Newbie from San Francisco interested in Dallas / Fort Worth

[Griffin D.]

Hi there!

My name is Griffin, and I'm looking to purchase my first real estate investment property in the next year. I'm most interested in long term buy and hold (5 to 20 years) - either single family or small multifamily (1 to 4 units).

I've done research on various markets and am particularly interested in the Dallas / Fort Worth area. I like that it has a strong economy in multiple industries, low unemployment, and great population / job growth. I also have family in the area, and it'll be easy to get a direct flight there to explore and learn the area. I'm planning to either use a turnkey company or work with a recommended real estate agent / property manager from a friend who has invested there.

Are there any other Bay Area investors on here who have experience investing in the Dallas / Fort Worth (DFW) area? I'd love to chat / grab coffee to hear your thoughts. Any tips, numbers you expect (aka cash flow, cap rate, etc.), favorite vendors, and recommended neighborhoods would be greatly appreciated!

Griffin

[Yoochul C.]

Originally posted by @Griffin D.:

@Yoochul C. - San Antonio looks like a great market too. What's your experience been like as an out of state investor? Do you use turnkey or have a network built up in the area? How long have you been buying in San Antonio? Any metrics you target as far as cash flow / cash on cash / cap rate, etc?

@Ann KESSEL Great to hear! What's your strategy been... are you buy and hold, as well? What's your investment criteria? (aka, do you have minimum cash flow, cash on cash, cap rate requirements?) Any favorite neighborhoods? Also - have you had any issues with cracked foundations? I heard that's a common headache.

 Hey griffin,

I usually look for the 1% rule when buying houses.  I seem to be happy with that number.  I don't really look at cap rates.  I usually can cash flow on homes with a 25% down payment at 1% rule.  I do use a turnkey guy in San Antonio but he's telling me that its getting harder to find the 1% rule.  

Yeah I think San Antonio is under the radar when people always are talking Dallas/Austin/Houston markets.  I think the San Antonio/Austin area will tend to merge into one another over a long period of time.  All the communities between the two cities will be taking off over the years.  

Yooch