First investment property in DFW

4 Replies | Dallas, Texas

I am trying to find something within an hour of Plano (this is near Dallas) for 100-250k. I have 70k to work with which includes emergency cash.  Our credit is in the 800's, we are debt free, and I'm studying for my real estate license. I am also open to investing out of state but I would prefer something near me. I know it's a crazy competitive market right now but I would really like to get started.

In the 13 years we've been together, my husband and I made it through cancer, CPTSD, 11 moves, career changes, paid off 6 figure debt and had 2 beautiful girls despite being told we would most likely never have any. Health is wealth, and life is never guaranteed. For these reasons, we're really motivated to get started. Thank you for your time!

Would Melissa, South Dallas or Garland work?

Congrats on getting started!! You have a great amount of cash to get started! 

Have you considered looking in the North Ft Worth, mid-cities areas? I know it's right about an hour away from Plano, but with 20-25% down, you will cashflow! I'm working with some out-of-state investors now and they are looking at $3-400 cashflow a month!  

That's awesome.....do you have your own home already that you are living in.   That probably should be goal #1.  If you've already hit that and moving towards investment property....I would look North and East of Plano.

Next step before you even look at homes is to see if you can get a mortgage for an investment property.

One you have financing in place, then you can go shopping.   As you mentioned you might look at areas like Van Alstyne, Anna, Melissa, Celina, Princeton, Bonham, Farmersville and Greenville or any of the other smaller cities between them and Plano.  $100K might be tough, but I do occasionally see solid investment homes that should make great rentals between $130-$150,000

Thank you so much everyone! I do have my own home here (we got a great deal; N. Plano with 6 bedrooms and extra bonus room with. 33 acre backyard. Great schools). I am so excited to look at some of the cities you mentioned. Are multi family homes common in these areas?