All Forum Posts by: Haley Powell

@Haley Powell I'm relocating to Dallas this spring/summer as well so I've been researching and learning a ton. I think if you're looking for a house hack, you have more options and flexibility than a straight up rental. I've noticed that a lot of the places near downtown don't work well for me, especially with the HOA fees. But I also won't be working downtown so my needs/wants are likely different than yours. Personally, I've been looking in Carrollton/Plano for a SFH house hack (all the best asian food is in Carrollton & Plano). Good luck!

-PK

I started with an out of state deal, I live in DC and invested in Orlando, however I was familiar with the market because I'm originally from that area. Since then I've invested more in Florida and in Arizona so all of my deals are out of state. 

Investing out of state may introduce some challenges but they can be overcome by educating yourself about the market and building relationships with good people who are local. 

@Haley Powell You can buy out of state at any point. It's the market and the asset itself that matters. There are processes you can implement to make out of state investing work very well. The Majority of my portfolio is out of state. Never had an issue due to distance. 

I am also considering investing out of state. I currently live in Chattanooga and want to invest in GA near the town I went to college in.  Before I seriously consider investing there, I am going to contact a couple of realtors and property management companies to get some information on the current rental market.  Its been 20 yrs since I last lived there and I know the market has changed since.

I think investing in OKC, where you are now and possibly in a better market is a good idea.  I understand your hesitation being away when you move to Dallas, but perhaps your parents can help?  My parents help me a lot with my rental where they live in Virginia since I moved to Louisiana.  It is a challenge, but they have helped me get two sets of tenants in the property in 6 years as well as my dad doing a few small handyman jobs.  My parents are very generous with their time and insist on helping free of charge, but I do pay them sometimes (my rental application fees, always go to them).  Twice in 2019, I flew back to do work on my rental, which happened to coincide with other events, making those events tax-deductible.  Of course, with the right property, proper planning, etc you can pay a property manager...that works for a lot of people.  It's worth considering both options!

Haley - I am interested to see how it all goes.  I'm considering a similar strategy  I want to buy a multi-family here in SD but may need to move in the next couple years.  Good luck!

@Haley Powell My suggestion would be to educate yourself as much as possible at first.  I personally would invest where you know first to get a good understanding. However I do recommend that you read the book on long distance real estate investing by David Greene.  

I don't think you are going to "cash flow" that much in DFW area as you are going to in OKC area though. 

Buy in markets that you know. Do not buy anything that you don't know. You don't know Dallas or OKC, so don't buy there. Learn before you earn. 

Maybe I'm a little bit confused.. but you were saying that you're saving up to do a house hack.  So I would think you'd have to buy where you are planning to be working / living.