Hey guys,
I have decided to purchase my first property in the DFW area. I have read some books, been listening to a lot of podcasts on Bigger Pockets and also G. Alexander's threads on real estate inspired me. I believe that real estate is a great financial vehicle and it has been proven over time to work.
The main reason for me wanting to do this is so I no longer have to rent from apartments, and every time I pay my mortgage it is actually going into something that I will eventually own and rent out. My strategy will be the "house hack" where I either get a single family home and live in one room and rent the other rooms, or purchase a multi family house where I live in one side for a year and rent out the other units. As many have mentioned, the multi family market in DFW is very competitive. Single family home may be the move for me just to get me started and build that momentum vs. sitting on the sidelines watching.
Still need to find an agent, still need to get pre-approved, been learning a lot on Bigger Pockets forum. Obviously my goal is switching from the consumer side of things to producer when it comes to real estate. Cash flow would be nice & of course ideal with my first property but even if I don't get great cash flow... let's say i break even by house hacking on my 1st property, it beats paying $1,000 - $1200 a month on an apartment that I will NEVER EVER own
This post is more so for me to document my journey and to hold me accountable. I will post updates along the way! TFF has helped me immensely along the way so I hope to contribute in some way. I am anxious about the RE journey but I know it is what I NEED to do to further build wealth.
PS: as mentioned above I am still in the vetting process for the following:
Real Estate Agent
Lender
If anybody can refer me to someone they have used in the past that would be great.
Happy Holidays!
I have decided to purchase my first property in the DFW area. I have read some books, been listening to a lot of podcasts on Bigger Pockets and also G. Alexander's threads on real estate inspired me. I believe that real estate is a great financial vehicle and it has been proven over time to work.
The main reason for me wanting to do this is so I no longer have to rent from apartments, and every time I pay my mortgage it is actually going into something that I will eventually own and rent out. My strategy will be the "house hack" where I either get a single family home and live in one room and rent the other rooms, or purchase a multi family house where I live in one side for a year and rent out the other units. As many have mentioned, the multi family market in DFW is very competitive. Single family home may be the move for me just to get me started and build that momentum vs. sitting on the sidelines watching.
Still need to find an agent, still need to get pre-approved, been learning a lot on Bigger Pockets forum. Obviously my goal is switching from the consumer side of things to producer when it comes to real estate. Cash flow would be nice & of course ideal with my first property but even if I don't get great cash flow... let's say i break even by house hacking on my 1st property, it beats paying $1,000 - $1200 a month on an apartment that I will NEVER EVER own
This post is more so for me to document my journey and to hold me accountable. I will post updates along the way! TFF has helped me immensely along the way so I hope to contribute in some way. I am anxious about the RE journey but I know it is what I NEED to do to further build wealth.
PS: as mentioned above I am still in the vetting process for the following:
Real Estate Agent
Lender
If anybody can refer me to someone they have used in the past that would be great.
Happy Holidays!
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