All Forum Posts by: Edna Mensah

@Edna Mensah

I don't know about duplexes or good house hacking areas. But I've bought 6 SFH in the last year that cash flow ok in Arlington, Grand Prairie and Ft worth. Cheapest was 168k and most expensive was 260k. Most didn't need much work to get them rent ready. I rent two of them out by the room for $800-$1200/room per room. I'd buy a SFH and rent the rooms out. I net around $1700/month off my rent by the rooms after all my expenses, and around $500/month off my others with 20% down. It's getting harder to find good cash flowing deals. But they're out there on the MLS. Just be ready to make an offer it the numbers work.

Check in Oak Cliff/ Cockrell Hill. You will find homes with an ADU or "back house" that people have built over time to accommodate large & extended families. Rentals are in high demand in that area so it won't be hard to find tenants. Most of the deals will be in C class neighborhoods but only you know what you are comfortable with. Just a note, lots of those C neighborhoods are on the rise. Good luck.

Move further towards the Waco and Bell County areas, and you will find cash flow.

The quick answer is.. no. Lol 

@Edna Mensah I think it will be tough to find duplex or ADU that cashflows with 3.5% down. Probably your best house hack right now in DFW will be to buy 4-5 bedroom house and rent by the room. Otherwise typical 2-3-4 we see for sale will normally need 30-40% to hit somewhere around breakeven or cash flow a bit. Every so often you can find exceptions, but does not seem often.

There are several multifamily homes that pop-up every day in the Dallas. You just need to be constantly looking or finding a way to talk to home owners who may consider selling. Having a seasoned real estate agent is also important. Good thing about FHA is its 3.5% down and you can use the rents to help qualify for a bigger loan amount. It might make sense to get a pre-approval for the financing first so you can get a head start. That will help you gauge your Maximum loan amount and know your costs up front.

You may also want to get an Express Loan Approval where the bank underwrites your file up front.  Then they give you a "Commitment Letter" instead of a pre-approval letter.  That allows you and your agent to put in an offer and close in 12-15 days.  Making your offer a lot stronger with a guarantee and a quicker close date.  Its a tough market out there right now but this will help put you a head of other buyers.