All Forum Posts by: Jeff Gonzales

@Chad G. I'm also curious about this. Very satisfied with my Memphis Invest rental in Memphis so far, but I've been eyeing west Texas/Oklahoma for my next property.

@Antonio Artusa I feel that. From the moment I said "This is the day I'm buying my first property" to the day it actually happened was about one year. And I still ended up purchasing a rental through a turnkey property. Baby steps!

@John Claborn When you're referring to SW Lubbock, are you referring to areas outside the 289 Loop (e.g., Quincy Park, Regal Park) or inside (e.g., Stubbs-Stewart, Caprock)? I am partial to cashflow myself and am not too concerned with appreciation. 

Thanks for the tip about property taxes in Wolfforth, though. Texas taxes are already crazy high by my standards, so I'd like to keep those as low as possible.

The only reason I am hesitant to rent to students is the potential for damage. This may be an unrealistic fear - I know when I was a student, I treated my apartments very well. I appreciate your insight on the topic though. A studious grad/JD student would be perfect though. 

Do you manage your own units? If not, do you have a recommended property manager that you use? From what I've researched, it seems like 806 Property Management does a great job.

@Corey Zant That's great to hear! I was getting concerned because many 3/2 properties in the $130k-$160k range seem to barely make the cut for 1%. 

I used Quincy Park and Tech Terrace as examples because both of those areas have a "low" crime rating according to Trulia's crime indicator (which is one of the first indicators I looked at, next to school districts). Quincy Park caught my eye because it looks like there is a lot of new development happening in the area. "New homes" to me says "families and low maintenance costs." That's good to know about Tech Terrace, though - I probably should have inferred that since it's right across the street from the university, haha. 

I would prefer rent-ready. Again, this will only be my second deal. As I get more advanced and continue to grow my network, I'd be more open to forced appreciation/BRRRR.

I definitely have some questions for you! I'll send you a PM and a colleague request.

Thanks for your response!

@Ronald Rohde I appreciate the feedback! The supply seems steady. Overall, Lubbock is what I would consider "boring", which is what I'd prefer. Although a houseful of students could change that really quickly haha. 

@Chris Clothier, thanks for the recommendation! I'll reach out to him today.

Also, I owe you and Memphis Invest a huge "thank you" for helping me score my first property. Your team was a dream to work with. 

Hi BP,

I'm a fairly new investor and am interested in purchasing my next property in Lubbock. I acquired my first buy-and-hold property in February of this year through a turnkey provider (shout out Memphis Invest!) and feel comfortable enough now to facilitate a deal on my own. I currently live in Santa Fe, NM and would like to purchase a property out of state because the cashflowing deals here are few and far between (not to mention out of my price range).

I've been doing quite a bit of research and have settled on Lubbock as the place I'd like to invest in next. I have several questions for the community, though, as I've never actually been to Lubbock. Before I dive into the questions, here are a few criteria I'd like to mention:

• I'm interested primarily in single family homes in A class and B class neighborhoods
• Possibly interested in multifamily properties in B or C class neighborhoods
• Price range is < $200k

That said, here are some questions I have. 

1. Is it realistic to expect +/- 1% monthly rents in A and B class neighborhoods? I've been looking at areas such as Quincy Park and Tech Terrace, and it seems like this is achievable. It seems like there is lots of inventory in the $150k range that could rent for $1400-$1500. (Also, please correct me if neither of those neighborhoods I mentioned about is considered class A or B).
2. Texas Tech students obviously comprise many of the renters in Lubbock. I would prefer not to rent to students, but rather to rent to families. How realistic is this? For this reason, I've also been looking at properties within the Frenship isd district. From your experience, are there are a decent amount of families who rent?
3. Any suggestions for realtors or property managers? I'm partial to those who have experience with out-of-state investors, but am open to suggestions. 
4. Any suggestions for areas of town that meet my criteria? I've also been looking at the neighborhoods northwest/west of Texas Tech. I'm not opposed to buying on the outskirts of town, or even in surrounding towns (Idalou, Wolfforth, etc.).

Thanks for all your help! Hopefully I'll get to meet some of you in the near future - I'm planning my first visit to Lubbock to scout properties in July/August.

Jeff

Hi @Petr Anisimov,

Thanks for the warm welcome! I'll reply directly to the PM you sent me.

Jeff

Hello BP!

My name is Jeff, and I am a recent Santa Fe transplant. I moved here about a month ago from Colorado.

I'm interested in purchasing my first property in Santa Fe. I want to owner-occupy a multi-unit property (I'm looking at anything up to four units), and I've already been pre-approved by a lender for an FHA loan. Price range is anywhere up to ~$380k, possibly more if I found a smoking deal.

I've been working with a local realtor, and she's been great. However, I asked her about the distressed property situation in Santa Fe, and because this is not her area of expertise, she was unable to help me. Does anyone know of a realtor in Santa Fe who specializes in distressed properties, and has experience working with investors? I'm particularly interested in distressed multi-unit properties in Santa Fe (although I'm not sure that these even exist in this city). 

Any networking recommendations or tips would be greatly appreciated!

Thanks,

Jeff