8 Reasons to Buy Residential Real Estate in Far North Dallas and Adjoining Counties.
With the economy improving, buying a residential rental property could make good business sense, however you still need to buy in the right areas of the DFW Metroplex.
1) Buy a rental property near where you live so you can keep better track and respond to a renter's needs in a timely manner.
2) Buy where jobs are more plentiful and income is rising.
3) Don't buy a rental property with a pool. (unless you want to throw you money into it).
4) A desirable school ISD will bring higher rents.
5) Newer properties are easier to rent and don't require major updates in areas such as Kitchen and Master Bathroom.
6) It's important to buy an investment property in an area that is not likely to decline. So stay away from areas with high crime, bad schools, and deteriorating houses.
7) Hire a management company to do most of the work, unless being a handyman is your thing. Typically they charge 10% of your monthly rental income.
8) Find a good Realtor to help you locate properties. You need to find a realtor that understand ROI, NOI etc. Not all properties make good rental properties. You make your money when you buy the property, so don't buy it if the figures don't agree. It's not what you like as much as what the numbers say.
Currently demand is high for rental properties across most of the DFW metroplex, which is allowing landlords to see better returns on there investments.
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