I am looking to buy my first REI property in the North Dallas area. I am an out of state investor and I would like to get advice on the best cities/neighborhoods to purchase in for a long term buy and hold. I am already working with a Realtor but I would like to get advice from the Bigger Pockets community.
Have you considered going south? There's been a lot of activity in the Kessler Park/Bishop Arts area of north Oak Cliff. It's turning into quite a hip and trendy area, and, in my opinion, has kind of an Austin vibe (old Austin, not today's Austin). But prices are still reasonable there.
I was kind of knocking around the Univ of Dallas area on Realtor.com and saw some very reasonably priced condo type properties that looked fairly close and somewhat close to some golf courses, etc. The cheaper ones were closest to the loop.....then I was knocking around elsewhere and found a gang map that shaded the cheaper ones. I think the advice often given on this site...to invest close to home where you know what you're getting...is not to be taken too lightly. You need to be able to drive around and look for burglar bars :-)
Sorry to be so negative. My nephew bought a couple of years ago around Frisco and sold within 12 months when they realized they had been misinformed about school districts...bought again in the right area. He is in tne 150k range. Lots of nuances in neighborhoods.
Honestly, you're biggest problem is not necessarily going to be accidentally buying in a bad area, but more finding deals that make sense in the North Dallas area as a buy and hold. Prices have gone up quite a bit, and rent increases are not commensurate. Anything inside the loop (635) is going to be very hard to find. For Plano and Richardson, stay west of 75, and you'll be fine. Frisco, Allen, McKinney are all very hot as well. I live in North Dallas but purchase in Tarrant because North Dallas no longer makes sense to me. Hope it helps.
I looked around at some of those condos because my daughter is planning to go to UTD in a couple years and I couldn't get any of them to really analyze out well because of the fairly high HOA fees and the lowish rents I was seeing in the area.
Watch out for hoa's in north Dallas. Many of them are starting to crack down and create restrictions on rentals. I live in McKinney and my neighborhood just did this.
Hey @John Chapman - May I ask where you are focusing in Tarrant? It seems like a combination of nice areas that are overpriced and not so nice areas that I am too nervous about getting into. It seems like North Tarrant isn't so bad price-wise. Burleson area seems intriguing as well.
Thanks everyone for the comments. Our plan was to look around the McKinney area. Does anyone have thoughts on the towns of Anna and Denton. I know they aren't near each other but they have lower entry prices with decent rent ratios.
I have a rental in Anna and am currently looking for another. The prices have increased quite a bit over the last 6 months or so.
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