VA / FHA for OO Du/Tri/Quad-plex - Tips for buying one in Dallas?

4 Replies | Dallas, Texas

Hello all!

My wife and I will be moving back home to Dallas soon and are wanting to finance (VA/FHA) a multi-family building to live in/rent out add'l units.

Any tips on finding a good multi-family property in Dallas? From what I have been reading, it seems it's pretty hard to find good deals on multi-family property these days. Not afraid to get my hands dirty on a rehab, but must qualify VA/FHA.

I've read tons about the broader topic, but I'm hoping to get a bit more "Dallas-specific". Also, we would love to meet some local pros!

This will be our first real estate rental investment. Excited to join the ranks!

TIA!

Josh,

I wouldn’t say it is terribly difficult to find a good MFH in the DFW area depending on your contacts and your diligence to work hard and move quickly. Also, your preference of location and condition may restrict your opportunities if you are too picky. 

@Kenneth McKeown (Marine veteran) has helped a lot of guys of BP and other veterans find MFHs in the area that cash flow well and get them in the game. If you are VA eligible that's definitely the way to go. HomePosibble and FHA are other options as well.

@Tyler Hodgson Thanks for the reply! That's great to hear. I think it's possible as well. The big challenge is finding the right one, which seems to be the big hunt in Dallas. 

Thanks for putting me in touch with Kenneth. I also happen to be a Marine vet! I'll drop em a line!

Happy to help you. There may be better financing than FHA/VA depending on where you want to buy. Both those loan options are fairly strict on terms of condition, so might not be the best for wanting to get your hands dirty. Multi family is different typically than single family as it tends to sell on cash flow. Certainly options out there for you. Happy to help you if we can.