Hi all, I am looking to buy a next rental property. I have been searching in the DFW, Miami and Washington DC metro areas. I have seen some really interesting properties in NE Dallas, Lake Highlands, Richardson and the likes. Even though I lived in Dallas for a couple of years, I was not an investor yet so I don't have ground knowledge. Do you consider these areas decent for a 2bed2bath rental prop?
I was considering Dallas for a personal purchase as well a few years back. The prices definitely intrigued me back then but not sure how it is now. Certainly it’s cheaper than here in the Miami area however!
Here in Miami the prices can get ludicrous for what you’re getting also depending on the investing strategy you’re implementing. What are your plans?
I'm considering Dallas for buy&hold single unit condos/apartments. I used to live in DFW and cosider it a fairly stable job market, which is important to me in terms of finding good tenants.
Other than that, I am not saavy on what areas are best for rental properties in terms of pricing, demographics (% of homeowners vs. renters) and rental income.
I wish I could help you there!
If you decide to consider the South Florida market I’m here for you!
If I could I would definitely look at Dallas for the same reasons you mentioned. You can definitely get way more for your money out there
@Javier A. Batlle Hi there! I live in Dallas now and grew up near lake highlands. I would say that Lake Highlands and Richardson are more sought after thank NE Dallas, but lake Highlands, depending on the area can be pretty pricey nowadays. I'm only a new investor, so this is all based on when we were looking for our personal home this year. Richardson has the rep of having a better school district then DISD though, which plays a part. I honestly only know one person who lived in a condo here too be closer to downtown and they ended up moving after about two years into a home in the lake highlands area or somewhere by White Rock Lake I believe. People in the younger generation (like me) tend to be further north because it's cheaper and we commute in for work. If you have any questions, feel free to reach out! I would be willing to partner or do a virtual walk through or show the property for you once you're renting it out.
@Javier A. Batlle just curious - any reason you're after 2 bed / 2 bath unit condo/apartments and not a traditional SFR?
No specific reason. Probably just the impression of being easier to manage long distance (even though I always factor in the cost of prop manager). But I would really appreciate an opinion as to what makes more sense as an investor, specially from someone with ground knowledge on the north Texas market.
@Javier A. Batlle I think you're going to run into less appreciation, less rent and less desirability with a condo. Especially a two bedroom.
@Javier A. Batlle I was in same situation as you 8 months ago, thinking to buy condos in 75243 /75231 zipcode ( ne dallas/lake highlands ). I researched and learned several things about these condos.
positives : very cheap compared to sfh in the neighborhood, most of the homes come under richardson school district ( good schools), higher rents /higher cash flow to an investor (compared to sfh), good demand for these condos ( it's very easy to sell if one puts the right price to a condo with good condition.)
poor or average hoa management.
Low income tenant base ( can be offset by section 8s, or good screening during leasing )
I started buying with one condo 8 months ago, now I own 6 condos in those complexes. I guess my positives dominated negatives. It's just my research and understanding. Might be other risks involved. So far I am positive on the ones I owned in cash flow perspectives.
@Kenneth McKeown I am an active investor looking for flips in Denton & Collin County. Are you active there?