Posted by James CA on March 11, 2005 at 16:03:39:
This is in responding to your old posting. Did you decide to buy condo’s in TX? How are things going?
I am actively looking in Dallas, Austin, San Antonio areas for 4-plex and other oppotunities.
Cheers
investing in Dallas - Posted by gam
Posted by gam on July 19, 2004 at 24:46:27:
I just realized that you can get a 1 bedroom condo in dallas for about $25K and you can get about $500 a month in rent.
That sounds like a SWEET deal to me.
All i want is to buy, hold, rent and sell in the long run. As long as the rent can cover the mortgage, i would be content to hold the property for 10 years etc.
Can anyone come up with reaons why i shouldn’t do it ?
I am in NY and there is no way I can put 20% down and be able to break even on the mortgage. So Dallas sounds very tempting to me.
Any advice would be appreciated.
Thanks
Re: investing in Dallas - Posted by caguy
Posted by caguy on July 19, 2004 at 13:23:01:
Are there some good websites to do research on properties in different states as far as price, rental, market, vacancy rate, appreciation etc. before jumping in?
Re: investing in Dallas - Posted by David Alexander
Posted by David Alexander on July 19, 2004 at 01:58:58:
I’m not going to say it can’t be done…
But, the Dallas market is tuff right now… slower market for renting… lots of vacancies…
And if your new to rentals… then you need to have cash to back your plan… Learn to buy/sell first… before you learn to buy/hold…
In other words… learn cash generation skills, building a business skills, good investing habits before holding alot of rental property…
When you hold property in Texas, you lose the homestead exemptions… and it can kill cashflow…
Now, with that said… if your dead on some rental property here in the dallas area… I’ve got quite a few I’ll sell… I’ll even owner finance them for you… and they are already rented… and cashflowing to boot…
David Alexander
Re: investing in Dallas - Posted by gam
Posted by gam on July 19, 2004 at 24:48:40:
I forgot to add, does anyone know where else I can break even on my mortage with a 20% down besides DAllas ? I plan to buy, hold, and rent.
thanks
Re: investing in Dallas - Posted by Stew(NE)
Posted by Stew(NE) on August 22, 2004 at 24:20:44:
I have about 20K coming out of a 1031 that I need to buy something for at least 131K. I have rentals in Omaha and I do flips, but it is very hard to make rentals cashflow here. What about this http://www.rein.org/1300/index.html?all
How is the Austin area? Do you have properties down there? Thanks for any help.
why is Dallas so weak David? - Posted by John V, FL
Posted by John V, FL on July 20, 2004 at 24:12:44:
I was in many of your large cities like Houston and Austin lately but missed getting to Dallas. When I see what is going on in other sunbelt locations in Arizona, Las Vegas, Florida and gulf coast it really was amazing to see what appeared to be vibratant, growing areas with lots of opportunities and excellent quality of life have such very affordable housing prices. I remember 2 bedroom condos in South Florida were once depressed and sold in the $30’s that rented for $600 a month. After Hurricane Andrew in 92’ things started to change and they’ve triple since then. Perhaps a new up cycle in energy and oil will do the same for Dallas and Houston?
Re: investing in Dallas - Posted by Than
Posted by Than on July 19, 2004 at 08:01:24:
If you are really interested in getting properties that cash flow you should contact me in New Haven, CT
Re: investing in Dallas - Posted by gam
Posted by gam on July 19, 2004 at 13:13:22:
thanks. Will email both of you.
I have about $60+ to invest. I just checked there are actually condos in Dallas going for about $25K with a possible rental income of $400 per month.
If I put 20% down, I can probably afford several condos that are in the same price range and generate positive cash flow. I am kind of excited about that, but also question myself if that is too good to be true. Because here in NY, $60K isn’t even enough for the down payment of a studio condo.
Sometimes this is too exciting for me. I am worried if I lost all my $60K, it took me almost 10 years to save up that kind of money.
I am babbling again. Will email you today about your properties.
tahnks