All Forum Posts by: Haley Powell

I'd say just keep stalking the forums. Every now and then I'll find a thread breaking down the pros and cons of different areas, that helps me get an idea of what's happening around there. 

Try to look for future development in cities that would bring an influx of people (an Amazon fulfillment center, a new sports team, a new park) that way you can be the one renting to them.

You can also read online about "up and coming" cities (ie. Kansas City, Oklahoma City, Boise, etc.) that are developing and drawing more people. These are generally decent options. The problem with that strategy is that at that point the cat is out of the bag and the people really raking in the dough are the people who were there before the boom. It's like that adage about stocks "when you hear your cab driver bring it up you know it's time to sell". When it's common knowledge the advantage is lost. 

Hey @Brayden Libby! Congrats on getting started so early! It's great that you have a plan in place and are taking steps to achieve your goals. I'm also looking for a househack right now but my advice would be to get to know your area inside and out. Narrow down your target area (where do you want to live, where do other people (potential tenants) want to live, where can you afford to live, etc.), run numbers consistently so you know what works and what doesn't, and try to build your network. Also, learn how to screen tenants. From what I've read, the biggest issues happen when either don't run the numbers or you slip up and rent to a bad tenant. Best of luck!

It's the age old dilemma. The nicer (and higher demand) areas are more expensive but command higher rents. The lower end areas are cheaper but demand more repairs/updates and are harder to rent out. I'm in Dallas and I work in downtown Dallas, I'm currently renting but my ideal situation would be to find a househack so I can save up for more rental properties. My work location exacerbates my problem as I'm tethered to downtown and I'm trying to avoid a massive commute. However, if you are familiar with Dallas you'll know that the market is competitive and I find myself priced out of many areas.

My question is: do I buy a cheaper place in a potentially less desirable area or do I continue saving so I can afford a property in a more expensive area with higher demand? Most (not all) of the properties in the 130k-160k range are either thrashed, cheaply built, or in a dicey area I wouldn't feel comfortable living in. Should I wait longer and save more to try to get a property in a better area ("location, location, location")? 

I'm checking my MLS searches almost every day and I have a good realtor, but I'm beginning to wonder if I'll need to expand my price range. Any advice helps! I'm trying to be realistic with my expectations.

@Hayden Harrington thank you for sharing! This is something I am interested in as well!

@David Martin

Man, I never would have guessed anyone HAD servant’s quarters these days!

And yes, that makes complete sense to check into. I'm staying with my parents rn and their HOA has a fair amount of oddities in it. For one thing, the two halves of the subdivision have completely different rules, with the newer half having more stringent restrictions. What's even more aggravating is that the residents of the older side take it upon themselves to nitpick the newer side. It's a strange set up, and even typing that makes me feel gun shy about HOA's!

@David Martin

Thanks for weighing in David! I feel like I'm blowing in the breeze of everyone's opinions. Each person who adds something has me 100% convinced right up until I read the next comment! But thank you for sharing your experience, it's a good reminder to check with HOA's on what's actually allowed.

@Fred Cannon

Thank you for your help Fred!

I had never considered one bedrooms in that light before! I’ve always limited myself to looking for 2/2’s to make it more attractive to roommate set ups, but I can totally see your logic. Lawn care does seem like a serious potential money drain, especially if you want it done right.

So far I've been banking on taking advantage of an FHA loan to grab a property while the market's low and getting a roommate to subsidize mortgage payments, but I do see your point. Plus 20% down would be much more manageable if I were looking for one bedrooms.

Thank you again for your comment, I have a lot to think about!

@David M.

Hi David! Thank you for sharing, you have a nice counter perspective to Sue!

I will definitely do some research on how HOA's operate for condos in Dallas. I'm currently staying in OKC with my parents and their HOA (SFH subdivision) is pretty much as Sue described. They tried to make a homeowner spend $30,000 to change the color of his roof but have blatantly ignored other violations of the "covenant". Hopefully they operate differently in Dallas, definitely worth checking out.

And I take your point on that! I’m really torn about maintenance of the exterior of a property. My master’s is in landscape architecture, so I innately CARE about how it looks, probably a bit more than the average joe. However, I recognize I can’t spiff up an exterior too much bc it will likely be trashed and not worth the money in the end. Seeing how the yards of rentals are routinely destroyed makes me lean towards a condo set up, but I guess that comes back to your point about tenant quality.

I am completely with you on finding a "respectable" place, I think that's part of my issue. I think most condos I find in my price range are nicer than the houses, but come with the handicap of the HOA. However, the flippers have been busy in south and west Dallas, so there's some opportunity there. My hang up with that is my concern that most desirable tenants may not be looking to live in south or west Dallas. But you never know what the future holds!

Thanks again for your help!

@Sue K.

Wow Sue! You've made some excellent points! That all makes so much sense, I've never drawn the parallel between leading cars and HOA's, but I think it's an apt one. The recurring fee definitely reads suspiciously like rent.

Thank you for weighing in! You’ve given me a lot to think about!

@Layne T.

Hi Layne! Thank you for your insight!

I failed to mention this in the original post, but I interned with this firm for 6 months and lived in Dallas all the while. I got to know Dallas a bit while there, though I do take your point about doing further investigation. My original plan was to stay w the woman I originally rented from and continue looking for properties, her rent was a great deal, she required no lease, and she was close to my work. Sadly, she may be selling her condo (not at the price I’m willing to pay) and moving, so she’s no longer an option. Maybe I can find a new one!

I do also feel a bit of pressure to try and find something while the market is somewhat dampened by Coronavirus, it seems to have thinned the competition a bit. I’m also somewhat worried that renting (potentially alone as I don’t know many people in Dallas) will drain my pay check and make it hard to save money. I know these exact sentiments may drive me into an impulsive purchase, so I’m really trying to fight a sense of urgency.

Thank you again for your advice and your map! I will definitely keep it in mind!