New to DFW RE Market

[Auryana Faramarzi]

Hi all - I'm a new investor looking to begin my journey to financial freedom. I am currently based in CA and like a lot of people, I am looking to invest out of state and in the DFW region. 

Because I am not a local to the area, I was hoping to hear from tenured investors/residents as to what are some solid areas to look at within DFW. My price range is 300-350K, with goals of positive cash flow and long term hold. Looking in B class areas. I'd love to hear your thoughts and opinions on my criteria! 

[Andrew Postell]

@Auryana Faramarzi thanks for posting!  Texas has so many offerings and it's a VERY different market than other large metro areas.  I moved here from NYC and it took me a little while to understand this market so I'll hit some highlights that are good to know about:

• The price points of housing is SIGNIFICANTLY lower than other markets - my personal advice here is to target properties that are $250k and under.  It sounds strange but two $175,000 homes will rent better here than one $350,000 home.  A home that is $175,000 might rent for about $1500?  A $350k home will rent for about $2600.  That's no small amount.  There are a lot more people who are in need to rent at a lower price point.  But even if you want to target just one property for now - try the $225k price point and see what you can find.  You might be surprised.
• Having a good team - I also have properties that are out of state and see others who invest here from out of state as well.  Having a great real estate agent is very important to finding the property.  Having a property management that can provide good communication AND screen tenants will be CRITICALLY important to your continued success as well.  I might be a little biased on the lending part but it's going to be the largest percentage of your property.  Insurance agents are good to know as well.  All of these can be found through Bigger Pockets.
• Patience - you might have heard that just about everything is in short supply right now...and housing is no exception.  Which means lots of competition.  Remember that this is a business decision that we are making to buy a rental property.  We want to make good offers but going 40% over ask isn't in the cards for a business.  Be patient but also have realistic expectation as well.

Hope some of this helps.  Thanks!