads sent your way, Analyze those leads, Pursue those leads, and you'll find Success. Also, update your BP profile and include a picture and bio/list of goals. You'll get more people commenting on your forum posts, because no one wants to respond to a faceless Avatar, make sure people know you're real! Good luck let me know if there's any way I can better serve you in your REI journey!