All Forum Posts by: Terrance Teague

Howdy Drew!

It sounds like you’ve been putting in some good work and are setting yourself up for success already. 

I'm based in the DFW area as well, and you're right, the multifamily space (especially 2–4 units) is super competitive, and good deals can be under contract fast. House hacking is a great strategy, but if you're finding the numbers tough, pivoting to a SFH with potential to live-in, add value, and eventually rent or sell could absolutely make sense, especially if you're open to light rehabs or cosmetic improvements.

In this market, I’ve seen a lot of investors find success by expanding their search radius to include nearby markets/cities (Wichita Falls, Waco, Sherman, Denison).

I would highly recommend attending local real estate meetups and investor events, you’d be surprised how many opportunities start from a conversation at these type of events.

Feel free to reach out if I can ever help!

Hey Joshua,

Welcome to BiggerPockets! This is an awesome place to learn, there’s so much value in the forums, podcasts, and educational tools here. Since you're looking at the Dallas area, I’d also highly recommend attending local real estate networking events. You'll learn a lot by connecting with experienced investors and service providers in person to speed up your learning curve and build your team. Best of luck as you prepare for your first investment.

Feel free to reach out if you ever have questions!

Hey Branden,

Congrats to you and your wife on closing your first rental! That’s a huge win, especially in today’s market.

As for your next property, you're already thinking in the right direction. Tapping into equity through a cash-out refinance or HELOC on either your primary or rental property is a common path investors take to fund future deals.

A primary residence HELOC often offers the best terms (lower interest rates, more flexible draw periods). Just be mindful that it's tied to your home, so make sure the cash flow from any future investment can comfortably cover the added debt service.

A Rental Property Cash-Out Refi could also work, especially if the property appraises well with that tenant in place. DSCR loans sometimes allow for cash-out refis, depending on the lender and seasoning requirements.

The best option in my opinion would be partnering with someone or a group of investors to buy a property/properties. 

Bottom line, you’ve already done the hardest part by getting started and now it’s about doing your homework, and continuing to learn and build relationships.

Hey Orlando!

You're absolutely right, finding strong cash flow deals in the DFW area is definitely more challenging than it was pre-pandemic. 

It's more of a challenge, but it's not impossible. We work with several investors who are still finding good cash-flowing properties in DFW, both in Dallas and in surrounding sub-markets. The key is doing your homework, and most importantly, having the right team in place (agent, lender, mentor, etc.) who understands the local market and have good investment strategies.

You're already on the right track, keep at it, and have fun with it.

Hey Ethan,

Welcome to Real Estate!

The best way to build your network around here in my opinion besides being active on BiggerPockets is definitely by attending local meetups and networking events. There are some really solid ones happening regularly, if you ever want a few recommendations, I’d be happy to share!

Looking forward to seeing you around the forums and maybe at an event soon.

Hi Zhansaya! 

It’s awesome to hear you’re interested in multifamily and LTRs in Dallas, it's great market with tons of opportunity.

As someone active in the DFW area, I can tell you there are several strong submarkets worth exploring depending on your goals and budget. Submarkets northeast of Dallas, and parts of Fort Worth can offer solid cash flow potential.

When it comes to finding the right mentor, look for someone who's active in the strategy you're pursuing and shares similar values. A good way to build those relationships is by attending local meetups, or even volunteering to help someone in exchange for learning. Being consistent and bringing value can go a long way. 

Looking forward to hearing about your first deal!

Hi Christine!

Congrats on all the research you’ve put in and on taking the leap into your first investment!

There’s definitely some trial and error involved in real estate, but here are a few things I wish I had really embraced early on:

1. Trust your gut.
If something feels off, whether it’s a deal, a contractor, or even a potential tenant, it probably is. Your instincts are usually based on something real, even if you can’t put your finger on it right away.

2. Don’t be afraid to ask for help.
There’s no reward for figuring everything out the hard way. Surround yourself with people who’ve done what you’re trying to do, and lean on them. The right agent, lender, mentor, or property manager can save you time, money, and stress.

3. Have fun with it.
It’s easy to get caught up in the numbers or stress about making the “perfect” decision, but if you’re not enjoying the process, learning, networking, then it may not be the right path. Real estate should support your life, not drain it.

Wishing you the best on your first property! 

Hi Vijay,

Hey Vijay, welcome to the BiggerPockets community and congrats on taking the first step toward building your real estate portfolio!

Long-term rentals, especially duplexes can be a solid foundation for both cash flow and long-term equity, so you’re definitely on the right track. Since you're looking to connect with agents, are you planning to invest in-state, or are you open to out of state investing as well? That can help guide the kind of team you’ll want to build and what markets to focus on.

Wishing you the best as you get started! Let me know if I can be a resource!

Hi Heather!

Congrats on planning ahead! You're doing all the right things by researching early and thinking through the process of a house hack with a 203k loan. That’s a great strategy for building equity and learning the ropes as a first-time investor.

Yes, with a Limited 203k, you can choose which projects the loan will cover. You’re not required to include every renovation in the loan, it’s common for borrowers to use loan funds for HVAC, roof, plumbing, flooring, etc. and handle cosmetic or DIY-friendly projects like paint or minor landscaping on their own.  All financed work must go through licensed contractors and be approved by the lender.

Hope this helps, and kudos again for being so intentional with your planning.

Wishing you success on your first property!

Hi Supriya! 

Congrats on taking the first steps toward your real estate investing journey!

DFW has lots of opportunity for positive cash flow, especially if you're open to markets like Wylie, Denton, Saginaw, or parts of Fort Worth. Turnkey rentals can be a great way to get started, and having solid partnerships in place makes all the difference. 

Best of luck on your first deal, you’re definitely in the right place!