Dallas, TX · Member since 2016 · 49 posts · 16 votes
Howdy,
Finally got into the REI game last year with my first rental property in Oak Cliff. I'm looking for more properties in the DFW metroplex, don't really mind spreading the net out - as long as I can drive there in ~1 hr.
Currently looking up north and east (Wylie area), haven't ever looked at Ft. Worth or Denton but have been considering starting the hunt - only fear is I am just not as familiar with the areas as I am in Dallas now.
Really looking for simple, conservative investments that could be bought and held (1% 'rule') in places where I'd have my family live. Love the smaller blue collar areas where folks are just trying to make a living. Anyone out there in the Dallas area that is wholesaling or buyer's realtors? Additional criteria: 200k ARV, B- communities, 1-1.5 hrs from Dallas, decent schools. Any feedback is welcomed. Thanks!
Wylie, TX · Member since 2018 · 23 posts · 9 votes
8y
Hi @Greg P. I've lived in Wylie since 04 if you have any questions about the area hit me up. I will say it is getting pretty tough to find good rentals in the area. Property values are really high and lots of competition.
Wylie, TX · Member since 2018 · 23 posts · 9 votes
8y
Hi @Greg P. I've lived in Wylie since 04 if you have any questions about the area hit me up. I will say it is getting pretty tough to find good rentals in the area. Property values are really high and lots of competition.
Investor · Denton, TX · Member since 2016 · 10 posts · 10 votes
8y
Hi @Greg P. Feel free to hit me up directly. We live in Denton, invest only in Denton County, currently have 3 rentals within the Denton, Corinth city limits in addition to our primary residence in Denton. With the colleges here and being on the fringe of the metroplex there are definitely pockets that are more savory than others. I'd be happy to share my thoughts on neighborhood specific economics and even share a bit about our economics i.e. the 1% rule is achievable but you have to be willing to either wait or work for it. I don't have my #s handy at the moment but off the cuff, the reality in this market is such that by the time you factor in make ready reno, your 1% is compressed closer to the .7-.8 range. That's lower end entry...there is a wide range in Denton and there are opportunities, depending on your risk tolerance to look at higher end...in Denton County we are still undergoing strong expansion and are seeing spill over of development around the top of the lake.
Investor · Flower Mound, TX · Member since 2016 · 245 posts · 192 votes
8y
Hey Greg! @Kenneth McKeown is a local real estate agent who has helped a lot of BPers find house hacks and investment properties here in DFW area. He's done both on market and off market deals. Should be able to help you out too!
Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
8y
I like North too. Numbers probably make more sense today, but they will grow. One of the hottest growth spots in the country now is 380 corridor between Denton and McKinney....so may even need to get a little north of there.
Investor · Denton, TX · Member since 2016 · 10 posts · 10 votes
8y
To further along what Bruce said, 380 is undergoing major expansion work and that was the spill over around the lake I was referring to. If you are ok with a little speculative, forward looking risk, I personally believe most of the north Denton county towns just south of the county line are ripe growth. For example, Sanger, Aubrey, Pilot Point, Cross Roads, Krugerville, Krum, etc. As an example, Krum right now is a very small community, mostly working class but good people and the price points are still reasonable. It's challenged right now by the fact that 35E and 380 both run close but far enough away that it still has an isolated feel, which is keeping prices down. You fast forward a few years and loop 288 will complete it's final phases through Denton will push that highway system closer to Krum and bring more direct access to business and residents. These are longer terms plays, so you truly have to be ready to stick to the hold part of strategy. I don't believe these are 3-5 year plays, but rather 10-15, at least.
Rental Property Investor · Valley View, TX · Member since 2018 · 174 posts · 87 votes
8y
Chris Carlson's observations are very true. I've lived and worked in Denton for 25 years. Right now, I find Denton itself to be too pricey, but Krum, Sanger, Ponder, and Valley View are all much more in range. I live in Valley View right now, and the community is bracing for what will be tremendous growth all the way up 35W, through Denton, all the way to OK one day. TXDOT has plans to expand I35 to 8 lanes all the way to Valley View and 6 lanes up to the Red River. It's coming at us up here! I'd look at Sanger and Krum right now. Gainesville has problems (drugs) that you might want to steer clear of.
Rental Property Investor · Valley View, TX · Member since 2018 · 174 posts · 87 votes
8y
Oh, one other thing I'd add. Once you get too far north (30 miles north of Denton is where we live), it's not so easy to get good trades people to come up and work on your properties. Can't currently get a concrete guy or a roofing guy up where I am. Don't venture too far north unless you know local guys to do the work.
Piggy backing off of this question, has anyone been able to achieve >1% rent within an hour of Dallas? Off-market or otherwise?
I've seen a few properties potentially fitting this criteria in the North Richland Hills area, maybe Euless and Bedford as well. Wondering if anyone else has had luck.
Piggy backing off of this question, has anyone been able to achieve >1% rent within an hour of Dallas? Off-market or otherwise?
I've seen a few properties potentially fitting this criteria in the North Richland Hills area, maybe Euless and Bedford as well. Wondering if anyone else has had luck.
Lots of people have different criteria for the 1% rule, but if you mean the quick and straight one month rent 1% of just the purchase price then yes. It'll be in South Dallas, not in the potential up and coming areas touching DT Dallas, but deep southeast Dallas.
Piggy backing off of this question, has anyone been able to achieve >1% rent within an hour of Dallas? Off-market or otherwise?
I've seen a few properties potentially fitting this criteria in the North Richland Hills area, maybe Euless and Bedford as well. Wondering if anyone else has had luck.
ITs getting tough, but we have found a couple in Oak Cliff. Some areas in east dallas, some near the Trinity, some near Elmwood, Bishop Arts and others.
Honestly we have slowed down a bit because the deal s have been tough to find, and I think its a good time to get a little more conservative and to not chase deals.
Investor · Denton, TX · Member since 2016 · 10 posts · 10 votes
8y
Alfred's point on skilled trades is definitely a key point. I run into this all the time, the major player's in the metroplex usually don't service the northern parts of even Denton County at times. Denton County is usually their stretch area and I typically go local on trade work. This can add overhead at times but it can also be a blessing if you plan to truly penetrate the market at a local level. I am trying a remote GC experience now and it's really been far more work than I expected...