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Old 01-05-2010, 06:55 PM
 
16,007 posts, read 26,141,305 times
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Dallas County's median home prices rise | wfaa.com | Local News


DALLAS- Dallas County experienced the largest jump in median home prices in North Texas.

Comparing November of 2009 to November of 2008, the median price of homes increased by 12 percent. According to dfwREALTORS.com, the median home in Dallas County cost around $126,000.

Collin County had the only drop in the median home price out of the four main North Texas counties..."
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Old 01-05-2010, 11:43 PM
 
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Interesting! Glad to hear that things are looking up!

Quote:
Originally Posted by Lakewooder View Post
Collin County had the only drop in the median home price out of the four main North Texas counties..."
Yes, but only a 2 percent drop....Actually, I would have expected worse.

Also some good news, according to the article...home sales in Collin County went UP 39%!
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Old 01-06-2010, 06:48 AM
 
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I'm considering buying a new or nearly new home around the 250K mark in the McKinney area to rent out and as a long term investment. Is doing so a reasonable idea or not?
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Old 01-06-2010, 07:35 AM
 
Location: Lake Highlands (Dallas)
2,395 posts, read 5,710,569 times
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Quote:
Originally Posted by Tony_in_Dallas View Post
I'm considering buying a new or nearly new home around the 250K mark in the McKinney area to rent out and as a long term investment. Is doing so a reasonable idea or not?
I would say that if you are asking a group of strangers investment advice, it might not be a good idea. Additionally, I personally don't understand getting a home for $250K and renting it - especially if it is your only rental. The market for rentals of that price is MUCH smaller than lower priced units. Spreading your investment - maybe getting two $125K homes or three $83.3K homes would spread out the costs - when you have a vacancy, you have 1/3 of your rent not coming in for a month or two - vs- 100% of your rent gone. There are many more people looking to rent a $125K home than a $250K home. I work with a guy that has a dozen or so single family homes - and this is his investment theory. I don't know anyone that has a $250K home as a rental investment. Anyone that I know that did have a $250K rental was simply trying to cover a portion of their mortgage because they had to move for a job and couldn't sell the home without bringing cash to the table.

Brian

Last edited by lh_newbie; 01-06-2010 at 08:55 AM..
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Old 01-06-2010, 12:07 PM
 
16,007 posts, read 26,141,305 times
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Just started this thread to let everyone know I am back from vacation!

I agree with Brian. I have about the same number of single family rental homes and they are mostly smaller and easier to deal with..would not buy a big house for this purpose. You also have to remember that people who can afford the rent on a big house are often very particular and you have to spend a lot of time catering to them.

If you can find a smaller home in my area, I will predict that it will be a good investment from appreciation alone. I bought most of my homes for much less than $100K and now the average price of homes in the area varies from just under $200K to $550K plus. So, I am having a little trouble with increased property taxes vs. rental income even though I have paid nearly all the homes off...
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Old 01-07-2010, 12:54 PM
 
Location: Georgia native in McKinney, TX
4,907 posts, read 5,384,472 times
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Quote:
Originally Posted by lh_newbie View Post
I would say that if you are asking a group of strangers investment advice, it might not be a good idea. Additionally, I personally don't understand getting a home for $250K and renting it - especially if it is your only rental. The market for rentals of that price is MUCH smaller than lower priced units. Spreading your investment - maybe getting two $125K homes or three $83.3K homes would spread out the costs - when you have a vacancy, you have 1/3 of your rent not coming in for a month or two - vs- 100% of your rent gone. There are many more people looking to rent a $125K home than a $250K home. I work with a guy that has a dozen or so single family homes - and this is his investment theory. I don't know anyone that has a $250K home as a rental investment. Anyone that I know that did have a $250K rental was simply trying to cover a portion of their mortgage because they had to move for a job and couldn't sell the home without bringing cash to the table.

Brian
Excellent advice
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Old 01-08-2010, 10:16 AM
 
16,007 posts, read 26,141,305 times
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Also if a big house goes vacant you are going to have a big payment, taxes and a lot of cleaning and painting to do! Recarpeting alone would cost a fortune.
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