Are you ready to get into investing in property? You know the immense tax benefits to rental property, you're ready to gain a passive stream of income and want to build exponential wealth. But where do you begin to hunt for the best investment properties?
In Dallas, there are many areas to invest in that are sure to bring you success as an investor. Dallas' booming economy, low cost of living, and population growth all make the city one of the best places to be as a real estate investor.
Let's dive into the best areas in Dallas to search for your investment property.
1. Oak Lawn
If you're looking to target young, metropolitan professionals, consider the Oak Lawn real estate market. Oak Lawn is one of the wealthier Dallas neighborhoods close to the Downtown area. But, you can still find a property here for below the average price.
The neighborhood is attractive for its vibrant restaurant scene, nightlife, and shopping. You'll find new, upscale apartments, along with condos, and townhouses. Oak Lawn also offers quality homes for single families that have been around for a while.
2. North Dallas
Don't think you have to stay close to the heart of the city to find worthy investment property in Dallas! The North Dallas neighborhood is a great suburb with much to offer families.
Low crime rates and great schools make North Dallas great for the kids. And bus lines are nearby to take the adults downtown whenever they're ready to have their own fun! Properties are larger and more expensive in this area, but you're sure to find plenty of qualified tenants.
Don't count out short-term renting either! Dallas is a great market for Air-BnB rentals. The North Dallas neighborhood is a great choice for traditional or short-term renting.
3. Near East
If you're interested in traditional renting, then Near East is for you. Your cash return can be much higher in Near East with this property investment strategy.
The median household income in Near East is higher than the Dallas average. the neighborhood is also close in proximity to many amenities that will attract potential tenants.
4. Lake Highlands and Lochwood
For more family-friendly properties, explore the Lake Highlands and Lochwood area. These areas are the "greenbelt" of Dallas with many parks and trails leading to White Rock Lake.
Lochwood's homes have been around since the 1960s. Young families love these properties when looking to raise children in the suburbs while staying close to Downtown.
5. Bryan Place
Bryan Place is a rare gem amongst the bustling downtown Dallas area. If you come across a property for sale in this neighborhood, don't hesitate to jump on it! Your initial investment may be steeper, but with a higher median rental cost than the rest of the city, you're sure to make a profit.
People love Bryan Place for its aesthetically pleasing landscapes and design. Plus, it's still close to downtown!
Property Managers Know the Best Dallas Areas to Invest In
Of course, beyond a great location, you'll want to factor other costs and responsibilities of investing into your decision. This is where a property manager comes in!
With support from a property manager, you can ensure you're getting the proper return on investment for your rental properties. We'll save you time, money, and mistakes you may make as a first-time investor.
Now that you know the best Dallas areas to invest in, contact us at Home River Group today. We'll provide the best property management services in Dallas!