Hey guys, I'm back with my second post!
I've been monitoring the Dallas area for the last few weeks now (anything south of 635, Irving is as far West as I've searched, White Rock Lake is as far East as I've searched, Oakcliff is as far South as I've searched). I'm a new investor looking for rental properties in the $75K-$100K range for a condo and up to $200k for a SFH. My price range for condos are a lot lower because of the crazy HOA fees that I regularly see in the Dallas area. With the criteria above, I'm finding it hard to track down any good investment properties that'll cash flow; when I run the numbers, most of the ROI is coming from appreciation / loan paydown.
Does anyone have any advice on what other locations I should look at for properties that'll have positive cash flow and fit a ~$200K budget? What are some hot spots in the Dallas market to start monitoring? Since this is my first property, I'd prefer to buy a smaller property (~$100k-$125k range) to get my feet wet and learn before making a bigger purchase.
Any advice is welcome. Thanks!
I have been searching from afar as I am currently living in Chicago but will coming back home to the DFW area within the year. Have you thought about looking north of the city past 635? I know inside of that will be tough to find a good deal and will require a lot of time and some luck as well. The neighborhoods of Addison, Richardson, Garland and Plano have been rapidly growing with new developments. I may recommend looking in that area. Hope this helps and best of luck!
@Jacob Hovey - You will find very few properties in Plano in that price range. There may be a few in Richardson. And there will be more in Garland. But, if you are looking for something that fits into the 1% rule, you will likely have to look in South Dallas or in a very outer suburb like Sherman.
Thanks guys, sounds like I need to expand my search and look at a few other areas.
@Gio Morado can you send me information through Bigger Pockets? I'll have a look, thanks!
Hi @Keith Chan
If you need help looking for properties, I have access to mls as I'm a realtor.
To find what you're looking for you need to travel back to before 2012. If you can't manage that then perhaps wait a few years for things to swing back.