Buying Rental Property in Dallas

Tips for Buying Rental Property in Dallas

The housing market crash is over, and market values are on the rise. The future looks bright for real estate investment, but how should you go about investing in real estate? Flipping houses involves a lot of renovation and restoration work, and you have to put in a lot of time and effort to keep making returns on your investments.

On the other hand, while it still takes some ongoing effort, if you invest in property in Plano with the intention of renting it out, you could have an investment on your hands that starts paying out almost immediately and continues for years to come.

1. Research the Right Location

Buying rental property in Dallas or Plano could be the best investment decision you’ve ever made if you do it right. First, you have to look at where you’re going to invest in property in Plano or Dallas. What are the neighborhoods like? What are the market values of the houses?

The key is to find a neighborhood that’s growing and that will continue to increase in value, making it more and more attractive to potential renters as the years go by. Avoid areas and neighborhoods with a lot of vacancies. You may get a killer deal on the price of the house, but that won’t help you if you can’t get anyone to rent it from you.

2. Choose Newer Construction Over Old Classics

Those beautiful old bungalows and Victorian era homes are gorgeous, and you wouldn’t mind putting a little bit of work into one you were living in, but this is an investment. You’re buying a rental property in Dallas, and you want to make sure that it requires as little in the way of repairs and maintenance as possible.

Older homes not only need more repairs and maintenance, but it can be a real pain to try to find replacements for old windows, pipes, etc. Not only that, but older construction homes are not as well insulated as newer homes, which is less attractive to tenants and can really drive down the rent you can expect to collect.

3. Get a Thorough Safety Inspection

Before you purchase any property, get a licensed home inspector to perform a thorough inspection of the house and the surrounding property. What will it take to bring the property up to code? What safety hazards are lurking around the house that you may have missed? If they can prove that you did not do everything in your power to prevent an accident, your tenants can sue you for damages. An inspection is absolutely essential.

Follow these three easy tips, and you’ll be on your way to finding the best properties to invest in and to rent out. You could see a return on your investment in no time.