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Transitioning to Dallas

Posted Apr 28 2024, 12:29

Hello, 

Background: 

I am 22 and will be moving to Dallas alone from June to August as I am starting my professional career in October. I graduate in May and will be taking 3 virtual classes to finalize my requirements to seat for a CPA exam in the summer. My plan at the moment is to live at uncles house to save money, finalize things I need to do in my location and find an apartment that has a short term lease of 6 months in Dallas. I have a 85k budget that I can use to dip my feet into real state. I am open to finding a house that needs a fix up, however I am concerned with my lack of experience in real state. Currently my plan is to either find a duplex, or a single family home and rent the other rooms. Below, i provided a few questions. 

Questions:

Would leasing 6 months be a bad idea? I can airbnb until I find a house. However, I know Dallas has a 30 day policy to register car into the state and it would put me in a tight schedule to find a house in 3 months. Nevertheless, leasing does feel like a waste of my money. As well as leasing without seeing the apartment in person does feel weird. However, getting to know the areas first sounds like it would have a future payoff. 

My other concern with leasing is that by the time the lease is done, i will be beginning my first busy season as an accountant while studying for the CPA. I can for sure make time to house hunt on weekends. Nevertheless, it will be a bit complicated. 

I've seen online that the housing market in Dallas is tricky at the moment and that interest rates are expected to remain the same for 2024. I am open to hear all perspectives. 

Lastly, in regards to advice something to mention is that I am open to sacrifice a lot in my young years as the goal is to learn as much as possible while i'm still young.

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Replied Apr 28 2024, 12:32

Also, i forgot to mention: 

- My credit score is in the 770ish and am looking to use a conventional loan

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Bruce Lynn#2 Real Estate Agent Contributor
  • Real Estate Broker
  • Coppell, TX
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Bruce Lynn#2 Real Estate Agent Contributor
  • Real Estate Broker
  • Coppell, TX
Replied Apr 28 2024, 20:39

Sounds like you have a solid plan.

Everyone starts somewhere.

Lots of apartment inventory coming online so I'm sure you can find a 6-7 month deal.  If not rent a room in an airBnB while you search for the home, or rent from another hacker just like you.  That might give you some experience running a house, hearing what people are willing to pay for rent, management issues and all the other things involved.  You might even do this for a year.

Don't worry about not seeing the apt before you lease it.  It's temporary.  You're young.  You can put up with anything for a few months.

Register your car at your uncles place if you're worried about it.  Or wait until you buy.  Typically if you do get a ticket, they'll waive it if you do get it registered or become a super great negotiator with the police officer.  Talk real estate and safety if they're talking license plates.  Ask for their advice on where to live that is safe and affordable.

You don't have to rush into things.  Get that CPA done.  If you are a tax accountant, get thru that busy season.  Then start shopping.  In the meantime you can start building your database of potential renters.  Drive neighborhoods when you have time.  Start getting familiar with pricing and rents, so you know a great deal when you see it.

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Lucia Rushton
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Lucia Rushton
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Replied Apr 29 2024, 07:07

@Christian D Llanos can you qualify for the purchase of a home now ? If not, then perhaps consider renting for a full year. You might be ready to move in 10 months vs a full year. But this gives you breathing space and time to see what area you would like to live in and most importantly find a job therefore how close or far from work do you want to live?

If you want to discuss further call me anytime.

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Diego A.
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Diego A.
  • Real Estate Agent
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Replied Apr 29 2024, 09:55

Hi Christian,

As a person that relocated many times, I would recommend you to rent first. There are apartments that allow you a shorter stay than a year, though the apartment prices are a bit high, I don't think that you will waste your money renting so that you get familiar where you want to be. That is an investment in your wellbeing, as the hassle to choose the wrong house will be a problem difficult to solve. 

First of all I would recommend you to reach out a realtor that can help you with your strategic move.

Depending where you are I can help you, you can reach me out via dm.