I am new in Dallas and looking to buy investment properties for rental but have no idea which area to look for. Someone told me 75068 and 76227 are good rental areas. Is there any of you a section 8 landlord and care for sharing your experience? How can you tell which area is class A, B, C....in Dallas?
I had a bad experience for my first investment which the rent payment was not enough to pay for the mortgage and the association fee. I DO NOT want to make the same mistake again.
Advice please...... Thank you
Hi Cathie, Dallas is said to be the hottest market right now for real estate, but obviously any area where demand is up creates opportunity. Also, depending on your strategy it's a good idea to pay attention to house prices, rent prices, income, schools, and popluation. Also, visit local apartments to check what their availability is (if there's no apartments for 3 months or so thats an indicator of a hot market).
Also, if you will be needing some rehab work make sure you get a competitive contractor who can help you save on fixtures (such as myself). Feel free to reach out to me if anything comes up
i don't live in Dallas, but welcome to BP and good luck investing!
@Cathie Cheung it starts with networking. Getting a team set up that you trust and rely on when you're investing your money. I started off with my own knowledge in investing and built a team here where I have a trusted lender(s), contractor(s), realtors and much more that when I do get offered a property I know exactly if it's a deal I want to pursue or not.
In regards to A,B,C neighborhoods - obviously someone who lives here would have a general knowledge (hopefully) of the areas. The two zip codes you listed are decent areas that still have room for growth (especially 76227) in terms of it's surrounding counter parts - were you particularly interested in investing in these two zip codes? Most of DFW has great potential for renting.
Also - you should of been aware prior to closing what your numbers were (mortgage versus rent) before you bought it right? Were you pushed into a property? Was it all cash? There's just a lot of due diligence that comes into buying a property - that it's unfortunate it didn't work out the first time. However - that's not to say it has to be like that every time, and it shouldn't!
For my first investment I bought it at a peak in 2005 and I was going after the appreciation not the cash flow. When market crashed in 2007 everything went downhill. I am interested in investing other areas not only the zip codes I mentioned. Can you suggest some areas?
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