All Forum Posts by: Haley Powell

Hi Mohammed! I'm in landscape architecture so this is right up my alley. Beautiful property, but I want to stress that even if you don't appear to be in the 100 year flood plain you should still advance with caution. With the climate changing and becoming more unpredictable many places are receiving 100 year storms much more frequently. As an extreme example Houston got 3 "500 year" storms in 3 years. In fact there is even some talk about reworking the whole scale because storms are becoming more severe more often. As others said, check upstream as many neighborhoods and parking lots are piped to drain directly into streams, which can lead to flooding and erosion downstream. Definitely get flood insurance if you pursue this property. 

 I'm going to have to look into that area! I've neglected south of the Trinity because I have a fear of a massive traffic bottleneck getting over the bridges. However if it's really only 15-20 minutes it sounds like I've been missing out! Thanks for the comment.

Set up your keyword alerts for Dallas and you'll find like a minimum of 5 people every week posting about how they are moving to Dallas and want to know where to buy :) The competition isn't slowing down so don't wait around. I have found an agent in Dallas who has investing experience and I am going to meet with a group here in OKC that facilitates investing and also does property management. I will see what is on offer and call some mortgage lenders to see what I qualify for before ruling out any options. David Greene messaged me and said he'd buy in OKC while I'm here and then save up for another year and then buy a househack in Dallas. If my (unsubstantial) funds work I may make a go of that but it's all going to come down to what kind of loan I can get and what properties are available. 

Moral of the story: get your ducks in a row ASAP. Start checking Zillow, learn what you're looking for, begin running numbers even if it's rough just to practice. Also get your financing lined up, I'm in a bottleneck right now because my realtor wants to know what my budget is and I have no idea what I qualify for. You, me, everyone and their aunts are trying to find a househack in Dallas right now so you don't want to get caught flatfooted.

Great advice! I think the core of my issue is that I don't know if I should minimize living expenses in Dallas (via househack) or pursue cash flow, which would be more likely in OKC. I'm tending towards a househack in Dallas to retain as much of my income as possible to put towards buying again either in Dallas or OKC. Thank you for your comment, it's helped to clarify the root of my indecision!

 Thank you Marc! I'm doing my best to leverage what I have, about $13,000, so I need to make sure I have a good plan and team as you said above. I've begun talking with an agent in Dallas and am setting up a meeting with a group here in OKC to establish what the options are. I'm not necessarily looking for a home run deal but I want to use this money wisely. If that means investing in a househack in Dallas for when I move in May/June, I'm ready to commit to that, if it means grabbing something in OKC and holding off on a purchase in Dallas, I think I could make that work as well. I just want to look before I leap as I am not working with much money (and I'm not even approved for a loan yet). Thanks again for the input, it's encouraging to hear that things are working out for you in KC!

Set for Life by Scott Trench! Good for outlining what to do but, as said above, doesn't help you get a deal in a fast market like Dallas. On the other hand, DFW doesn't show a lot of signs of slowing down (from what I've read), so there's a chance you could get something on appreciation, but relying on that is risky.

 That's true, the distance aspect does concern me.

 I've not! My attraction to OKC in particular is because I know it more than Denton, Sherman, etc. plus my parents live there so if worse came to worse I'd have "boots on the ground". The cost of living in OKC is also fairly low and the cost of entry is low as well. I'm sure one of those areas could probably work just as well.

 It's good to hear that you've had success with this! I'm going to keep my options open and scout out some different possibilities.

I've heard good things about that route! I'm not going to lie, though, I get hung up on long commutes. Considering that I will be working in downtown Dallas this can really be limiting. Where are the homebuyer programs located? If I can convince myself that it is temporary I could pin my ears back and muscle through for a year for an FHA loan and then (hopefully) move in closer.