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Old 07-18-2018, 12:25 PM
 
10 posts, read 10,113 times
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I am selling a rental property in an another state and looking to invest in a rental house in the DFW area.
Budget is around 300 to 350k.
Need recommendations on good area to buy a house.
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Old 07-18-2018, 04:57 PM
 
Location: 89052 & 75206
8,153 posts, read 8,354,049 times
Reputation: 20086
You should be doing a real estate exchange — not outright selling — for tax benefits!
Really not a good idea to buy rental property unless you live locally.

There are lots of good areas but typically people (unless its a collection of roommates) who rent a house in that range are new to the area and just short term renters until they ID the area they want to live in. I’d seek rental properties that cost less so you can have a rent that will attract people still saving for their first homes or modest wage earners who will be longer term tenants.

I find there always a waiting list of good tenants for single family houses with rent under $1700 a month. In Texas — with property taxes really, really high (estimate $400/mo and insurance pretty high budget $100 +/- a month) plus the property management fee if you are not local means your ROI of at least 8% will require you to spend under $200K on a property to get stable tenants. I’d look in Firewheel area of Garland, North Euless, Hurst and Bedford. Northwest Carrollton, Midlothian, Arlington in the Martin HS attendance zone.

https://www.zillow.com/homedetails/1...uless-TX-76039

https://www.zillow.com/homedetails/3...28937674_zpid/

Last edited by WorldKlas; 07-18-2018 at 05:25 PM..
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Old 07-19-2018, 02:22 PM
 
1,448 posts, read 1,489,659 times
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Let's try to do a 1031 exchange for you if we can.
It can be tough due to the fast market here in DFW area, but is possible.
I'd probably move down the price range if you can for a rental.
$200K and below is probably better...much larger market.
As you move up the price range...$300K and better the market becomes much thinner.
Everyone has their own strategies though and we've seen several different ones work.
I'd look to the North of DFW or around the edges of the big circle around DFW.
Denton, Prosper, Celina, Melissa, Anna, Saginaw are some choices I would consider.
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