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Old 08-27-2013, 11:09 AM
 
13 posts, read 19,827 times
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Quick question for everyone:

I am looking to buy a home and rent out a 1-2 rooms. I'm thinking about a home around 200k. I'm really struggling with the area to choose because of the quality of home I would get vs location. Does anyone have any suggestions? I would like a 4bedroom home that is fairly nice.

I would obviously like to be as close downtown Dallas but I doubt that will happen.. If it can great, if not I was looking for an area near a college campus (UTD or Quad C maybe?) or somewhere near where people work?

Any tips folks? I am hoping to start my search soon!
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Old 08-27-2013, 11:31 AM
 
13 posts, read 19,827 times
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Location makes no difference for me, I work from home
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Old 08-27-2013, 11:35 AM
 
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I'd check out renting restrictions in various cities before you pick an area.
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Old 08-27-2013, 12:08 PM
 
11,686 posts, read 21,274,228 times
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Quote:
Originally Posted by mSooner View Post
I'd check out renting restrictions in various cities before you pick an area.
Good advice!

Plus, consider your target renters: if you don't mind living with undergrad or grad students and getting a new crew of roommates every year, somewhere near UTD or UTA or even UNT could work. If you'd rather live with young professionals, North Oak Cliff or East Dallas east of White Rock may work better.

4 bedrooms for under $200k is completely laughable for any of the areas I mentioned above outside of Denton, Arlington, or far east Dallas (Casa View area).
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Old 08-27-2013, 12:23 PM
 
Location: Dallas
2,084 posts, read 2,451,922 times
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719 n madison dallas tx 75208

$200,000
4 bedrooms
Walkable to Bishop Arts district
Near UNT Dallas
Great curb appeal
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Old 08-27-2013, 12:26 PM
 
Location: North Texas
23,624 posts, read 31,208,083 times
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You can't get 4 bedrooms in a decent part of 75080 for under $200k. Most of the houses in that area, especially south of Campbell, are 3-2s anyway.
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Old 08-27-2013, 02:23 PM
 
13 posts, read 19,827 times
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I guess my last post didn't go through but thank everyone for your input. Much appreciated! I will def look in to the legalities of it. Very preliminary at this point, but I do know I want to do it! I understand 200k wont get me much in ideal areas, but I'm ok with finding the best area I can afford. I could possible go up a little but not too much. I don't want to break even for the month if I was the only one paying rent.

I am ok with any kind of renters, short or long term.. obviously long term great roommates would be best but we dont live in a perfect world do we? heh

Does anyone know how hard it is to rent when looking for young professionals? Should I target college students or is it easier to find a place near a bunch of corporate businesses
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Old 08-27-2013, 02:58 PM
 
Location: garland
1,595 posts, read 1,575,409 times
Reputation: 1969
honestly, people looking to rent rooms instead of their own apartments at the price point you have set is a bit of a risk on it's own. Young professionals would not be interested in what you are offering.

When dealing with someone who is not a student, you will be dealing with either anti-social types or people who are living very close to the bone. either scenario is problematic from a landlord point of view.

College student demographic seems to be your best bet but most of those can afford nicer apartments than what a $200,000 home in a desirable area has to offer.
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