I’ve house hacked my house and I’m now looking to invest out of state with 100K in hand.
My main area of interest is Texas - areas like Round Rock, McKinney, Rowlett, Georgetown, and Plano.
Is anyone familiar with any of these places and has advice for a semi-new investor? Do these areas cash flow well? I’m mainly looking at duplexes (or more) around the 400-500K range.
You might can get 2 in DFW for $500,000. There are not a lot for sale, and often the ones that are for sale, don't generate the rents they should, but there are some occasionally. I would probably look at lower price range per duplex as you think about who rents duplexes, what money they might make, and what they are willing to pay. Just backing into it, I'm think $500,000, means $250,000/side so then ideally you would want $2500/rent per side/month. That's optimistic I think in many cases, but that's the goal right? So for $2500 here you can get a house....so I think a lot of people wanting to pay that much, probably don't want a duplex, but would rather just get a single family house. with $400-$500,000 you might could get 2 duplex or a 4plex here in DFW.