All Forum Posts by: Haley Powell

I'm no expert but I am looking for property in Dallas and it is very competitive. It's a hot market and appreciation seems to be the name of the game. I have heard that it is easier to cash flow in some of the surrounding suburbs, but I don't have any experience with it myself.

The City of Oklahoma City itself has some houses that may BRRRR well but you may be sacrificing a good school system for it. South OKC is slowly coming up with Scissortail Park opening up and the second phase beginning soon and the Wheeler District developing, but again, I'm not sure about school quality. Moore and Norman have decent school systems but I don't know what the selection is like there. From what I've seen in Moore there is a fair amount of new construction heading southeast and south towards Norman. Norman may be an interesting choice as OU is there and you could potentially rent the house to students or even use it as an Airbnb during football season. Edmond is a good area for schools but I think the prices run higher up there.

I am currently saving up to buy my first property (a househack) while finishing grad school. I have a job lined up in Dallas, which is theoretically great for long term appreciation. However it's also highly competitive. I interned with the firm I will be joining for 7 months so I have some idea of the areas I like, though they're all somewhat close to downtown as that is where I'll be working. I've been warned that cash flowing properties near downtown are few and far between and I'm wary of saddling myself with a giant commute and my female coworkers tell me the DART isn't safe after dark. 

I am going to school at OU in Norman/OKC and living with my parents, who are from OK and know the area well. OKC seems to be up and coming and properties appear to be much more affordable here, though I don't know what I could expect to charge for rent. I'm wondering if I should invest first in OKC rather than Dallas to get my feet wet and get some sort of cash flow going. My main hang up is that it's ~3 hours away and I have no experience landlording or rehabbing (if any may be necessary), especially from a distance. Would this be too much too soon or would it be better to get something going in a market that's less competitive?

This is kind of banking off of what Jacob said, but I think it's crucial to establish what matters to you. For example, I have friends that love concerts, music festivals, and those types of experiences. I don't. I've had to decline invitations multiple times, and each time it was difficult because I knew I'd enjoy their company, but in the end, it wasn't worth the money for me. With that said, there are things I like to splurge on that hold no appeal to others. Find what is worth a dent in your funds and avoid what isn't, "Is this worth the financial setback?".

If you want a more concrete list, some of the worst ways to spend money (in my opinion):

Going to the movies, buying drinks out regularly, trendy home decor (that will soon be out of style), buying a new car, eating out regularly, impulse buys (of basically any kind, to include travel unless it's an insanely good deal), books you won't read (if you know you'll read them it's fine), anything to "keep up with the Joneses", basically anything that won't last. 

Most of these are fairly small things that don't hurt every now and then, but I've seen people (including myself) fritter away embarrassing sums of money on some of this stuff.

Thank you for the recommendations! I'd not heard of that loan or of the multifamilies! I'll have to look into both. I think I pretty much just need something that is livable while I save money for renovations, so doing some work doesn't put me off much. The main issue in that sense would be if it wasn't livable and needed to be completely gutted, I likely wouldn't have the resources to handle that yet. But thanks again! I will do some research on those!

I have ~$13,000 invested in funds and about the same amount in my savings account. I'm aware that it's not much but I will continue saving what I can and I will soon be making $50,000. I'm not sure what I can do with this but I intend to use the FHA loan so that should give me some wiggle room on the down payment.

I wouldn't be opposed to some rehabbing but considering I have no connections to reliable contractors I'm wary of getting in over my head with a large renovation right off the bat. My main concern is landing in a neighborhood I can handle living alone as a single woman until I can find a roommate.

@Bruce Lynn I'm so sorry! My work load has picked up and I overlooked your response! 

I am basically looking to get my foot in the door. I will be moving to Dallas in June and I would prefer to build equity in an investment rather than pay rent if I can. I will be working in downtown Dallas (truly downtown) so I am trying to dance around a long commute. I went to high school in Coppell so I am somewhat familiar with the traffic of DFW.

I would prefer long-term tenants, though I am considering the Airbnb route but I am wary of depending on this to make a deal work. I've been looking for duplexes but they appear to be few and far between, I don't know if I have the means/funds to take on a 3-4plex.

So far I've found more condos than anything and I've definitely noticed the issue of HOA dues. Currently I am hoping that I will be able to target new hires (young designers like myself and interns) at the firm I'll be working for though I see your point about competing with complexes. That said, I don't see a lot of options for me at the moment, I need a place where I can save money and (as I have no immediate prospects for roommates to rent with) renting from a complex by myself would be $950-$1100 at the low end.

@Callum Ross I’ll look into those, thank you for the recommendation! You’re right, 50k doesn’t go far! And I’ve noticed that about the South and the East, definitely areas that would have a lot of challenges. Luckily I have time, I’m fighting a false sense of urgency.

@Kenneth McKeown Yeah, that’s why my parents chose that area, though my mom has told me the property taxes have shot up even higher than before. I’m definitely trying to avoid heading back that way. And thanks for the tips, I’ll have to look into those areas! Whatever the case may be, I have some serious saving to do before buying a property! And thank you, I’m trying to do what I can from OKC.

@Ronald Rohde I have nothing that substantial yet, unfortunately. I’m saving up for a down payment plus contingency costs and it may take me a while longer to come up with something I can really work with.