Interested in multi-family units in North Dallas

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Interested in multi-family units in North Dallas

Milind Shastri
Investor · Allen, TX · Member since 2016 · 104 posts · 37 votes

Hello, 

I'm new to the real estate market and am interested in investing in a property that generates positive cash flow via rental income. 

I'm looking at mulit-unit properties (3 to 5 plex units) in the Richardson, Allen, Plano area.

I'm quite excited to be here and to learn from others!

Cheers,

Milind

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Jose Matuk
Investor · Dallas, TX · Member since 2016 · 84 posts · 33 votes
9y

@Milind Shastri, I really recommend working with a local REI friendly realtor, they can help you search even off market properties (like @Brandon Richards mentioned above). 

The search engines usually show (not good) deals, at least as far as my numbers go, those don't get even close to the 1% rule making it difficult to cashflow. 

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  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    9y

    Hey @Milind Shastri welcome to BiggerPockets! It's great to have you! This site has tons of information on how to invest in multifamilies! 

    BiggerPockets
    0Reply
  • Milind Shastri
    OP
    Investor · Allen, TX · Member since 2016 · 104 posts · 37 votes
    9y
    Originally posted by @Dave Visaya:

    Hey @Milind Shastri welcome to BiggerPockets! It's great to have you! This site has tons of information on how to invest in multifamilies! 

     Thank's Dave. I'm currently seeking guidance in the following areas:

    1) why there are so few multi-units in the north of dallas area

    2) how I can get a good interest rate

    3)  tips on picking a low repair-work property

    Cheers,

    Milind

    0Reply
  • Brandon Richards
    Investor · Wasilla, AK · Member since 2016 · 160 posts · 78 votes
    9y

    @Milind Shastri, I'm a local investor friendly Realtor® here in Dallas. Let me know if I can be of assistance. I specialize in off and on market acquisitions. 

    0Reply
  • Shital Thakkar
    Specialist · Dallas, TX · Member since 2010 · 511 posts · 252 votes
    9y

    @Milind Shastri,

    Hi Milind, I am in DFW since last 8 years. From where you moved?

    you are looking for 3-5 units... 3 units consider as conventional (Just like SF) loan where as 5 unit consider as commercial loan.

    1) why there are so few multi-units in the north of dallas area

    • There are only Single Family or Big Multi family in North Dallas. Why....I dont know.
    • For small MF, you need to focus in mid cities or FW.

    2) how I can get a good interest rate

    • Check with multiple local banks.

    3) tips on picking a low repair-work property

    • It is really hard to find GOOD deal in these are since last two years. Forget about GREAT deals. Do research and build relation with brokers to get GOOD deal with low repair work.
    0Reply
  • Milind Shastri
    OP
    Investor · Allen, TX · Member since 2016 · 104 posts · 37 votes
    9y

    Thanks @Shital Thakkar and @John Broussard . 

    I've been here for over 2 years and moved from Washington DC. 

    Is there any search engine I can use to search for multi-family homes? Zillow and Redfin don't do a good job with looking for MFs. 

    0Reply
  • Michael Le
    Developer · Houston, TX · Member since 2015 · 1k+ posts · 1k+ votes
    9y

    Hi @Milind Shastri, you can sign for a free account on Loopnet.com.

    0Reply
  • Jose Matuk
    Investor · Dallas, TX · Member since 2016 · 84 posts · 33 votes
    9y

    @Milind Shastri, I really recommend working with a local REI friendly realtor, they can help you search even off market properties (like @Brandon Richards mentioned above). 

    The search engines usually show (not good) deals, at least as far as my numbers go, those don't get even close to the 1% rule making it difficult to cashflow. 

    1Reply
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