All Forum Posts by: Okeoma M.

@DaLissa Dear - I'm originally from Fort Worth so I feel much more comfortable investing in an area I know well (plus the average home in NY sells for well over $500K with multi families starting well over $1M!). My long term goal is the end up back in Texas so it seems to make more sense to focus there... we'll see how that goes! There does seem to be more deals in the Arlington direction. Well feel free to reach out if you have any questions along the way, I spent about a year navigating the fort worth market and am happy to share any information I may have. 

Good point! Unfortunately this one slip through my fingers, sold within hours of being listed.  After a little more research it looks like these 1/1s are pretty common in people's backyards, they are pretty small so I'd have to build out to add another bedroom. Def something worth thinking about. 

Great question. I'm happy to hear I'm not the only newbie investor with this concern. Along the same lines, if a multi-family has been on the market for awhile I can't help but wonder why other investors haven't picked up the property yet if it IS a good asset.  I suppose this is probably just a version of analysis paralysis. 

Welcome to the Bigger Pockets community! (an INFJ here). Where in the DFW area are you looking to invest? I spent about a year hunting for a good multi-family to invest and wasn't able to find anything with cash flow that met my criteria but I think the numbers make more sense if you plan to live in one of the units. Look forward to hearing more about your journey!

Following this topic. It's a good question. I am in a similar position and am interested to hear what people have to say.

I told my real estate agent that I was interested in investing in a duplex or triplex and she flagged a property that has a 2/1 SFH with two 1/1 SFHs on the same lot. I'd basically be buying three houses. Assuming the setup is legal I think I could get great cash flow. I ran the numbers the same way I would for a triplex except that I adjusted for higher maintenance costs since I'll be dealing with three separate homes (three roofs, three heating/ac systems, etc.).

Is there anything else I should be thinking about when making this analysis??

Thanks in advance for your thoughts. 

I would agree with what everyone has said above. I spent a couple months looking in FTW and found that deals were few and far between in Fort Worth right now, esp. if for buy and hold which is my strategy of choice. I think there may be more options if you are looking to flip but it'll still take quite a bit of heavy lifting to get the deal. I look forward to hearing how your search goes!

Do you have a strategy (SFH/multi-family/etc) or price point in mind?

Welcome to the site! I'm originally from Ft Worth and also new to the real estate investing. Due to my price point, I've been focused on smaller towns a couple hours outside the metroplext but I'm excited to hear how your journey goes. Good luck!

SFH. >50 years old; Renovated in 2006. 4BR/2BA 1300 sq ft each. Area = B class (walking distance to a private university; tenants will most likely be college students)

Rent: $1,200/month

Expenses:
Taxes = $200/mo
Insurance = $125/mo
Maintenance = $100/mo
Vacancy Loss at 5% = $75/mo (Asked owner to see previous leases and home has not had any vacancies for the last 3 years, but is currently vacant; lease ended 7/1)

TOTAL EXPENSES: $500/mo

Principal and interest = between $400-$450 (depending on final purchase price; Pre-approved 20% down, 4.5% interest rate for 30 yrs)

Closing Costs: $3,000
Estimated Repairs: $0 (move-in ready).

What's your max offer? What do you think of this deal? Thanks in advance.