All Forum Posts by: Josh James

Wichita Falls has been, and always will be, flat. I have lived here most of my life, and can say with confidence that the local population does not want growth. The new mayor said that 2% growth is his target, but he doesn't expect to hit it. That is from the mouth of the leader, that is what got him elected, and that is what the city is targeting.

I own several rentals here in WF, not multifamily. However, in the past, I have managed up to 40 units at once. The largest section of the rental market is low income. The Sec 8 Office is always asking landlords for more units. After that, it is college and if you are close to the base, air force. There are some nicer multifamily units, but not many.

If you are considering multifamily here, also consider the town and region are heavily dependent on the oil and gas sector. 

The city publishes an apartment statistics page, found here: http://www.wichitafallstx.gov/DocumentCenter/View/24175
That publication was during the high oil prices of 2014, but also during a regional 5 year severe drought. 

I would look for a very attractive cap rate before considering an investment here given the above-stated market factors. Theses are some of the reasons you can find 8-cap multifamily properties listed here. My personal purchase criteria is a 10-cap minimum, targeting about 20k a unit. Less if they have significant deferred maintenance or will be needing large capital improvements soon. I am currently shopping for a 40-ish unit multifamily here.

Yes, a stable but stagnant market. Very little appreciation and heavily tied to oil/gas economy. 

Hi Sarah! I am in the WF market, and from my personal experience, the newspaper is not a good source of leads, much less finding investors. I have tried on two separate occasions, both with disappointing results. 

May I ask why you want to find an investor for a house you would flip? I may be misunderstanding and correct me if so, but I would think an investor would want the house before you would work on it. Otherwise, if you are selling a finished product, put it on the MLS where the buyer pool is huge!

Hi Stacy, and welcome to BP. This is a great community and a great resource for learning. There are lots of podcasts to listen to and plenty of articles to read. Hope to see you around. 

Starbucks never opened at that location, as far as I can remember. The building is vacant now. It will be hard to get more than $1/sq ft without a new tenant rebuilding. There is a newer hotel to the north, and another new hotel being built to the south along US 287. That's a rough area though. The other Starbucks on Kemp was for sale at a 4% cap rate.   Alex, you might try calling Mike at Truity Capital here in WF. He buys a lot of commercial buildings.

I am active in WF, but not Archer City. The list/sale time is too high for my liking. If you want to talk about the WF market, feel free to call me any time.

@Daniel Mercer
I am in a similar position. I am also looking to invest for cashflow. The local REIA where I live is mostly service providers, and other newer investors.I'd like to keep up with you and this thread. We should talk sometime.

@Soji Oyenuga

If passed, I do not think it will affect that strategy at all. It may even help those who are looking to find unclaimed property by putting it in a state database. Of the tax suits that I have personally seen, very few name the state in rem only. I do not think a large percentage of cases will be sent to the state. There is the likelihood that the state will be aware of money owed, but to what end? I think this is just a good record keeping bill, and is fair to those involved. 

Speaking to the odds of making money; just make sure your wins cover your losses, and then some. You will be making money. I do the same with marketing. Every mailer doesn't turn into a deal, but my losses are more than covered by the ones that do pay out.

Keep up the good work Soji.

I am not a member, but I have attended some of their meetings several years ago. I am not sure who to talk to, but you should try calling their listed number. I found it here on WhitePages. Their website looks pretty outdated. Last copyright in 2011.

Hope this helps.

When you say "It was deeded to me separately." there are two possible conclusions. Does the deed say something like, "Jason Jones, as his sole and separate property," or does it just have your name, and not your wife's? eg. "Jason Jones, whose address is"

If the word separate or individual is used near your name, then that is specifying your separate property. If not, and your wife's name was merely omitted, then you have no issue "adding her to the deed" because she is already 50% owner of the property without being named as a grantee on the document vesting to you. 

Assuming no separate or individual language, you may simply include her as your spouse as a grantor when selling.

Please keep in mind that I am not offering legal advice, I am not an attorney, and not licensed to practice law. Get an attorney or title company to look over your transaction. There are a lot of points where a mistake can be made, and this is one of the situations when "you don't know what you don't know" can come back and bite you. If you have a pretty simple transaction, some attorneys may only charge $75 for handling the paperwork. There is a local shop here that does them for me at this price. I know what I am doing, and I still hire it out. That is very cheap insurance my friend.