Lubbock Texas thinking about Multifamily investment

[Stephen Cucc]

We are thinking about purchasing a couple Multifamily building's in Lubbock Texas. We currently have investments in California we are tired of the all the laws.

We know everyone is investing in Arizona Florida New Mexico Texas

We are just concerned about occupancy in Lubbock . We'd like to invest in Dallas Houston San Antonio however, it's just too expensive.

Would anybody know about Lubbock multifamily investment?

Growth rates, cap rates, occupancy rates?

We are nervous but ready to make an investment.

Any thoughts, ideas would be appreciated.

Thanks Stephen

[Mason Moreland]

@Stephen Cucc, glad you are looking at TX! Lubbock is one of our main markets for investing and we have loved it. It proved to be very resilient during C19 and things stayed steady or improved for rents, occupancy, and demand for SFRs/STRs.

Lubbock is a great place to invest outside of the major metroplexes as it is "on an island" and supports the medical, economic, legal, education, and social center of an enormous geographic area covering parts of NM as well. Texas Tech is enormous, growing super fast, and the physically largest university in the US if I remember correctly. 30k+ students. Like literally every other town in the world, there are bad parts. Petty crime can be pretty bad (theft, vandalism, etc) on the east side of town. Growth direction is generally to the southwest moving towards Wolfforth and strongest areas tend to be west of University and South of Texas Tech Campus/4th St.

Where I'd be careful is being aware of property taxes if you are investing solo/individually. They are pretty insane here and Lubbock can be pretty aggressive about trying to jack up your valuations (something like 30% this year, YEAH RIGHT!!!) and the rates are high in good school districts.

Good contact would be @Account Closed is a MF/commercial agent out there who knows every nook and cranny of the area, but full disclosure, he is my brother (but he does rock at what he does!)