Good evening everybody,
I recently got interested in REI and shortly after found out that I was moving to the DFW area. I figured I try to be proactive and start trying to learn as much about the area as possible. I would love to talk with realtors, brokers, landlords, and real estate attorneys in the area. The real estate niche that interests me the most is buying and holding multi family rental properties. I'm currently in the process of figuring out what my financing options are and how much I can afford. I also want to start putting together a solid team with whom I can support and rely on consistently. If any of you could make some recommendations, I'd really appreciate it!
I've been reading a lot of REI books, listening to BP podcasts and reading blog posts. This is my first time really exploring the forums but every time I read something here, I learn more. Can anyone think of something that I should be doing but haven't mentioned here? Things that I should do before moving forward?
I don't know a whole lot about REI but I'm glad to help any of you in any way that I can! I really appreciate the BP mission and community and I'm excited to get started!
Welcome to the madness! You came into Dallas when it's a pretty strong seller's market. It's hard to find properties at reasonable prices. Don't get discouraged, the right deal is out there but you have to have patience to find it.
@Neil Aggarwal Thanks, Neil! I got the feeling that Dallas is expanding rapidly and the supply is dropping while demand continues to rise. I won't get discouraged though! It just means I have to work a little harder to find the deals.
From what it sounds like you may be interested in "House Hacking" to get started and work your way up to multi-family, dependent on what your finances look like. BP talks a ton about that and I would recommend house hacking as a way to start out. That could be purchasing a single family home with roommates or else a duplex while renting out the other side to cover the costs.
Let me know if you have any other questions and I'd be happy to help out!
Hi @Anthony Heatley , I'm new to the DFW market too but both my business partner and I come from the DMV (DC/MD/VA) area and to us, these prices especially for multi-families, are breath of fresh air. In fact, there are very few small MFH around the way compared to here so we're looking to house-hack but are open to other opportunities.
Best of luck to you!
Hey @Tracey Hill ! What are MFH going for in the DMV? My cousin just moved from DC to Houston and has been loving the the change in lifestyle and cost of living. Coming from Orange County, the averages prices in the south look a lot better but DFW is really hot right too! I'll keep in touch as I learn more about the market. Keep me updated on your house hacking situation!
Even though prices have hiked a lot in DFW, there are still some pockets which are moderately priced, Mansfield, Keller, Saginaw, Watauga and North richland hills are some of them.