Get a job first, then move.
It will be hard to rent a house too with 3 large dogs.
Not impossible, but difficult.
Getting the job first will help you know where to live.
Dallas is a big place and most people don't want to live far from where they work.... more
USDA will allow you to not put any money down. I would have your lender work up both options for you. The problem with USDA right now is that it takes a lot longer to close. This is because the file needs to be fully approved by the lender and then is sent to USDA for approval. That process is taking several weeks so it really ads time to get the loan clear to close.
Both loans have upfront and monthly MI now but USDA is about ready to have the fees increase so have a lender take a look at both options for you so you can see which is best for you.
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
email@example.com | www.AustinListed.com... more
Real Estate investment all depends on your situation.
If you are purchasing a home for $125k and leasing it for $1295, then this is just barely a 10% return on your investment without considering any expenses.
If you are financing the home, then you have to take into account your additional mortgage costs. Keep in mind taxes, insurance, etc.
If your tenant moves out, how quickly can you get another one in? Do you need to account for vacancy in your figures?
Are you going to be managing the property yourself or are you going to hire a licensed property manager to handle that aspect for you? That is an additional cost.
Again, all of this depends on your particular circumstances, risk tollerance, etc.
I have helped several investors who are looking to purchase rental properties as well as flip properties in the Dallas area and have written several articles about investing on my website at http://BrianRayl.com.
I would be happy to discuss various aspects of real estate investment with you. Give me a call or shoot me an email. In fact, I have 2 great properties that I am listing that would yield nearly 20% on investment, and you can buy both of them for the same $125k if you are interested.
It's more than real estate. It's RAYL-Estate!
Keller Williams Elite
Thanks for your question about resale value in Melissa.
Prices are great in Melissa for several reasons that all relate to resale value. For newer construction, Melissa is farther out from the Dallas area which makes land prices lower for builders. Builder's costs and therefore their prices are lower in the area. Second, many of the homes in Melissa were built from 2004 to 2006 when the market was high and builders and lenders were financing everything and anyone who was breathing. This resulted in many foreclosures and short sales in the area as the market came down and owners couldn't sell when they needed to . The third reason that prices are great is that the market in general is still down and builders and even sellers who are not facing foreclosure must compete with the foreclosure market.
What this means to you is that prices right now are very low. There are opportunities in the pre-owned market that are as low as you can ever expect to see in Melissa. As builders reach their year end (not always the same as the calendar year) they are offering incentives to buyers for their existing inventory. I'm receiving promotions daily from builders across North Texas who are discounting inventory homes. Some of these discounts are being advertised only to Realtors.
When it comes to resale value, real estate is the same as any market. You want to buy low and sell high. You can obviously buy low in Melissa right now. The question is how long will you need to live in the area to be able to sell high? Plan on at least 2 years to get through this wave and the next wave of foreclosures and the current recession before the market stabilizes. Then add a couple of years for the values to increase enough to recover the costs of selling a home. If you don't plan on staying in your home for at least 4 - 5 years, then you might want to consider an area such as McKinney or Allen where property values have not suffered as much from foreclosures. The risk is that you may not see enough increase in a shorter time frame to produce any equity.
In general, the real estate market in Collin County is going to recover much faster than other areas of the country. This is one of the fastest growing counties in the country and McKinney is the fastest growing city in the nation. These factors alone will help our market stabilize and grow faster than other areas. Melissa is just on the edge of the growth, so it has suffered more losses due to foreclosures and builder competition. Melissa still needs to develop infrastructure, shopping centers, municipal facilities, churches and entertainment centers, the amenities that help push property values up. You can get a lots of home for your money in Melissa, but you should also evaluate the importance of these factors to your lifestyle.
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