House Hacking in Dallas
Hello Everyone,
Hope you are staying safe and healthy during these unusual times. First foremost thank you Bigger Pockets for having this platform. It's so motivating to see so many success stories on here.
A Little Background
I am 25 years old, I moved to the Dallas area from Virginia about a year and a half ago which is when I started gaining interest into real estate. During the past year I have been saving close to 40% of my income and have been educating myself about real estate and developing a strategy on how I can grow my wealth through real estate. I do eventually plan to move back to Virginia, but I figure I will be working for the same company I am at for at least the next two years if not longer (hence stay in Dallas as well). My goal is to invest in a property here in Dallas that may need renovations and use it as a house hack to live in while I work Texas. This way, I could add forced appreciation in the case that I want to move back to Virginia and sell it earlier than expected but would rather keep as income if possible. I also feel it is a good opportunity for me because I have roommates I live in an apartment with at the moment who I am very close with and trust they will take care of the property with me and can help me out with the mortgage. I've heard of a loan that is called a 403k where they will lend you the value of the home after it has been renovated. This would be ideal for me. I would be curious to hear feedback and recommendations on the strategy. We have about two months left on our lease in which I doubt I will have enough time to look for a good investment and close. But nonetheless, I’d like to be proactive and start looking.
Questions
Where have you seen the most success in obtaining a loan and getting approved, would you recommend a mortgage broker vs going directly to a lender and vice versa?
What areas do you foresee as potential investment areas here in Dallas? I've seen homes in Farmers Branch, and Irving which seem like areas that are up and coming would love to hear input on surrounding areas as well.
Given the situation I've heard/read mixed signals about investing in real estate what are your thoughts? Just curious on how you what you guys have experienced on the ground here in Dallas.
Finally, I am excited to get started on my real estate investment journey and become part of this community, so any additional advice, feedback on my strategy, and introductions are greatly appreciated!
Thank you!