Where In North Texas should I invest?

Question

Hey Guys, I'm a recently honorably discharged veteran who's looking to invest in real estate using the BRRRR method but I don't know in what areas to invest in North Texas. I was wondering if I can get some advice from fellow local investors?

Kenneth McKeown · Answer

@Jaime Pinedo North Texas has a ton to offer for vets - myself being one. There is also a ton of vets here. BRRRR method will be pretty hard to do here though.

Jaime Pinedo · Answer

@Bryan Mitchell Thank you for the response! But now that I think about it Oklahoma isn’t too far away from where I live, it’s actually much closer than San Antonio.

Bryan Mitchell · Answer

@Jaime Pinedo, have you looked into San Antonio? No, it’s not North Texas but the DFW are is highly competitive. If you skipped over DFW you could head into OK.

Kenneth McKeown · Answer

@Trevor Aydelott I'm not sure how a BRRRR would ever work in the Bay Area... but hey, I don't work out of that market. The issue with DFW is the competition in which homes are being bought for. Especially in desirable areas. It's also much easier to obtain when you have a low price - as % equity is able to be gained much easier on lower priced homes. Ex. It's very difficult to make a $500k home worth 1M... but you could make a $50k home worth $100k.

@Jaime Pinedo if you were to be able to do a BRRRR, you could, it will just likely be not through and through. Meaning you'd still have SOME $$ in the property. Not to say it's impossible to be all in $0 but it'll take you a long minute to find one.

Ty Pierce · Answer

@Bryan Mitchell I’m from North Texas as well & am also looking into This area.  We currently live in the Mckinney/Prosper area & I’m currently using our homestead to implement the BRRRR strategy.  I’m looking to purchase my first rental property and I will do the rehab myself.  I’m a contractor/handyman on the side & typically just help out friends and family here lately as opposed to my full time job as a real estate agent.  I’m very new to the game so any recommendations would help. Thank you.

Lucia Rushton · Answer

@Jaime Pinedo. The biggest things you need to decide are;

How much work do you want to do or not?

What price point do you want to be in?

How old of a property are you willing to take on ?

The most competitive market is 150-250K - for rental and FTHB.

VA loans can be mire stringent than FHA and Conventional so when you are in a competitive market, you need to make other concessions to show a more attractive offer ( more earnest for example)

Bryan Mitchell · Answer

@Jaime Pinedo The reason I like North Texas is because I’m from the area and my family lives there. So, not only do I have ties there, I know the area well. Unfortunately, I’ve only invested a little in the area, but will invest more in the near future (2-5 years). I’ve invested primarily in the Georgia and Alabama since that’s where I’ve been over the last 20 years. All said, there are deals everywhere if you get to know the area. Being from the area and knowing it well certainly helps, but you can learn regardless. Study the market a little every day and over time, you’ll develop a deep understanding of it.

Dhiraj Chhabra · Answer

@Ty Pierce I live in McKinney and own couple of rentals as of now. I am in process of acquiring my first brrrr. Super excited and nervous at the same time. I would love to connect if you are up for it.

Trevor Aydelott · Answer

Yeah I would be interested in knowing why you couldn't BRRR. In my experience you can BRRR anywhere.

Jaime Pinedo · Answer

@Kenneth McKeown how come the brrrr method is hard to do here and what do you recommend?

Where In North Texas should I invest?

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