Any thoughts on the Dallas market?

Question

This is my first time posting, tons of great info here.

My wife and I paid off our mortgage recently and now are looking to buy a rental property in Dallas for either LTR or STR.

We're both new to the business, but feel we can learn enough to succeed in making extra income, maybe one of us quitting our day jobs as teachers.

One on hand it seems totally doable, on the other it can seem intimidating, with all the financial/legal knowledge needed and risks involved.

What would be a really dumb thing not to do that might not be obvious to a beginner?

Also, any specific advice about Dallas real estate?

Nick Belsky · Answer

@Stewart Gable

I'd love to discuss various methods for financing your investments with you.  As the others have mentioned, DFW is a great market!  I do residential and commercial lending and am a mortgage broker.  Not to mention, I have a personal love for REI...

Drop me a line if you'd like to chat sometime.  I have lots of great resources in the DFW area as well.

Cheers!

Nick Belsky

Lucia Rushton · Answer

@Stewart Gable I love this market, it's very diverse. DFW is booming, strong economics and our Major employers are based all over so you don't need to be tied to one area. Do your research, get clear on what you want, be realistic (America is currently in a very strong Sellers market) and the most important thing is - make a commitment. If DFW is your market, pick it; my experience shows when people waffle between multiple markets they miss opportunities! Best wishes,

Stewart Gable · Answer

So happy to get all the great replies! Definitely putting these tips in my pocket.

Tyler Hodgson · Answer

@Stewart Gable you should connect with @Kenneth McKeown, he used to be a teacher himself. He's now an active real estate investor and a real estate agent here in DFW. I'm sure he'd be happy to give you some advice and insights about the Dallas market

Bruce Lynn · Answer

Great market....lots of people moving here should continue to see rent increases and price appreciation.

How to get started....read some books, watch some videos, attend some of the local real estate networking groups.

Spend some time with a lender and a realtor.

Stewart Gable · Answer

@Ben Nelson Exactly what I was thinking. Aside from HELOC or Home Equity loans, are there other options for leveraging your house? Those two come with interest rates, I heard there may be bank loans against a house that don't come with interest? (maybe that's being naive, I'm not sure!)

Andrew Ponton · Answer

@Nick Belsky

Dropping you a line as well!

Nick Belsky · Answer

@Karl Teshima

Yes.  I will message you.

Nick Belsky

Ben Nelson · Answer

Not everyone wants to do this, and I’m guessing your paying off your home was strategic for your personal finances and comfort level…but I’d absolutely look at the possibility of re-leveraging your personal home to buy some rental property. You’ll get the best terms on your owner occupied loan, and it will give you cash to work with as down payments on investment property. IF you choose to do this, make sure your cash flow from your investment properties is more than paying for your payment on your house (it should if you invest wisely and in the right markets). Your goal with paying off your house was to not have the payment, so having a net negative results from leveraging it to buy doesn’t make sense. But, if you can but right you can create an income stream from the rental properties that more than pays for your house payment. Leverage is your friend if you use it right. :)

Stewart Gable · Answer

@Tyler Hodgson I love his profile, will do. Thanks for the tip.

Any thoughts on the Dallas market?

Most Popular Reply