Tell me about the rental market in DFW (Plano, Richardson: rentals, day care)

[nsumner]

Originally Posted by TurtleCreek80

You can do something called "castle keeping", where you rent a home for an extremely low price (like $800-1000/mo for a $1M home) and pay all the bills (electric, cable, water, etc) - but the catch is once the home sells, you must move out by closing. You could be there for 3 months or 23 months, however long it takes to sell the home. The benefit to the seller is that they can move out & move on, yet have a more desirable looking home on the market (fudnished, appeara to be seller-occupied even though a renter is there) vs selling an empty home (which often screams "make a lowball offer!!").

One of the criteria for this type of companies is that they require that all your furniture be of high end quality and look. Many people doing this have to put a lot of their belongings in storage, i.e. additional expense, because, grandma's antique dresser and bedroom set won't be acceptable. The house has to be in showing condition 24/7 and you cannot turn down ANY showings.

It could be indeed a good arrangement but not for everyone. Ideal for singles with couples with no kids.

Naima

[skids929]

Originally Posted by TurtleCreek80

condos for rent? Sure- if you don't mind not having any yard while you're renting. Just be sure to check crime stats & sex offender registry for any condo- or apartment- you like. Some have none and others are a hotbed of criminal activity or sex offender "clustering", even in the burbs. Most are perfectly safe, just always want to dot your "i's", you know?

Good advice, duly noted..

Where do I learn more about castle keeping? Sounds risky but like it would be fun. Talk to a realtor?

Boy it sure would be hard to go back to a $400k house after living in a million dollar mansion.

[TurtleCreek80]

Originally Posted by skids929

Good advice, duly noted..

Where do I learn more about castle keeping? Sounds risky but like it would be fun. Talk to a realtor?

Boy it sure would be hard to go back to a $400k house after living in a million dollar mansion.

As Naima said in previous post, it's best for people with no kids. That's why I was suggesting it to the other poster whom I believe is a single guy.

[MovingAloha]

Wow, I'm using an Agent who sends me listings in my specified area of Plano zips 75075, 75023 and 75024 and I'm seeing beautiful properties in the 2300- 3000 sq ft range all around the $1700 range. Why are some of you saying it would be difficult to find? These are areas with great schools as well; granted the homes are not brand new, but I personally like neighborhoods with beautiful homes and mature trees!

[roverchris]

Originally Posted by TurtleCreek80

As Naima said in previous post, it's best for people with no kids. That's why I was suggesting it to the other poster whom I believe is a single guy.

No, I'm a married man with two kids (5 & 1). castle keeping would certainly not work for us. I'd drive myself crazy worrying about things being kept in order.

The reason we would be interested in lease purchase options is that we want to settle in a neighborhood with a good school that we would be interested in purchasing a home in that same area. Planting roots, if you will. The whole mortgage issue is tricky since we're moving back from out of state, so I'm changing jobs. The only positive to that is I'm going back to my old employer in Texas.

[skids929]

Originally Posted by MovingAloha

Wow, I'm using an Agent who sends me listings in my specified area of Plano zips 75075, 75023 and 75024 and I'm seeing beautiful properties in the 2300- 3000 sq ft range all around the $1700 range. Why are some of you saying it would be difficult to find? These are areas with great schools as well; granted the homes are not brand new, but I personally like neighborhoods with beautiful homes and mature trees!

rentals?

Can you post an example? Plano would be a perfect location for us. Not where I want to settle, but renting would be just fine.

[Photography]

Originally Posted by skids929

Good advice, duly noted..

Where do I learn more about castle keeping? Sounds risky but like it would be fun. Talk to a realtor?

Boy it sure would be hard to go back to a $400k house after living in a million dollar mansion.

You can learn more about Castle Keepers (http://www.castlekeepers.com/findbuyrent.html - broken link) and the qualifications (http://www.castlekeepers.com/qualification.html - broken link).

[skids929]

Originally Posted by MovingAloha

Wow, I'm using an Agent who sends me listings in my specified area of Plano zips 75075, 75023 and 75024 and I'm seeing beautiful properties in the 2300- 3000 sq ft range all around the $1700 range. Why are some of you saying it would be difficult to find? These are areas with great schools as well; granted the homes are not brand new, but I personally like neighborhoods with beautiful homes and mature trees!

Yep, you're right..Heres a good example, this one is acceptable.



6909 Darton Dr Plano TX - Home for Rent - MLS #11559818 - Realtor.com®

[skids929]

another one..Nice little neighborhood. If I were smart I just buy beneath my means and end up in something like this..For rental though this is definitely what I would settle for and the price is great.



7901 Whispering Tree Lane Plano TX - Home for Rent - MLS #11506146 - Realtor.com®

Another Gem little higher price..

http://www.realtor.com/realestateand...4_M79266-61840

[skyview22]

I feel you about being stuck owning a house in this market. I moved to DFW two years ago despite (still) owning a house in another city in Texas. I ended up renting it which has worked out for me. I more or less cover the main costs with the amount I am getting for rent. I was lucky and worked with a guy who happened to own several four-plex rentals that he managed himself so I pay him about 4% of the rent to manage the place and know he will do a good job. I got lucky because its typical to pay 10% for a property manager.

It turns out the tenant wants to buy my house but cannot qualify for a loan. At this point, I think I will be holding on to it for a little while which makes purchasing another home, here in Dallas, impossible. I will probably wind up trying to refinance now that it looks like I will be keeping it even longer. Anyways, renting your house could be a nightmare if the tenant doesn't pay (luckily my property manager was able to handle that situation very efficiently when it happened to me. I recommend having a tenant who is bad about bouncing his rent check post date several rent payment checks at a time so if they bounce you can get him for check fraud...THAT was very effective) Anyways, renting has worked out for me and I recommend it as an option.)

I am renting in the mean time. There are some great apartment complexes around here to choose from. Its an option. I live in Bent Oaks apartment in North Dallas, right near Addison. I would recommend it highly. I am very happy with it. It is rated above 90% on the apartment rating site. Some people have rented their apartments here for over 4 years so it is a very well kept place, very homey. Some people have bird feeders and little gardens outside. There is a small pool which could be a plus with the kiddos. It would be an easy commute to Plano (via Preston Rd or other options) I would definitely look into it.

Best wishes.