House Hack Search in North Dallas- Request for Advice
Hey everyone, I am a new investor that is in search of my first deal. I have looked extensively through the MLS to identify potential deals and have identified a few potential targets that I wanted to run by you all.
But first, I want to introduce myself for the first time on BiggerPockets. I have been a huge fan for a while and am excited to finally move towards my first deal. My name is Adam Beasley. I recently graduated from TCU in Fort Worth with a degree in Entrepreneurial Management and started my job at a management consulting firm in Dallas two weeks ago. My long term real estate goals are to buy at least one rental property per year until I gain over $50k per year in passive income. Short term my goals are to buy my first property before the end of 2017. It is great to meet you all!
Second, I want to list out my search criteria, because they are a bit unique.
- It will be a house hack, which means I am not searching for a C- property. I have mostly searched at a B range.
- My max budget is up to $250,00 (5% down, 4% interest rate, 30 year conventional)
- I am most concerned with long term cash flow from the property and plan to hold it for a long time.
- My roommates work across DFW, so I am attempting to be as close to this sliver (west of Greeneville Ave., South of 635, east of 35, and north of 30). It can be slightly past those barriers, but that is the dream.
- I am comfortable doing some additional renovations on my own or hiring out subcontractors.
I know this is an expensive area, which has led me to struggle identifying decent deals, especially on the MLS.
The potential properties that I have found are:
- 3146 Royal Gable Dr.
- $165k list price
- No clear rental comps but I would estimate around $1.6k
- 10243 Goodyear Dr.
- $199k list price
- Maybe $1.8k rental comps
- 12529 Keyport Dr.
- $199k list price
- $1.7k estimated rents
- 3056 Old North Rd.
- $192.5k list price
- $1.65k estimated rents
- 6133 Summer Creek Circle
- $207k list price
- $2.4k rental comps
- $100/mth HOA
These seem to be the best 3 bedroom places that I have found in the area.
If any investors in the area have any feedback on better rental comps for those properties, any leads on potential deals, or general advice for navigating the hot Dallas real estate investment landscape, please let me know. I am excited to hear from you all.
- Adam Beasley