First-time Home Buyer/ Investing in Dallas, TX
Real Estate Agent · Dallas, TX · Member since 2022 · 28 posts · 14 votes
Say you were renting, had enough $$ for an owner-occupied down payment and wanted to get started and acquire your first property later this year in Dallas, TX. What investing strategy would you consider and why?
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See agentsThanks Brandon! Great advice! My wife and I are strongly considering some sort of house hack. We understand that SFH tend to appreciate the best in DFW so that is most likely the route we will go as far as our property type but then safety is one thing that we keep having many conversations around. I am reading the book 30-day stay around the Medium Term Rental strategy right now and a great hack they mentioned was converting the primary suite into it's own unit if it has a separate entry via a sliding door, etc.. It's something we are considering if we're able to essentially "lock it off" from the rest of the home.. what type of house hack have y'all decided to pursue if I may ask? Do you own a multi-family?
Thanks Brandon! Great advice! My wife and I are strongly considering some sort of house hack. We understand that SFH tend to appreciate the best in DFW so that is most likely the route we will go as far as our property type but then safety is one thing that we keep having many conversations around. I am reading the book 30-day stay around the Medium Term Rental strategy right now and a great hack they mentioned was converting the primary suite into it's own unit if it has a separate entry via a sliding door, etc.. It's something we are considering if we're able to essentially "lock it off" from the rest of the home.. what type of house hack have y'all decided to pursue if I may ask? Do you own a multi-family?
And I will be sure to listen to that podcast episode. Thank you!!
Thanks Brandon! Great advice! My wife and I are strongly considering some sort of house hack. We understand that SFH tend to appreciate the best in DFW so that is most likely the route we will go as far as our property type but then safety is one thing that we keep having many conversations around. I am reading the book 30-day stay around the Medium Term Rental strategy right now and a great hack they mentioned was converting the primary suite into it's own unit if it has a separate entry via a sliding door, etc.. It's something we are considering if we're able to essentially "lock it off" from the rest of the home.. what type of house hack have y'all decided to pursue if I may ask? Do you own a multi-family?
Currnetly my wife and I have an 3/2 SFR and we use the master bedroom with our own private bathroom. The two tenants share the one bathroom and each have their own room. We make more on those two rooms being independently rented then we would if we would rent the whole house out (without us here). Renting by the room is a great method for sure. If I could have more privacy in my next deal, I will certainly aim for that. We want to start a family and house hacking then won't be the best ideal situation.
Thanks Brandon! Great advice! My wife and I are strongly considering some sort of house hack. We understand that SFH tend to appreciate the best in DFW so that is most likely the route we will go as far as our property type but then safety is one thing that we keep having many conversations around. I am reading the book 30-day stay around the Medium Term Rental strategy right now and a great hack they mentioned was converting the primary suite into it's own unit if it has a separate entry via a sliding door, etc.. It's something we are considering if we're able to essentially "lock it off" from the rest of the home.. what type of house hack have y'all decided to pursue if I may ask? Do you own a multi-family?
Currnetly my wife and I have an 3/2 SFR and we use the master bedroom with our own private bathroom. The two tenants share the one bathroom and each have their own room. We make more on those two rooms being independently rented then we would if we would rent the whole house out (without us here). Renting by the room is a great method for sure. If I could have more privacy in my next deal, I will certainly aim for that. We want to start a family and house hacking then won't be the best ideal situation.
That's awesome man! Glad to hear that is working out! We will be trying to start a family in 2024 so by the room may be a difficult setup but love the strategy! Was just listening to the podcast you recommended. Great insight on the BEAF strategy. Will also be doing more research on the Irving, TX market with regards to a Medium Term Rental. Appreciate your recommendation and expertise.
Even if you don't want to house hack right away, you can live in the property for a year or two then rent (STR/MTR/LTR)…then repeat.
You have great options.
I wish you all the best.
Even if you don't want to house hack right away, you can live in the property for a year or two then rent (STR/MTR/LTR)…then repeat.
You have great options.
I wish you all the best.
Yes, that was another strategy we were considering is making it strictly a primary residence for one year then move after 12 months and convert it into a MTR with LTR as a back-up plan.
Say you were renting, had enough $$ for an owner-occupied down payment and wanted to get started and acquire your first property later this year in Dallas, TX. What investing strategy would you consider and why?
For acquiring your first property in Dallas, Texas, consider the following investing strategies:
Choose a strategy based on your goals, risk tolerance, and available time commitment.