All Forum Posts by: Cole Britting

@Bruce Lynn Wow! I did not know all of those huge companies were moving to or thinking about moving to Texas. It does seem like there are some great opportunities. 

I do think it is probably best for me to take a year or so to get situated. Meeting people, finding an agent and lender, having established W-2 income, getting a better feel for the area, and some many other things. Even just to make sure I am not overloading myself and that it is a place I want to live. Thank you so much for your insight! 

Have a great day!

@Rob Lee Thanks for sharing that with me, Rob. It's nice to here that your whole financial life has changed by living in the area! Hopefully some of the competition dies down soon, but it doesn't sound very likely haha. 

Have a great day!

Hi all!

I'm currently in college, and I have been thinking about where I would like to move once I am finished school. I still have a year and a half left, and I know a lot of things can change in that time, but Texas seems to be one of the states that is at the top of my list, specifically the Dallas area. 

Dallas is so high on my list because I love being near big cities (currently go to school in NYC), the economy of Dallas and its surrounding areas seems to be growing exponentially, there are a lot of jobs, and it seems to be one of the top places to invest in real estate.

I'm looking to house hack to start, and am not set on living directly in Dallas as I know it is an extremely competitive area. A lot of the surrounding areas (Fort Worth, Irving, Plano, Frisco, Arlington, etc) look very promising for me. Are even these places getting very competitive? Would a young, inexperienced investor like myself have trouble finding a place to hose hack in these areas? Is it a good area for a young professional? I would love to invest in a multi-family home, but I know that most homes are SFR.

I have enough confidence and persistence that I feel like I would be able to find a deal even in a competitive market. Although, I would like to get some opinions of those who have invested in the area. Please let me know what you guys think!

Hope everyone is staying safe and healthy.

Hi @Kyle Spearin ,

Thank you very much for the insight, I hadn't considered a few of these things. I ordered The House Hacking Strategy a few days ago, and hopefully it gets to me soon.

Thanks again and good luck to you as well!

Hope everyone is well!

I have a question that deals with renting by room, and if certain types of houses are harder to do this in.

In my case, I am thinking about house hacking. In the area I am looking at (Dallas/Fort Worth area), there does not seems to be a lot of multi-family properties, and it seems like the best option is to rent by room in a single-family. A lot of the houses I am coming across seem to be pretty upscale, high-quality, and big. 

I am currently a college student, and I would most likely want to live with young professionals when it is time for me to pull the trigger. Do people generally have trouble finding tenants for a situation like this? A lot of young professionals I know would not be looking to rent a room in an big and upscale house. From what I see, they tend to gravitate towards places that aren't as big or nice, generally because of price point.

Is there always some type of person/tenant for any situation? Or would it be difficult for me to find tenants for a place like this?

@Marlen Weber Thank you very much and you as well!

Hope everyone is staying healthy and safe!

I'm currently a college student, and I have decided that I want to house hack after graduating. Assuming I am able to keep my good credit score and a good debt-income ratio, the only problem I see with getting an FHA loan is my employment.

What if right after college I would like to apply for an FHA loan? Say I have a job lined up for me, but I have not yet worked there. I know that most Fannie and Freddie loans require two years or six months at your current job, so will this be a problem for me? Assuming I check off all the other boxes, will a 4 year degree and a job lined up be enough?

Will I have to wait until I work for a few months or find another way to finance?

@Ryan Holland Thank you for sharing your situation, and I really hope that you can figure out a solution. 

@John Morgan @Daniel Molina 

Thank you for the information!

I've heard a few things about a six month time period before you can refinance. I am not sure if this is just for refinancing a conventional 30 year loan into another one, or if it applies to refinancing a private/hard money loan.

I'm thinking of this in terms of a BRRRR. If I have a hard money loan and can finish the rehab within a month, do I have to wait 6 months to refinance? Or can I refinance as soon as I am done my rehab?

Thanks all and hope everyone is staying safe!