All Forum Posts by: Mason Moreland

Following, don't have time for full reply now but we are in Lubbock, Midland, and DFW.

Cool! Congratulations. 

-insert my usual pro-Lubbock speal-

All kidding aside. What do you want to know about it?

Didn’t address this directly, sorry, but you’ll have to get creative on the acquisition to hit all those criteria AND within an hour of a major city. Budget would need to be $0.8MM-$4MM at least in most areas for that amount of acreage that close. Demand and cattle culture is high here.

Texas is great. Price wise look a good ways out from the larger cities in east TX (Palestine, North of Lindale, outside of Lufkin) and be ready for a drive to groceries. I wouldn’t look anywhere west of I-35 or south of Austin if you are wanting to raise cattle and only have $400k. Not enough rain and or too expensive. Have you ever run cows before?

Be open to creative acquisition strategies as well. Lots of aging landowners. Lots of medium to large tracts that were inherited and forgotten about by out of state or big city heirs. May be some good opportunities for owner financing and definitely most will be off-market deals to be had if you put in some work.

I'd add a personal anecdote on Lubbock and Odessa. Theft and petty crime is bad in basically the entire towns, but violent crime is very isolated to a few hotspots. Violent areas in both cities are mostly inter- or intra-gang violence or drug related. Populace in the not-so-violent parts of town are typically heavily armed (with the exception of TTU dorms), so you don't see much beyond night time car theft, looting of unlocked cars, or stealing unsecured property in back and front yards. This is the way a lot of the cities on this list are as many have mentioned (but not all). 

@Matt Moreland would be a good resource on both Lubbock and financing warehousing. Like you said, the key will be getting a ballpark of terms so you can underwrite it and find out what makes sense.

You may check with commercial banks that are local to each warehouse as well. In Lubbock, I can connect you with Happy State Bank's commercial department if you'd like. Have a contact there who came over with the Centennial Bank merger, good people.

@Samuel Bergen Howdy from Midland. There is one down here in Midland, connect with @Lee Richter

@Matt Moreland what is in Lubbock?

What @Tyler Bains said applies for us in Lubbock as well. Not much change due to strategy. We have focused most of our time and capital towards SFR's geared towards STR's anywhere good in town and LTR's in non-core student housing areas that focus on families and working folks. We still get some students on occasion. My experiences have been much smoother with families/working folks than students. We rely more on the strong economy supported by the university and surrounding industries than we do directly going after student housing.

Student housing can be a lucrative niche, but comes with its own set of issues for sure. I would not want to be 100% reliant on that market during COVID and am glad we are not. I like college town rentals, not college student rentals!

Things are slowing down in the vineyard as cold weather puts everything into dormancy, but things are chugging along with the FermForge project! Working on a Phase I site assessment for commercial development next week and a wetland delineation tomorrow. Both are always interesting out here with all of the oil and gas activity.

My dog decided to check in on things with me the other day but was more interested in sun bathing.