This will be my first post to BP. Just a little background about myself. I just paid off my student loans as this time last year. Since I've been saving more than I know what to do with I've been itching to put my money to use. My sister has told me in the past I should increase my 401k contribution, but since my company is already matching fully I feel that I can do more with the extra income.
I started thinking about real estate recently because the lease for my current apartment will be up in just over half a year, and my roommate doesn't want to resign. A colleague of mine told me about how she's paying off her mortgage by renting out the spare bedrooms in her home. This concept intrigued me and long story short I found BP.
As for the property analysis, I'm looking into my first deal. Seeing as I don't have much in the bank and I still need to find a place to live next year, I'm partial to house hacking a "du,tri,quad"plex in the DFW area. I came across this quad in 76179, and if I can get the price down I feel like it could be a good deal. Living in one of the units ( though this is not ideal for me commute-wise) is also an option and if I'm not mistaken this would allow me to put down a lower DP. Taxes and Insurance are quoted from Zillow, so I'm not even sure if those are accurate.
I come to you guys as I've only been reading up on the subject for the past week. I've never made a purchase this large and it's very intimidating. Any advice on whether this property is worth while, financing options, and next steps would be greatly appreciated.
Jason how is the area where subject property is? Good schools, good overall location?
The property is about 5 to 10 minutes away from the interstate. Less than 5 minutes away from a Walmart, Albertsons, and multiple fast food restaurants. I'm a product of the school district in that area. It's nothing special, but I'd say it's about average. I've heard a alphabetical ranking system used to describe neighborhoods, I'm not familiar with the scale so I'll just say the neighborhood is middle class.
Hopefully this helps.
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