This might be trivial but I am thinking to buying and renting out a duplex or 4-plex in Dallas, San Antonio areas.
The prices of older duplex range 40-80K(built in 40-60s) range versus 250K range for newer ones. The good thing about the older ones is that it would cashflow nicely but I am concerned about maintenance cost which is not an issue when buying newer property. Older homes tend to locate in lower income areas as well.
i’d be careful about investing in texas if you’re out-of-state
and unfamiliar with the area. not that you can’t do it, i do
it in utah very successfully.
however the thing i disliked about texas was the high insurance,
2.5% taxes and the fact they they have ample flat land
which allows them to build out forever.
from what i’ve heard is Days on market is around 6 months
for older homes meaning it might be difficult to get out.
i’ve also heard that the cooling systems require a lot of
maintenance, although this is rather unsubstantiated.
there are better places to invest IMO.
Thanks for sharing the info. I don’t like their property tax neither.
Are you local to UT, what location?
Why are other good areas for out-of-state investors?
I am also interested in investing in MHP as well.
i live in san diego.
i looked over different states such as nevada, washington,
utah, arizona, texas, new mexico, upstate new york
and florida. i thought utah was the best.
and i decided to do all my investing there, so i get better
clout with the builders & prop. mgmt.Rather than invest in
5 different places and not be able to be on top of anything,
i thought it would be easier and better to focus closely on
one state. i’m investing in different parts of the same state
though.
when you tell the lender, the builder and the prop mgmt
company you’re going to buy 10 homes this year, they
treat you a little differently. (not in terms of $$
discounts, but the service definitely improves)
niravmd
i looked over different states
That is interesting. When you mention, looked over different states, how did you go about doing that?
If you could send me to some websites to do some further research, I would sure appreciate that.
I’m only asking because I will most likely be relocating to Texas in a year or so, and not just for investing in real estate. So, I will have to make do with the offers there, or maybe I don’t, from what you state in your post.
It seems the folks in Texas are doing ok/well, from what I’m reading on this forum, and in some other forums.
Anyone from Texas on here that would like to share your side of things in Texas? Or maybe one of the other states, in comparison with Utah.
Regards.
http://www.thenorrisgroup.com/New/Contact_Us.html
ask these people for the California countdown course. it contains data of
various states going back between 10 to 25 years. more importantly, it tells
you what data is really important to know.
or you could do what the author did and read reports from the census bureau
and other various local gov. organizations.
there are also a few financial websites which i don’t remember right now,
which provide local median salary, population and job rates. you can figure
out trends from this data.
the basic idea is to get familiar with what data you need. once u get that, then
all u need to do is pick a place and look at the macro and micro economic factors.
once something looks promising you then need to see whether you can make the
numbers on individual properties. its better to buy in a specific location and build
up a network of people you trust. i’m doing this where i invest. hope this helps.
I work in the SE Texas market, commercial and residential and I’m also the REO director for a med sized brokerage in Houston. I would be happy to answer any specific questions, so feel free to drop me a line.
Thanks
Mark