All Forum Posts by: Brian Adams

@Randy Stout

I own a fourplex myself in Killeen and have worked with quite a few fourplex buyers in the past couple years, plus a few duplex buyers. Our market indeed seems to be seeing an uptick in the past six months. Still behaves like a buyers market, but increasingly competitive. 

I think house hacking is a great idea with a multi-family, too. I wish I had done that with my first couple homes instead of buying SFHs.

I believe by population, Fort Bragg is actually larger at the moment. By land, there are a couple larger. But without a doubt, Fort Hood is one of the major US military installations. There are only 10 divisions and 5 corps, and Hood is the headquarters of one of each.

Population has nearly doubles in the last twenty years, so it's not a stretch to imagine it doubling again in the next 30. Massive amounts of builder activity has kept inventory strong, and indeed there is still plenty of empty space to grow.

The market now is the hottest it's been since before the Recession. Hwy 190 was just designated I-14, and that with other commercial developments are pointing to continued growth in the near to mid future at least.

I agree, I wouldn't park money here hoping for appreciation. Killeen has just kept up with inflation in recent years. But definitely a worthwhile market for buy and holds or wholetails. Being military means LOTS of renters.

@Josh Barnett  

I love USAA, but I might recommend comparison shopping them with some other insurance options when it comes time to choose insurance providers. They can be pricey.

@Andrew Allen

Curious if you don't mind sharing - what subdivision is your Killeen rental?

@Greg H.

Bill Cooke is the man.

@Jason Clendenen @VeinTwain H.

Only problem with Linnemann and JWC is - I believe - neither are currently taking on fourplexes. Nor do they, to my knowledge, manage apartments. I think they still do duplexes, though. Otherwise, they are certainly reputable PMs in the area.

@Jason Clendenen

StarPointe Realty will manage duplexes and fourplexes and does a good job (disclosure - they manage my fourplex, and are also my brokerage though of course I work on the sales side, not the property management side)

If you are looking for someone managing larger than a fourplex (5-50 units) John Reider does those and had a good reputation.

Remember that good property managers are going to be very selective in our area about the properties they take on. Some PMs don't manage fourplexes at all - any condition or area. Before you buy a property, check with a PM that they would be happy to manage it. 

It is common on most of the newer buildings (90s+) that they are separately metered and paid by the tenants - water and electricity. Some buildings have a fifth meter for the owner if there are items like exterior parking lights or other things that aren't tenant specific for the owner to cover.

You are spot on regarding the areas - the buildings in downtown just off base (76541) are going to be very tough, D class at best. I wouldn't recommend them unless you are experienced and have in-house management on the ground. Most multi-families in 76543 will be the same, with some exceptions (the area just of MLK Jr. Blvd near 190).

There is a LOT of commercial development near the new Wal Mart and newer (yet to be finished) HEB on Stan Schlueter. I own my own fourplex on Alan Kent in that area, and have done quite a few deals with buyers there in the past couple years. I would definitely recommend that area, though at the moment the active fourplexes are usually overpriced (I would aim for 3/2/2/3s in close to $200,000 and 2/2/2/2 for under $190k). There is one on Abigail at the moment that is the most realistically priced, though has very strange floor plan. I'm not sure exactly how you'd classify the area, but at least a C+ if not B.

As for other areas, anywhere in Harker Heights is interesting, though you don't want to overspend there just because it's Harker Heights. Also there are some newer fourplexes and duplexes in Copperas Cove on the north side (out of down town) that I think are well priced for the rents and worth looking into.

Almost all of the newer buildings on the south side (76542 and 76549) are going to be separately metered so that the tenants are paying utilities. Some older builders may have utilities on the landlord. I've never had much experience with paying the tenants' utilities on a multi-family, but I assume the bill can be $100-$200 electric+water, especially in the hot summer months.

There's a lot of investor interest in multi-families in our area it seems. I have done a fair number of multi-family deals in the past year and own a fourplex myself on the SW side of Killeen.

Let me know what #s you are looking for and I can make recommendations on anything in our area that might fit your needs.