Getting ready to buy in Texas...

[Justin Brophy]

Hello all,

I've done quite a bit of research, reading, and networking in regards to my first purchase.  I was originally leaning towards Las Vegas but have now decided it will be Texas or possibly Oklahoma.  I am looking for some input from investors in these states and any information or experiences would be appreciated. 

I am looking for a rental property, I will spend between around 115k-125k max, 3br/2ba (Not looking to do much rehab).  My criteria is a property with a decent cash flow and hopefully consistent appreciation.  I have been researching and hearing great things about the Dallas Fort Worth area.  Any investors have anymore areas specifically? 

Also, I will most likely be making a trip out to the area in a couple months to do my in person research on the different areas/neighborhoods and view the different properties.  Anybody with realtors who may be willing to show me around in Dallas Fort Worth or OKC when I make the trip?  Thanks in advance for your input.

[Will Barnard]

You should speak with @Jon Klaus he is a very knowledgeable investor in the area and a friend of mine. He should be able to point you in the right direction.

You mentioned cash flow with appreciation, keep in mind you rebasing for everything and often times, good cash flow will not come with good appreciation and vice versa. Also, buying at around $120k will require you to be getting somewhere both of $1800 monthly in rent if you plan on having long term cash flow. That will be a stretch in TX this is a very competitive market right now with rents and occupancies at their peaks (or close to peaks) so you need to search hard and find a great deal to obtain the cash flow. Another option would be to go for multi family, you will find you will have better cash flow opportunities there, but don't expect a lot of appreciation.