@Haley Powell
Learning is important. Understanding markets is important. But, as I journey down this path, what I'm finding to be most important is DOING! I spent 15 years learning. I've finally started "doing" this year. For all the learning I've done, I've still had to research so much minutia as I buckle down and treat this business like a business. I'm not saying learning isn't important, but not as effective as learning by/while doing.
One of the most important things I look for in a deal is to have as little of my own money as possible in it. This could be especially important to you as you're just getting started professionally.
A benefit of a house hack in Dallas would be that it could qualify for an FHA loan. A much smaller down payment, granted with the additional expense of PMI. If you buy right, maybe add some equity, and get premium renters, your payment could be nil.
Dallas is a hot market. Your investment could offer incredible appreciation. But hot markets are inherently more volatile. If (or as many smarter people than I say, "when") there is a crash, Dallas is intrinsically in more danger of being upset than the relatively stable OKC/Tulsa markets.
In OK, there is a lot of deals, but there are a lot of investors too. It seems to take a lot of early offers and digging to find good ones.
If I were you, this is what I would do:
Devote every second you can spare to find a deal on OKC, get it rent ready and hopefully rented within 90 days. Find a deal where you get your money back and it's cash flowing whatever your parameters are (mine is 200 a door but I'll take 100+ if there is some other great things about it).
When you go to Dallas, househack. Hopefully what you make on rent in OKC covers your overages (if any) in Dallas and live for free. (TBH, I only save rental income and am trying to build it to reinvest, but you see what I'm saying).
Find other investors to learn from, get pre-approvals, get your documentation in order, and don't be afraid to ask for help.
I've been incredibly lucky to find an amazing group of people here, and at home, that are incredibly generous with their time and knowledge. If people see you are willing to put in the work and take risks (and not just "learn", because despite everything you learn, you'll have to learn the specific details of your deal when the time comes; and a common denominator with successful people is they put there head down and charge into the unknown, and come out the other side with the knowledge they didn't have going in) they will be willing to invest time and effort into helping you succeed.
FULL DISCLAIMER: I'm not yet successful in RE. But in 3 years I'll have 7 properties (currently only have one, one under contract, and put in an offer on another yesterday!) or I'm cutting off a digit. I made a decision to stop learning and turn on the warp drive at the beginning of the year. I've made more connections and learned more by doing than I have in the last 15 years of just learning.
Good luck! You can do this. It's scary, but making moves is what will separate you from all the other "new investors" that have post after post of "how to get started/find a deal/get financing/whatever early stage step" and then disappear off the message boards first.
Remember too that your first 5 are tough and the returns make you wonder if the effort is worth it at the time. Doing one deal every 5 years, it's probably not worth it. One (or 10) a year though, that changes everything. Keep your eye on the big picture, and remember scale.
Since you're just starting out professionally
