Fort Worth or McKinney

[Chingju Hu]

Hi, I'm looking at both For Worth and Mckinney now and want to know your experience and which county do you vote for investing? my goal is long term buy and hold, I like 3/2/2 single family.  I also want the ease of renting out.

Currently the day on market is slightly longer than last year, and more property reduce their price, so I think it's a good time to buy a property, but it's fall/winter now and I'm not sure if it's going to be easy to rent out.

1. Fort Worth or Mckinney, which do you prefer to invest?

2. Is Fall/winter a good time to buy rental property? Do you buy at this time? is it hard to find tenant?

[Ryan Blake]

@Chingju Hu I think looking towards the edge of both of these places are a good idea. Buy November through beginning of February, properties are typically stagnate during this time.

Just beware of all the costs with investing in Texas from CA. You will be investing in the state with the 4th highest property tax % (roughly 2.4 - 2.75% of assessed value which will be re-assessed annually, especially after a sale). You will also be in a state with pretty high property insurance (roughly 0.8% of actually value). Finally, you will be paying a state income tax on all money earned above what depreciation covers in a state with the 2nd highest income tax.

I am just wanting you to understand all the extra costs you will be paying. If you form an LLC in Texas that has no annual filing fee, be aware that California makes all out of state LLCs also file with the state so you will be paying filing and annual fees in CA as well. I don't mean to scare you away but I have bought property from people who got a losing investment and had to offload it quick because they didn't account for these costs.

Good luck in your search and post if you have any other questions.