New real estate investor looking to find our first flip. We are looking to purchase between $200-$375k for a 3/2 or 3/3 that needs renovation and in an area that we could increase value. Our goal location would be somewhere in the Dallas metro area.
Lender · Dallas, TX · Member since 2017 · 100 posts · 57 votes
2y
@Jamie Foster How far along are you in the process? Have you built a team yet? Deal flow, investor friendly lenders, investor friendly contractors, and a good retail agent that could sell your finished product?
Its good to narrow down your market (Dallas is big) I suggest picking 1-2 zip codes that you are very familiar with (maybe close to where you live?)
Your entry price estimate of 200-375K is very reasonable in my opinion and really opens up your menu of options.
Lender · Dallas, TX · Member since 2017 · 100 posts · 57 votes
2y
@Jamie Foster How far along are you in the process? Have you built a team yet? Deal flow, investor friendly lenders, investor friendly contractors, and a good retail agent that could sell your finished product?
Its good to narrow down your market (Dallas is big) I suggest picking 1-2 zip codes that you are very familiar with (maybe close to where you live?)
Your entry price estimate of 200-375K is very reasonable in my opinion and really opens up your menu of options.
@Ali Radoncic We are in the very beginnings. We have an STR in Broken Bow but this is completely different. We do have the money and some lenders since my husband is in banking we do know we have that handled. We have a realtor as well as some contractors that we love working with and have agreed to work with us. I'd love to stay close to home but Plano seems pretty hard to find great properties in the price range but I could be wrong on that.
Lender · Dallas, TX · Member since 2017 · 100 posts · 57 votes
2y
Sounds like you are on your way then! Plano (Collin county in general) is super competitive and for obvious reasons. Its a great place to raise a family and live!
One of the great benefits about fixing and flipping properties is that you don't have to be necessarily married to an area you might not want to live in. Not suggesting some of the war zones but I think you know what I mean.
Some areas I think would be good to look into besides North Dallas and Collin County - Irving, Grand Prairie, Cedar Hill, Duncanville, Desoto, and the red bird area.
You will see some 1970 brick builds here and up. Solid mature neighborhoods with some good upside imo. The competition isn't crazy like it is up north either.
Higher end flips are less competitive as well. As a newer flipper though, it might be best to get some projects under your belt before you venture into those.