All Forum Posts by: Shaun Kelly

I have a few rentals in a town with a population of 75,000. Their primary industry is a military base and a massive hospital (this is Temple, TX). 

I have a tenant who is relocating to a Dallas hospital and his lease with me is up. 

During this turnover, I noticed that there aren't any houses for rent near this hospital at this time with the exception of 2 houses listed at about $200-$400/month over what the area was going for last year (the last time I checked rent prices). This is in a market where rents are normally $900 for a 2/1 so we are talking about a 20%+ hike.

Since there is a limited number of units on the market, it's hard to get a good judge of what I should set my rent at so for now I'm listing it at what I had it rented out for last year. But I'm really curious as to if anyone has seen a trend near medical areas? Are Drs and Nurses really moving closer and needing places to stay? Could this really cause a short supply?

I am not wanting to take advantage of this situation by raising rents on these heroes, but I am genuinely curious/excited that I may be fortunate to keep my units rented during this time. 

Although you may be worried about getting a renter, I'd argue that most people will stop looking for houses to BUY and then default to RENTING so the demand may increase there. If you're flipping, yea probably not the best timing. But to buy and hold, I'm optimistic. Also, everyone in this thread is worried about getting rent paid but there is now a $1,200 direct deposit payment coming into everyone's bank account from the government. Who do you think those people are going to pay first? I believe it'll be landlords. 

Hi Geetha! There will be a large learning curve from jumping to already built houses to new construction and subdividing lots. Sounds like a great niche that most people would avoid, leaving a great opportunity for you to master. First and foremost, get a great realtor that knows how to pull deeds and find the information for particular lots. Those are hard to come by, but I'm sure asking that in the forums here or using the network tab could help.

This is extremely thorough! There's even a recap of what the terms mean. Brilliant!

Hi Michael, Sorry I should have been more clear. I was originally assuming you were talking about owning a waterfront property - which in that case there wouldn't be many old properties with waterfront. New subdivisions/houses would be built along the new waterline. However, if you are just looking to invest within the area around the lake, then my point is void. Although I believe it is still a pretty rural area for several miles with large farmhouse lots. 

Hey Tyler, I'm a little late to this thread, but I have a property manager for 2 properties in Temple, TX and she's been great. Company is called TemTex Realty and I work with Minvera Rios and her assistants regularly. And I probably should have started this with the agent, I use Jimmy Ashby from Sojourn Real Estate. The dude found exactly what I was looking for a day after requesting it - a house with a detached unit so I can essentially rent out 2 units for the financing of 1 unit. This is extremely rare but he pulled it out. 

I've seen that place on the news and was thinking along the same lines. I just moved out of state and live on a man made lake and this has become the hot spot of the entire state. Think about Lake Havasu (man made) and Lake Norman (man made) in Charlotte, NC - they are the 2 top rated large lakes in the country. I would love to take early advantage of that new lake as well. It'd be a long game for sure. Every purchase will also be a new build (unless you want to go and construct a house on an empty lot) so you won't find a deal probably, but will just have to sit on a property as appreciation and the economy around it grows. Find a new subdivision with few or NO HOAs if you plan on using the vacation rental strategy. 

Hey Sean, just curious to see how the past 5 months has been for you investing in the Mooresville area now? I have a few places in Texas but just moved over to Mooresville and looking to continue investing here as well. Just picked up my realtors license for NC and anxious to dive into some deals.

I definitely see where you're coming from and I find it strange that every reply so far has been to "buy buy buy". Someone even mentioned there was a season where the market was down 20% so that was your chance (that's not a real downturn or even a dip). Now, if you find a deal - snatch it up. If something is bringing in your desired ROI, grab it. I'm actively looking for a deal, but I am also keeping enough liquid cash to be able to take advantage of any upcoming recession. As we all know the saying (except those in this thread) about "buying when there's blood in the streets".

Charlotte has a clear path of development moving north, so getting into the market in Cornelius through Statesville along the I77 would be along what you may be looking for. Many of the working professionals also live along this area and commute along the new Toll towards Charlotte city center.