Dallas is a major city in the state of Texas and is a great place to live and invest in real estate for many reasons. New house flippers can do business more successfully in Dallas by using a good house flipping guide. This city has a strong and growing economy with industries such as tech, defense, financial services, and transportation. Jobs in Dallas are expected to grow in the future, leading many new home buyers to look for properties here. The overall population of Dallas has been growing over the past several decades at a rate of 8%. Dallas contains neighborhoods great for home buyers to raise families in. There are house flipping and real estate investment groups available to join to learn more about the business and to meet other investors. Overall, a new flipper should not be afraid to start house flipping in Dallas, and this guide should help.
Key House Flipping Statistics for Dallas
|Population||1,341,075 and 5 year growth rate of 8%|
|Income||Average Household Income of $67,382 and 5 year growth rate of 10%|
|Home Value||Average price of 3 bedroom 2 bath home of $212,000 and 5 year growth rate of 50%|
|Cost of Living||Dallas is 94.1 vs 100 for the U.S. cost of living index|
|New Home Starts||63,421|
For a median house value of $129,700, the median property tax in Dallas County, Texas is $2,827 per year. On average, Dallas County collects 2.18% of a property’s assessed market value as property tax.
About 4.3% of Dallas County resident’s yearly income is paid by county residents as property tax.
A homestead exemption may exist for properties that are the primary residence of a taxpayer.
In Collin County, Texas, the median property tax is $4,351 per year for the median home here worth $199,000. Collin County collects 2.19% of a property’s assessed fair market value as property tax, on average. This amounts to about 4.33% of resident’s yearly income.
For the primary residence of the taxpayer, a homestead exemption may exist in Collin County.
Collin County Tax Assessor-Collector:
$3,822 per year for a home worth the median value of $178,300 is the median property tax for Denton County. On average, this is 2.14% of a property’s assessed fair market value as property tax.
The average yearly property tax paid by Denton County residents amounts to about 4.07% of their yearly income.
Like other counties of Dallas, a homestead exemption may exist.
Denton County Tax Assessor-Collector:
$4,054 per year for a home worth the median value of $189,000 is the median property tax in Rockwall County. On average, 2.14% of a property’s assessed fair market value as property tax in this county.
This amounts to about 4.71% of resident’s yearly income.
For properties considered the primary residence of the taxpayer, a homestead exemption may exist.
Rockwall County Texas Tax Office:
The median property tax in Kaufman County paid by residents for a home median value of $130,000 is $2,597 per year. On average, 2% of a property’s assessed fair market value is collected as property tax in this county. This totals to an average yearly property tax paid by residents of about 3.74% of their yearly income.
A homestead exemption may exist for properties that are considered the primary residence of the taxpayer.
Search by address to determine if a property is in a high risk area for flooding at the FEMA Flood Map Service Center:
Flooding risk is minimal in large parts of the city, but some Dallas neighborhoods who have never had a flood may face one in the future.
The federal government periodically updates its maps identifying flood risks. Some areas are in a zone with a high flood risk for the first time.
Some properties will require national flood insurance because homeowners’ insurance does not cover floods.
Dallas County Floodplain Administration:
FEMA flood maps through floodpartners.com:
|Dallas Crime Rate||429.3 crime index versus 280.5 U.S. average|
Dallas Area Rapid Transit (DART) is the public transportation authority in Dallas. This agency provides bus and rail service.
Four light rail lines are currently in service: the Red Line, Green Line, and Blue Line serve Dallas commuters.
Fort Worth is connected with Dallas via a commuter rail line, the Trinity Railway Express, connecting downtown Dallas’s Union Station with downtown Fort Worth’s T&P Station.
RideSearch.com is a rideshare program based out of Carrollton, Texas and serves the Dallas/Fort Worth area. Since 2008, RideSearch.com has been helping to find a carpool for many people in the Dallas metro area.
Greyhound Lines operates most of the inter-city bus service to and from the Dallas area.
Megabus operates low-cost double-decker coaches from Dallas to other large cities in Texas and Arkansas.
Shofur also operates charter bus services from Dallas to major cities in Texas.
Other transportation companies offering bus services include:
- El Expreso Bus Company
- Tornado Bus Company
- Turimex Internacional
- Omnibus Express
- Los Paisanos Autobuses
Dallas has two commercial airports: Dallas/Fort Worth International Airport (DFW) and Dallas Love Field. Also, Dallas Executive Airport is a general aviation airport located within the city limits. Addison Airport is another general aviation airport located just outside the city limits in the suburb of Addison.
Neighborhoods to Flip Houses in Dallas / Fort Worth
Forrest Hill in Fort Worth
Median home value $66,800, but the crime level, school quality and family environment might leave something to be desired.
Overton Road / Dallas South side
Median home values sit around $61,000, far lower than the national average. However, this area while having good nightlife may not be favorable to families and good quality schools.
House Flipping Resources in Dallas
Foreclosure listings in Dallas can be found on zillow:
The Dallas County Neighborhood Revitalization Program For Tax Foreclosure Resales:
Many foreclosure auctions take place online for Dallas, or are special engagements at certain locations.
Dallas County Recording Division
Dallas County Online Record Search
Collin County Deed Search
Collin County Tax Assessor-Collector
Collin County Property Search
Denton County Tax Office
Denton Central Appraisal District
Rockwall County Clerk
Rockwall Central Appraisal District
Rockwall County Property Records
Kaufman County Texas County Clerk
Kaufman County Development Services
City of Dallas Sustainable Development and Construction
City of Dallas Zoning Map
Dallas County Zoning
Building Code and Permits
City of Dallas Sustainable Development and Construction
Dallas County Building Permit Application and Process
Dallas House Flipping Tips
There really is not a bad area in the entire Dallas Metroplex if you stay within moderate valued areas. Also, lots of new businesses have been moving to the Dallas area over the past few years.. But make sure you work with someone who has access to the MLS, such as a realtor.
Don’t pay more than you need as there are plenty of over-priced properties in good-to-great neighborhoods in Dallas / Forth Worth . Also, do not try to make your practice work without using a the MLS over the longterm.
What to Look Out For
Look for decent neighborhoods and properties that are not necessarily great quality. These can still prodouce good returns for investors.
Real Estate Flipping and Investing Groups in Dallas
Dallas real estate flipping meetup
Dallas House Flipping Outlook
Dallas is in a prime location for people who like the outdoors due to a mild and sunny climate, and situated near many lakes that are great for recreation. The economy of Dallas has been strong for a number of years, and the population is growing. Home buyers come from all over the area looking to buy homes in Dallas. The home values in Dallas have increased recently making opportunities for house flippers that want to put in the effort to improve properties. Overall, house flipping in Dallas can be lucrative when market conditions are favorable.