I live in Plano area in a rental place. I would like to stay there since its closer to my office. However, i do want to purchase a rental property in Dallas. Criteria i am looking for 1. Appreciation 2. Easy to rent it out and manage with out headaches. I will be hiring property manager. But few areas are considered to be class c properties where finding tenants with good credit score is difficult. 3. Breakeven between mortgage and rent. Please suggest areas within 350 to 400K budget. Right now considering Aubrey and Anna. Any pointers or suggestions? Thank you! YOE : 10 TC : 300k
Now? Not recommended to invest in real estate. Houses aren’t equity now, they are debt.
Currently the rent vs mortgage payments does not make sense in DFW area. Some 600 K houses are only fetching 3 K rent. Better to do analysis on the areas where you will get maximum benefit by doing rent vs mortgage payments analysis. To get some idea on rent in any area, watch closely on the Zillow postings , How-long it takes to rent the property in that area, rent amount. Some people buy at the hot real estate areas and rent out few years even if they lose some money. But ultimately sell it few years later with good profit margin. Explore the areas like Fate, Unionville, Denton, little elm etc in addition to hot north Dallas market.
You can buy in Wylie, mostly rents are higher than 20 years mortgage plus escrow payment. But I suggest buying a house around 300K. if you go higher, it doesn’t worth to rent it
Celina, some areas in the colony (older hosues though)
Wherever they are building the newest homes onto the metroplex
Op, check this out. Dallas ain't high rental price as west coast. Make sure to run your numbers. Expected rent + out of pocket money to EMI vs Expected appreciation. Don't forget the maintenance expenses and taxes.
In case if anyone wants to read the whole thread https://twitter.com/texasrunnerDFW/status/1715363920687345924
Lmao
Try Moneta.day. I saved a lot of time to research the market for purchasing last rental house
Following as someone in McKinney
I help turning property into short term and mid term rental to gain additional cashflow and have a system with managing it. Dm if interested.
You sound exactly like what a Dallas area MD would do on their spare time.
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Target good school districts in Dallas suburbs, makes it easier to rent to non problematic tenants. For that 400k range you get to break even.
Agree. Any suburbs you would suggest. It would be really helpful
Irving, Plano, Frisco, Richardson, Colony, Carrollton. Pockets of these are good schooling ones especially Frisco. Market is cooling a bit as well, so might get lucky to close 500k ones at 400k range, if it keeps dropping. Get a strong agent.