My husband and I are looking to start investing in buy and hold rentals as a source for retirement. Eventually would love to build this business to do it full time and give us more flexibility! We live in the Dallas area and looking to network on the best areas to invest in Texas and possibly the Oklahoma area being so close to the border! Thank you!
@Hilary Grittner Welcome to BiggerPockets! Truly nice to meet you. Good luck going forward! 😁 Hope the best for you. I live on east side of Dallas.
I am starting out myself finishing up on my first BRRRR. I am want to move towards MFR.
OKC is good, not as competitive as DFW and better for BRRRR because your $/sqft/rental rate is more favorable. Set you goals first and run the numbers on as many properties as you can to better understand your areas. As a realtor in Texas and an investor in both you want to get a handle on the neighborhoods and laws around realestate. Locate areas where laws are favourable to you first. I have some properties in FL/OK/TX. I have new constructions, private sales, and foreclosures. Know the tax ramifications around "one year and a day" and come to understand the 1% rule. Learn to act in an informed way you will be fine.
If you need anything, give me shout I'll help where I can.
Brian Simpson, Real Estate Agent in TX (#0686232)
@Hilary Grittner I'm a big fan of the OK market for buy and hold. Entry prices are low and returns are steady! It will differ from TX in taxes pretty dramatically which might make enough difference in your numbers to really consider out of state. Taxes here are about 1% of the purchase price here. What are you seeing in your area?