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re: Need Dallas real estate advice

Posted on 7/1/19 at 10:43 am to
Posted by 50_Tiger
Arlington TX
Member since Jan 2016
43531 posts
Posted on 7/1/19 at 10:43 am to
Like you might be better off renting in Las Colinas and taking 348 to the hospital every day.
Posted by nerd guy
Grapevine
Member since Dec 2008
13842 posts
Posted on 7/1/19 at 10:47 am to
quote:

Thread hijack - I'm moving to Dallas in 1 year and will be there for 2 years. Obviously renting and need to stay withing 20 minutes of the medical center/UT Southwestern. Need somewhere for me, the Mrs., our son and 2 dogs. Preferably 3bd/2bth with a yard.



Why within 20 minutes? When I worked there I lived in Las Colinas and then Grapevine. Most people lived further away.
This post was edited on 7/1/19 at 10:48 am
Posted by 777Tiger
Member since Mar 2011
93541 posts
Posted on 7/1/19 at 10:52 am to
quote:

How much am I looking at spending and what parts of town should I be targeting?


you can get pretty much whatever you want, just depends on how little or much you want to spend, I have a house in Keller I'll rent you the old lady's office is near the medical district, it's not so bad of a commute
Posted by The Torch
DFW The Dub
Member since Aug 2014
30412 posts
Posted on 7/1/19 at 11:09 am to
The general rule is 1% of face value, $250,000 home the payment should be around $2,500 per month with escrow.


I would think any one renting would ask for this to cover their monthly expense.


Here's a few in our area: LINK
Posted by Mingo Was His NameO
Brooklyn
Member since Mar 2016
37536 posts
Posted on 7/1/19 at 11:15 am to
quote:

Here's a few in our area: LINK /



You're what 45min-1hr from the city during commute times? I don't know for sure, but I'd think the rental market in Wylie isn't great.
Posted by lynxcat
Member since Jan 2008
25327 posts
Posted on 7/1/19 at 11:17 am to
Bump that to $350K and you can get into smaller homes in more desirable parts of the city. 3/2 in Far North Dallas is feasible, for example.
Posted by Haydo
DTX
Member since Jul 2011
3005 posts
Posted on 7/1/19 at 11:21 am to
quote:

It would get you a lot in the M Streets, but the house would be a tear down.


No. Teardowns in the M Streets are going for 300+.

Sigh

I'd love to own a home in the M Streets
Posted by Zappas Stache
Utility Muffin Research Kitchen
Member since Apr 2009
43531 posts
Posted on 7/1/19 at 11:22 am to
quote:

I'm moving to Dallas in 1 year and will be there for 2 years



Here is a 3/2 in a great area about 20 minutes from the hospital district for $1850/mo. There are several 2/1s in this area and some 3/2s. I have several friends who have bought houses in this area recently.

LINK
Posted by Jp1LSU
Fiji
Member since Oct 2005
2542 posts
Posted on 7/1/19 at 11:23 am to
quote:

I would buy in a college town quite honestly. College Station and San Marcos would be the places I’d be looking to spend money on rental properties.


College areas tend to have better rental markets in my opinion. We were thinking about buying something in the Dallas area as well (Frisco), but we’re looking for something where we can spend time during the summer and Texas is too damn hot. Our plan was to rent it as well for a number of years to build equity and have some one else pay down the mortgage.
Best of luck to you OP
Posted by The Torch
DFW The Dub
Member since Aug 2014
30412 posts
Posted on 7/1/19 at 11:34 am to
quote:

the rental market in Wylie isn't great.


The housing market is nuts out here, they have built over 1,000 homes within five square miles of mine in seven years.

Two bedroom apartments are $1,600.00 a month, so yes the rental market is competitive.


We are out but close to George Bush so you can get anywhere within an hour or so
This post was edited on 7/1/19 at 11:36 am
Posted by Zappas Stache
Utility Muffin Research Kitchen
Member since Apr 2009
43531 posts
Posted on 7/1/19 at 11:37 am to
quote:

how is the rental viability for a 250k house in Dallas?


Rental market is great in Dallas. But I think you need to decide where in Dallas you want to buy, Dallas proper or the burbs? I could point you to up and coming parts of Dallas where you can find a 1960s ranch 3/2 for 250 to 300. But it's in an area that is in transition. I own rental property and if I was in the market I wouldn't hesitate to buy in this area but most people who don't know the market would be afraid to do this. Now, IMO, we are at or near the peak of the market and a downturn is coming so I wouldn't buy now if I didn't have to.
Posted by Mingo Was His NameO
Brooklyn
Member since Mar 2016
37536 posts
Posted on 7/1/19 at 11:45 am to
quote:

The housing market is nuts out here, they have built over 1,000 homes within five square miles of mine in seven years.


It's definitely a growing place, I'm just talking about renting specifically. Again, I don't know a ton, but I would think the rental market for single family homes probably isn't that great since it's pretty far out.

quote:

Two bedroom apartments are $1,600.00 a month, so yes the rental market is competitive.


As far out as Plano it's 2k minimum for a decent place so it's considerably lower in Wylie.

I'm not shitting on Wylie at all, I just don't think it's somewhere I'd be interested in buying an investment property
This post was edited on 7/1/19 at 11:46 am
Posted by 777Tiger
Member since Mar 2011
93541 posts
Posted on 7/1/19 at 11:46 am to
quote:

I don't know a ton,


holy frick!!! had to screen shot this
Posted by The Last Coco
On the water
Member since Mar 2009
7000 posts
Posted on 7/1/19 at 11:46 am to
quote:

Why within 20 minutes?


Due to being on call, need to be somewhere that has less than a 30 minute response time. So 20 minutes is the normal commute with some built in buffer for traffic/unexpected delays.
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