All Forum Posts by: Rob Lee

Hi Nic,

Did you ask your lender for GC referrals? They should have a list.

Rob

Hey Bryan,

The DFW real estate market has exploded over the last 5-7 years. Due to a lack of inventory and low interest rates our market is very competitive. Like most major U.S. markets prices have continued to rise. Everything moves fast. If you've done a few internet searches you have probably realized that DFW does not have a lot of small multifamily properties. Those that are available are generally older and often located on the Fort Worth side of town. Just a heads up one of my clients recently lost a duplex to an all-cash offer that came in $52K over asking.

If you have the option to work from home it won't really matter. However, if you have to commute buy near the office. Traffic here is terrible. Not Los Angeles bad. Just an unnecessary layer of stress when you relocate to a new city. If you prefer North Dallas or the North Dallas suburbs you will find it easier to house hack a single-family and rent by the room. Hope this helps.

Rob

The DFW is extremely competitive right now. Especially for buyers hoping to spend under $300k. The 1% rule does not exist right now. Winning bids are paying $25k-$50k above asking depending on location and other variables. You might have a better chance buying new construction and looking at areas further out like Princeton if you are heading north. Of course, Fort worth is also an option. Hope this helps. Good luck.

Galveston and South Padre Island are considered vacation spots in south Texas. As long as you are prepared to pay flood insurance and you are not looking for clear blue water you might want to check out those areas. Short-term rentals are fairly common in both places.

What @Eric James said will give you the closest current tax data if you have an actual property address.

WOW! You got 3 offers accepted? Is this a hypothetical post? Do you trust your realtor's insight? The 75056 zip code is shared between the newer part of The Colony and Castle Hills in Lewisville. There's a ton of new retail construction near 121 in this area. The 75006 zip code is in Dallas county you will likely pay taxes in both Denton County and Dallas county. Make sure you look into that. Also, check out the school ratings in both areas.

My wife and I live and own rentals in the North Dallas suburbs. Cash flow in any of the cities mentioned will be tough in the current market. If you value your time, make your purchase based on where you want to live. You have to drive to get anywhere in DFW. There is minimal public transportation. We also have quite a few tollways. For those who have to commute to work, DFW traffic can be a nightmare. Don't subject yourself to this unnecessarily. While the North Dallas area has historically appreciated quite well it will be a while before rents reach the 1% mark on anything purchased at today's prices. Best of luck in your search.

Hello Texas BP Investors!

Just sharing a resource for Texas landlords. There's both a landlord application and a tenant application. https://texasrentrelief.com/

Hi Justin,

Where you invest will depend largely on your goals beyond the number of doors you would like to own. Texas is a huge state. Austin is leading the way when it comes to real estate appreciation. As I understand it, investors are willing to pay $100K over asking in the current market. DFW has received the spillover from those interested in Texas but not willing to pay 6 figures over asking to win. The 1% rule is not available in this market. If your budget is $300K or less you are competing with first-time homeowners. Based on my observation, sellers are getting $25k over asking. This is a seller's market. As a buyer, you must be prepared to fight and know when to walk away. Run your numbers and get prequalified before contacting a realtor. Only you can determine whether or not the deal meets your goals. Hope this helps.

Rob

Honestly, the numbers are what they are. This is a tough market to cash flow. You may have also noticed that there are not a lot of small multifamily properties available in DFW. The competition right now is insane. Not sure what your budget is or the desired location but you will need to be flexible. Consider a single-family home where you rent out the extra rooms. Start your process by getting prequalified. It's important that you and the realtor know where you stand. Anything under $300K is receiving 10+ offers. This is the target price for first-time home buyers and investors. Hope this helps. Best of luck in your search.