Best Dallas Neighborhood for Renovating/Selling Houses (Plano, Pasadena: real estate, apartment)

[Kenpasadena]

Planning my escape from Los Angeles (Pasadena). I have a 1930s Spanish home which I am in the process of remodeling and then selling.

My long-term plan is to move to Dallas (went to college there and lived there a long time ago) and take the capital from my Pasadena home to start doing the same thing in Dallas.

When I lived there lower Greenville was starting to get remodeled and Central Expressway was not redone.

My sense is that real estate is finally getting better and the Texas economy is much better than it is in California - so it's a good time to escape.

Gay male, late 40s. Live in a neighborhood with upscale young families - a few gay families - but don't have to live in the gay ghetto.

Thanks in advance for your feedback and ideas.

[TurtleCreek80]

North Oak Cliff is prob the first neighborhood I would point you towards. It has just exploded over the past 5-7 years in terms of being "rediscovered". A lot of the "cool" gay guys have migrated there from Oak Lawn- drawn into the charming homes built between 1910-1950 (quaint craftsman bungalows, charming Tudors and Spanis style cottages and mansions, and really cool mid-centur moderns) as well as the huge restaurant scene. The last few years have seen multiple "best new restaurants" which are located in NOC.

It's a beautiful area- hills & winding streets, and just 10 minutes from Downtown / Uptown via surface streets. The new bridges and redevelopment along the Trinity will continue to drive growth in NOC for decades.

[Lakewooder]

Lower Greenville still has a lot of renovations but now there are teardowns and new homes going in - Vickery Place, Belmont and other sections have conservation districts to regulate new construction. Cochran Heights off Henderson is an interesting neighborhood if you haven't seen it, and it's off Henderson Avenue, which is booming.


I live in Junius Heights and I think it's an excellent place to renovate. We are now a historic district and we have an annual tour - there were a couple of homes on it this year with renovations in progress. We have mostly Craftsman Bungalows somewhat like the northern parts of Pasadena and we also have some Tudors and Spanish style homes (a few) that were built mostly in the 20s. Mine is a 1916 actual Sears kit home.

See http://www.juniusheights.org/publici...ghts-best-2010 which also cites the schools as a reason to buy in the neighborhood. However, it's not all families, there's quite a mixture.

[Balooshahi]

I agree with posts above. Those are very good areas for flipping. I have a neighbor who flipped few homes in West Plano's Glen Eagles & steeplechase. Not major renovation but more like cosmetic, roof & appliances.

[Kenpasadena]

Thanks everyone for the suggestions. Those sound like great neighborhoods. What do you think about East Dallas, White Rock Lake and Northwest?

[gsupstate]

Check out the M Streets and Lakewood as well.

[TX75007]

Given your expertise and patience level, I'd consider using your capital to become a landlord as the rental market here is really good and will be for a very long time. And property values will grow over time. Renting is flipping but on a 20 year cycle.

Depending on your capitalization, you might be able to do this full time, depending on the number of homes you can get and what kind of relationship you can get with a local bank. Since there is no income tax in TX, and if you can do it full time and pay yourself a salary, its lucrative if you can get the property at the right price and can do the improvements/repairs yourself.

The major underserved market for home rentals here is the upwardly mobile hispanics who are looking to move up from apartment living and into the better suburbs. Richardson, Carrollton, and parts of Plano...

The economy is MUCH better in TX. Between oil, technology, and the expansion of the port facilities, there will be another 500,000 to 1 million jobs created in the next five years.

[goodhugh]

I'm currently living in a duplex in East Dallas 75228 (renting) and the landlord is putting it on the market. I'm looking at purchasing and living in one side and renting out the other. The house is in good shape and in a good neighborhood. It would be my fist time buying and being a landlord. Should be an interesting experience.

[BigDGeek]

Originally Posted by goodhugh

I'm currently living in a duplex in East Dallas 75228 (renting) and the landlord is putting it on the market. I'm looking at purchasing and living in one side and renting out the other. The house is in good shape and in a good neighborhood. It would be my fist time buying and being a landlord. Should be an interesting experience.

Read up on what your rights and responsibilities are first. It'll make it much more pleasant for you and your future tenants.

[Lakewooder]

The first property I bought was a duplex in East Dallas 75206 (Knox-Henderson/Cochran Heights/Vickery Place area) i didn't live there when I bought it but I did live there for 8 years, moving in about 4-5 years after I bought it... paid it off while renting out the other side and buying other properties - one every few years. Then paid those off...

Did this while working full time and it worked well for me. For instance, the orignal duplex was about $50,000 - now it's worth around $250,000. A California developer recently bought a lot of property along Henderson for $50 million - so maybe there is more upside!

Be careful about renting to friends and getting too involved with your tenant. Go by the book (see Texas Property Code).

Good luck, I think you are off to a great start.