Buying Multifamily in Dallas- Finance Question-House Hack

[Matthew Cassidy]

Hey Bigger Pockets Nation,

I'm actively searching to buy a 4-family in the Dallas area

-I have about 30k-50k for a downpayment ready to go

-1st property

-looking at off market deals

-I would be living in one of the units (owner occupied)

-Updating the units: kitchen, bathrooms, and adding in unit laundry

-Would refinance after a year

For financing purposes should I go through a small bank or a loan officer? Should I just put 5% down or what would you recommend? Also for those that have done off market deals do you just bring a contract with you when you meet? Do you put anything special in the contract? OR what would you have done differently?

Thanks team!

*Posted this in another form too

[Jason Hirko]

@Matthew Cassidy @Ronald Rohde has good suggestions. One thing I would add is that looking for 'off-market' properties can sound like the sexy thing to do in real estate, but the reality is unless you are 1) buying in cash or some near cash loan equivalent and 2) planning to look for off-market properties on a large scale, I think you will be spinning your wheels. The reasons that owners let properties go for below-market value rather than listing them with an agent is the speed and ease with which the transaction will be closed. There is nothing fast or easy about closing an owner-occupied 4 unit property with 5% down. You will have more luck looking at what the MLS has to offer and going from there.