Seeking FHA 203K advice and market insight for Dallas, TX / DFW
Hello BP.
I am currently renting a home in Plano, TX. My lease ends in March '19, and I'd like to determine the viability of the following "live-in flip" plan from experienced investors and lenders in DFW:
1. Acquire outdated, fixer upper property North of Dallas as my primary residence using FHA 203K loan.
a. New to DFW & no RE team yet, so no complete tear down properties.
b. Look to find best deal during 2018 holidays (ideally close on a home before 2019).
2. Renovate from Jan-March '19. Must move in by April 1.
3. Depending on the housing market, duplicate process and turn this property into rental or just sell in 2020.
I have the capital to put a 20% down payment on a nice home, but I'd rather leave as much money available as possible to see where the RE market goes and invest those dollars in other REI opportunities as I build my network and set strong, well-informed target parameters for investment properties.
Thank you in advance to anyone who can provide their insight on the "North of Dallas" market and the feasibility of this plan!
-Hunter