I am new to the group :) Last year I bought my first investment property down in Daytona Beach FL. Although I am happy with my property, I learned a lot of lessons the hard way on this one! Looking to buy another investment property the right way by doing more research on HOA Fees, the neighborhood, taxes, schools etc. Wondering about the Dallas TX market, looking to spend 70,000 or less on purchase price due to down payment of the 20% I have available. I tend to lean towards condos just for the maintenance aspect of things since I do live in North Dakota. Any advice would be appreciated!
@Heather Keller Dallas is certainly a hot market, and a good place to invest long term. You could find a condo here in your price range, but I would caution against going after the really low end condos ( less than $50k). For around $70k +$300 HOA fees per month, you could probably get rent of $1000-1200 per month. If you're serious about the Dallas market and need help in your search, PM me - my wife is an agent here.
Are you interested in any other properties in Daytona Beach. I have an option on a duplex that's in that price range (65k) that brings in $1,200 a month in rents.
@Heather Keller what kind of things did you learn about HOAs, taxes, neighborhood, schools, etc? Dallas, will still have many of those same issues, and our property taxes are fairly high.
be careful of the neighborhoods in Dallas. Some are fine others are high crime areas. Be sure and do your homework on the area. Also, since Toyota has moved into the Plano area, Real estate has really gone up, so anywhere north side of Dallas is a great place to invest.
@Andrew Herrig and @Toni Murray hit this on the head! There are some high crime areas with cheap condos in Dallas. Additionally it's good to look at the overall maintenance of the common areas. Some of the lower end condos don't have HOA's that actively improve and/or maintain the properties and this could affect value over time in addition to attracting the right tenants.
Yes if you want to send me some info I will take a look at it :) is the $1200 a combination of the 2 rents or each unit rents for 1200? HOA fees?
The condo we choose had a higher HOA fee, we were lead to believe it covered a lot more than it did. Also the condo association does not allow pets which turned away many of our renters that came from the north down south for the winter. It took us almost 8 months to get it rented. Part of that may have also been the management company which I should have done more research on as well. For instance, they don't do direct deposit, typically takes 20 days after the 1st of the month to get your check and they rarely answer phone calls or return messages. Another thing we hadn't thought about was having hurricane insurance as an added expense being so close to the beach. The nearest elementary school is also a ways away.