Where are the best Areas to buy rental property in DFW? (Dallas: real estate, how much)

[zhappybird]

We are trying to invest a rental properties but wondering in which areas of DFW we should focus on. Our budget is below 180k. First time to be a investor, Thanks!

[turf3]

Garland, Mesquite, the Colony, Wylie, East Dallas Samuell-Grand area.

[zhappybird]

what about fort worth? my colleague has three rental properties in forth worth.

Originally Posted by turf3

Garland, Mesquite, the Colony, Wylie, East Dallas Samuell-Grand area.

[turf3]

I don't know FW well enough to recommend.

[zhappybird]

Does Garland have good schools? Also it is in the far east of Dallas.

Originally Posted by turf3

I don't know FW well enough to recommend.

[turf3]

Garland schools are pretty much meh - not awful, not in the class of Plano or Richardson. At $180k you're not going to be buying premium properties in top school districts. For that budget I'd focus on working class areas where people have jobs.

Don't forget, too, that you're almost certain to have to do considerable work on any property you buy, especially if it's been a rent house already. What will get your property rented is for every visible surface to be immaculately clean and freshly painted where applicable. Everything attached to the house needs to be in perfect working order. You're not going to find a lot of $180,000 houses in DFW like that and ready for tenants to move in, so you'd better budget for a complete repaint inside and out, all new carpet, and some repairs. I don't know whether your $180 includes those things, in which case your actual purchase price looks more like $160, or if you have a separate budget for those matters.

The one counterexample is that you might be able to find an older house in East Plano if you're lucky for that, old and small and dirty and needing a lot of repair, but in PISD. If you can do all repairs yourself that might be a good choice.

It occurs to me that I didn't mention southern Dallas Co, because I don't know much about it. But you might want to look into Duncanville, Cedar Hill, etc.

[Taub201]

Nearing a top in the market when posts like this show up.

[cordata]

Speaking of budget, for those of you who have invested in rental property, how much of your net worth or investable assets would you allocate to this kind of property? I would assume you need 20% down payment for a rental also ? So if one is going to buy a $200K property, you want to put down $40K... is that a lot or a little of your investable assets ?

[Taub201]

Ideally, real estate investments, excluding your domicile, shouldn't be more than 10-15% of your investable assets.

[MSgtMike]

Did a quick search on MLS for Wylie, Garland, The Colony, Mesquite and got about 70 properties at $180k or less. All but 4 are Mesquite and Garland.