Contractor · Cleveland OH · Member since 2020 · 9 posts · 1 vote
I'm looking to invest in the Dallas area. So many great growth options but what to choose? I like a SFH I'm Frisch, prosper, Celina that could have great long term appreciation. But may be hard to rent. Perhaps a DT condo(s) that I could VRBO? Or rent full time? Budget 300k to 1m
Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
5y
@David Borowske Not sure why people look north vs south, but that seems to be common in many cities all over the nation. Not all, but many. Midlothian and Waxahachie are growing and on the radar now. You're right, prices are still good there, but I guess where many of the highest paying work is now is either downtown Dallas or Frisco/Plano. Schools are good there, everything looks nice, new, clean, shiny, so a lot of dynamics people like, and that drives prices up due to demand. I'm thinking about Dallas the other day and would I want to live there again. Lots of areas I like, but leadership comes out and says things last week, like they won't send police officer out for this or that crime. They're 700-1000 officers short...I drive by a school that is probably 50-70 years old with window unit for the classroom. So I think to myself if that is the best learning environment when it is 100F in August. Then you look at a place like Frisco where most of the schools are probably less than 10 years old...and they have classes like Chinese, rocketry, tv broadcasting, and all these cool and perhaps useful things we never dreamed about in school and it makes a lot of sense why people want to move there.
Real Estate Agent · DFW Metroplex · Member since 2020 · 9 posts · 4 votes
5y
@David Borowske having worked in DFW as an agent and growing up here, I’d say that all three of the towns you mentioned are strong contenders. Strong job growth within 10-20 miles of all of these, good school districts and desirable places to live. I, in full transparency, know less about short term rentals, have heard some people doing it on a small scale and having some success.
Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
5y
@David Borowske Most condos in Dallas don't allow short term rentals, so be careful there. There are some that allow a minimum of 30 day rentals, but not many. If you want to do short term rentals in DFW area, better to buy single family homes in non-HOA neighborhoods is my thought.
Frisco, Prosper, and Celina type areas are probably great places for rentals, but tough probably to find the right ones now. Frisco has become very expensive and rent vs price probably doesn't make sense any more. Out of the 3 cities I'd probably look at Celina to get closer to the right price range for rentals. You might also look at places like Melissa, Anna, Princeton, Van Alstene, Sherman where rents vs price might make more sense.
Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
5y
@David Borowske Not sure about the VRBO idea in suburban cities. I think there are websites that can show you demand. You can also probably look at current places and see what the prices/night are and how many days are booked up. Saw a ranch today on VRBO out near Sherman. If I remember right it was something like $330/night and sleeps 22. That surprised me a bit, but then again looked like a fun place for a wedding party or family reunion, so all types of places appeal to different kinds of people. My thought would be to go the straight long term rental route in those cities vs VRBO. Most of these cities are full of HOA type neighborhoods that are probably not short term rental friendly. Even if they allow today, the could very well ban tomorrow which seems to be a common trend. Big entertainment city like Arlington with Six Flags, AT&T Stadium and baseball stadium and UT-Arlington has limited short term rentals to a very small section of the city.
Contractor · Cleveland OH · Member since 2020 · 9 posts · 1 vote
5y
Good insight @Bruce Lynn. Just curious why places like red oak or midlothian get a bad wrap? The land and home values there seem amazing from an outsiders perspective.
Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
5y
@David Borowske Not sure why people look north vs south, but that seems to be common in many cities all over the nation. Not all, but many. Midlothian and Waxahachie are growing and on the radar now. You're right, prices are still good there, but I guess where many of the highest paying work is now is either downtown Dallas or Frisco/Plano. Schools are good there, everything looks nice, new, clean, shiny, so a lot of dynamics people like, and that drives prices up due to demand. I'm thinking about Dallas the other day and would I want to live there again. Lots of areas I like, but leadership comes out and says things last week, like they won't send police officer out for this or that crime. They're 700-1000 officers short...I drive by a school that is probably 50-70 years old with window unit for the classroom. So I think to myself if that is the best learning environment when it is 100F in August. Then you look at a place like Frisco where most of the schools are probably less than 10 years old...and they have classes like Chinese, rocketry, tv broadcasting, and all these cool and perhaps useful things we never dreamed about in school and it makes a lot of sense why people want to move there.