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Started By
Message
Need Dallas real estate advice
Posted on 7/1/19 at 9:35 am
Posted on 7/1/19 at 9:35 am
My wife and I live in the Bay Area and came to a realization that we can’t afford a house because any down payment would be 200k.
The plan now is to buy a house in Dallas and rent it out, eventually sell for liquidity and pay the down payment off of the Dallas house. Question to the Dallas folks, I realize houses in Dallas has gone through the roof recently, how is the rental viability for a 250k house in Dallas?
The plan now is to buy a house in Dallas and rent it out, eventually sell for liquidity and pay the down payment off of the Dallas house. Question to the Dallas folks, I realize houses in Dallas has gone through the roof recently, how is the rental viability for a 250k house in Dallas?
17
Posted on 7/1/19 at 9:37 am to fareplay
It all depends on location.
But Rent seems to be either leveling off or slowing down in growth.
250k should still fetch you a 2k-2.2k a month payment in a desireable area.
But Rent seems to be either leveling off or slowing down in growth.
250k should still fetch you a 2k-2.2k a month payment in a desireable area.
Posted on 7/1/19 at 9:38 am to fareplay
You can get a nice house in Dallas for 250k according to some people here
Posted on 7/1/19 at 9:38 am to fareplay
quote:
how is the rental viability for a 250k house in Dallas?
Hope you don't like checking credit for tenants.
Posted on 7/1/19 at 9:38 am to fareplay
quote:
The plan now is to buy a house in Dallas and rent it out, eventually sell for liquidity and pay the down payment off of the Dallas house.
bold strategy
Posted on 7/1/19 at 9:38 am to fareplay
quote:
250k house in Dallas
Where the hell did you find this?
Posted on 7/1/19 at 9:38 am to 50_Tiger
quote:
250k should still fetch you a 2k-2.2k a month payment in a desireable area.
Except a $250k house won't be in a desireable area.
Posted on 7/1/19 at 9:39 am to TH03
quote:
Except a $250k house won't be in a desireable area.
I was trying to be nice and not go straight for a suburb argument
Posted on 7/1/19 at 9:39 am to YungFO
Since I don’t live in Dallas it’s just based on Zillow. I can ask my parents to look for me but I am unsure of Dallas demographics and desirable locations
Posted on 7/1/19 at 9:39 am to fareplay
quote:
The plan now is to buy a house in Dallas and rent it out, eventually sell for liquidity and pay the down payment off of the Dallas house. Question to the Dallas folks, I realize houses in Dallas has gone through the roof recently, how is the rental viability for a 250k house in Dallas?
I can't even begin to tell you how bad of an idea this is. For financial and other reasons.
If you want to be a long distance landlord (you don't) a major metro is not where you should be looking to invest in real estate.
This post was edited on 7/1/19 at 9:41 am
Posted on 7/1/19 at 9:41 am to Mingo Was His NameO
My parents now live in Dallas. Was hoping they can help bring the landlord
Posted on 7/1/19 at 9:42 am to 50_Tiger
Even $250k in the burbs is mostly little Mexico parts of Richardson and Plano. Nice homes, just located close to fiesta marts.
Posted on 7/1/19 at 9:42 am to fareplay
quote:
Since I don’t live in Dallas it’s just based on Zillow. I can ask my parents to look for me but I am unsure of Dallas demographics and desirable locations
I can save you some time, since I was just house hunting in Dallas earlier this year. You will NEVER find a desirable house/ location for $250,000. I'm not trying to be a dick, but it's just not possible. Now if you want to move to Carrollton, it can happen, but not in Dallas.
Posted on 7/1/19 at 9:43 am to TH03
quote:
Even $250k in the burbs is mostly little Mexico parts of Richardson and Plano. Nice homes, just located close to fiesta marts.
I agree.
The "Wypipo Median Value" starts around 300k north of 635 and maybe 450-500k in your neck of the woods.
Posted on 7/1/19 at 9:43 am to fareplay
quote:
how is the rental viability for a 250k house in Dallas?
/endthread
A house for that price will either be in an extremely undesirable area of Dallas, in which case good luck with tenants and trying to manage that from SF. Or it will be in a suburb out in bum frick and I can't imagine the rental market for that being that good.
Posted on 7/1/19 at 9:44 am to YungFO
250 is the mean, I can go up to 300k without feeling too terrible, but then it comes down to if I can find renters to offset the mortgage
Posted on 7/1/19 at 9:44 am to 50_Tiger
There's some nice stuff in the $300-350 range in Richardson. Older too so the lots are much bigger than the mcmansion neighborhoods.
Posted on 7/1/19 at 9:45 am to fareplay
quote:
250 is the mean, I can go up to 300k without feeling too terrible, but then it comes down to if I can find renters to offset the mortgage
The Colony, Hebron. Tons of new shite being built in the 350-400 range that rent being thrown around is around 3k a month.
However, this was also during the job boom and had essentially free money from multiple F500's influencing home pricing.
Posted on 7/1/19 at 9:46 am to 50_Tiger
quote:
Tons of new shite being built in the 350-400 range that rent being thrown around is around 3k a month.
That's not a good rate of return on a rental really
Posted on 7/1/19 at 9:47 am to Mingo Was His NameO
quote:
That's not a good rate of return on a rental really
DFW market is slowly moving away from sellers market atm.
VERY SLOWLY.
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