Relocating Investor (Korea to Texas)

[Eric Gabriel]

My wife and I have finally decided on Texas.  I have 2 requests.

1. For our personal residence, we have identified areas that have good middle and high schools, which include Frisco, McKinney, Prosper, Plano, Providence Village, and Wylie. We have only chosen those places because of the presumably good schools and house styles. We are also open to anywhere else throughout Texas in a decent metro with a good middle and high school. Since I'm an investor, I'm looking for a value-add 3-bedroom house to buy (in said good school district). We have cash for a 75% purchase + rehab price to ARV up to $200,000 is our target. All in $200,000 cash that will appraise at above $266,000. Of course the better the deal the faster my cash flies out of my hand.

2. I'm looking to purchase twenty (18x) 4-plexes in the next year. I can purchase with cash. I'd prefer value-add so I can continue my strategy from 2004. The purchase and rehab needs to be below 75% ARV for my refinancing to work out the way I want it to. Easy to rent B-C neighborhoods are ideal. If you know anyone looking to sell their plexes, I'm looking to relieve their burden.

Thank you in advance for any help or for directing me to someone that might be able to help meet my needs.

[Chris Reed]

@Eric Gabriel

I have lived in the Dallas area since 2002, so here's my personal opinion on the area.  Feel free to break out your salt shaker.   

Plano is the most southerly area to live if you want good schools, good neighborhoods, and good access to everything.  Frisco is really nice, but as an investor, you might be too far away from everything you want to invest in (depending on your strategy).

I will also say that the north of Dallas area is saturated with investors and rehabers right now, so it might be a bit hard to get traction, but it's still a good place to invest.  Personally, I would suggest getting a house in Plano (close to DNT or 75), and take a few months to fix it up, look around, and make your long term decision.   ...basically, what you've probably already decided to do :-)

As for the multi-family, the areas north of Dallas don't really support multi-family like other metro areas.  It's a different culture here.  There is a different concept of personal space than other cities.  I'm not saying it can't be done, but I do suggest seeing it first hand before making any concrete plans.  That being said, there are some great areas to implement such a strategy, and I (or other natives) can point them out if you desire.  

My investments right now are going into quads in an area south of Dallas due to the high need for affordable rentals in that area.  

If you are coming to Dallas and would like a tour, send me a message.  My opinions are always free.