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Old 09-26-2015, 06:51 PM
 
Location: north of Dallas
7 posts, read 6,810 times
Reputation: 12

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My wife and I are in our 30s and recently married with no kids. We live in an apartment in Sherman and looking to buy a house probably in one of the 5 cities in the title. She works in Denison (north of Sherman), and I work in Farmers Branch (north Dallas and 70 minutes south of Sherman). We are looking to buy a house around $140k to $200k as our residence this coming winter of 2015, and later buy investment homes to rent out.

It appears the most homes available are in North McKinney, then Anna, and Melissa is a distant third. But there are a few homes we might like in all 5 cities. She grew up and went to college in North Dakota, and I grew up and attended college in Dayton Ohio.

Prosper seems too far away, and I would have to spend $10/day or more using the toll road to get to work. So realistically around interstate 75 appears the best.

Please don't limit your answers to which city supposedly has the best schools. We both have doctorate level degrees, but the richest members of our families have 8th grade educations and worked as farmers or construction owners. We know construction company owners and people with associates in nursing or computers who make a lot more than most masters or PhDs. Also, most high schools and colleges don't teach kids personal finance, how to start businesses, health, parenting, marriage skills, construction, computer programming, or car mechanics. And schools provide cheerleaders for D or F students on the football team but nothing for A students. So I believe parents are the important variable and not the schools. Also, we don't have kids yet, and don't know if or when we will.

Considering items such as where home values might increase, the most enjoyable city to live, schools, friendliness of the people, best homes, and any other factor not considered:
1) Where would you choose to live of those 5 cities or nearby, and why?
2) Where would you choose to buy an investment home to rent out, and why?
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Old 09-26-2015, 06:59 PM
 
Location: Texas
3,253 posts, read 1,555,972 times
Reputation: 3078
Melissa/Anna would be a better bet for investment homes I think as they're still reasonably priced but growing.

You'd be competing with people that are trying to purchase their primary residence in McKinney. There is extremely high demand, here.
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Old 09-26-2015, 07:47 PM
 
Location: Prosper
6,268 posts, read 12,122,402 times
Reputation: 9325
McKinney is going to be the best for investment, right now. Melissa/Anna are still about a decade or more away from the housing boom. Only after all the good areas of McKinney are developed, will Melissa and Anna start to really appreciate. So you have plenty of time from an investment perspective to buy in either of those areas.

With your budget though, you are already priced out of most areas of McKinney, and there's only a handful of properties in Prosper in your budget.

If you can find a house you like in McKinney that fits the budget, I'd go that route. Otherwise, Melissa/Anna will be solid second choices, and will eventually give you a nice return on your investment.
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Old 09-26-2015, 09:16 PM
 
233 posts, read 221,438 times
Reputation: 130
Quote:
Originally Posted by cornelpa View Post
My wife and I are in our 30s and recently married with no kids. We live in an apartment in Sherman and looking to buy a house probably in one of the 5 cities in the title. She works in Denison (north of Sherman), and I work in Farmers Branch (north Dallas and 70 minutes south of Sherman). We are looking to buy a house around $140k to $200k as our residence this coming winter of 2015, and later buy investment homes to rent out.

It appears the most homes available are in North McKinney, then Anna, and Melissa is a distant third. But there are a few homes we might like in all 5 cities. She grew up and went to college in North Dakota, and I grew up and attended college in Dayton Ohio.

Prosper seems too far away, and I would have to spend $10/day or more using the toll road to get to work. So realistically around interstate 75 appears the best.

Please don't limit your answers to which city supposedly has the best schools. We both have doctorate level degrees, but the richest members of our families have 8th grade educations and worked as farmers or construction owners. We know construction company owners and people with associates in nursing or computers who make a lot more than most masters or PhDs. Also, most high schools and colleges don't teach kids personal finance, how to start businesses, health, parenting, marriage skills, construction, computer programming, or car mechanics. And schools provide cheerleaders for D or F students on the football team but nothing for A students. So I believe parents are the important variable and not the schools. Also, we don't have kids yet, and don't know if or when we will.

Considering items such as where home values might increase, the most enjoyable city to live, schools, friendliness of the people, best homes, and any other factor not considered:
1) Where would you choose to live of those 5 cities or nearby, and why?
2) Where would you choose to buy an investment home to rent out, and why?

I agree with most of what you said but little surprised by limiting value of education to earning potential. There is more to education than mere trade training though that's a significant part.
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Old 09-26-2015, 10:06 PM
 
Location: Dallas area, Texas
2,237 posts, read 2,761,593 times
Reputation: 3774
Quote:
Originally Posted by cornelpa View Post
[b]

Prosper seems too far away, and I would have to spend $10/day or more using the toll road to get to work. So realistically around interstate 75 appears the best.
FYI: Highway 75 is US75, not I75.

Of the five cities/towns, I would choose McKinney. Closer to shopping, doctors, the arts, civilization.
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Old 09-27-2015, 10:03 AM
 
959 posts, read 1,015,438 times
Reputation: 604
If that is your list of cities to choose from, McKinney all the way
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Old 09-27-2015, 08:53 PM
 
233 posts, read 221,438 times
Reputation: 130
To be honest Denison and Farmers Branch are just too far apart. You can pick any town in between and it would still suck. Just go with the house that you like, no matter which city. Another solution is to keep renting and looking for jobs that put you in a position to actually spend more time in your new house and less on the road.
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Old 09-27-2015, 11:51 PM
 
233 posts, read 221,438 times
Reputation: 130
I don't know why I came to that conclusion. McKinney would be an obvious and conventional choice but you can get "more bang for your buck" in smaller towns.
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