All Forum Posts by: Scott R.

so its already remodeled or needing to be remodeled 

what were your original plans? To manage long distance? 

Market is slow right now. Everyone hurried to be in before school started, including students at AC.

Condos are super rare in this area as well, so not many people seek out condos, 

I may be wrong, but I don’t think many property managers in this area do placement, they want the full service obviously as placement is the hardest part. There are some agents that will list on the mls for a fee.

Good luck. 

If it was me looking in that price range I’d look south of i40 and east of i27. There’s some exceptions to this but that’s a general good rule for this price range houses, the further south/west you go generally the higher/newer they get. 

Western plateau, ridgecrest, Olsen and possibly paramount neighborhoods all come to mind. First two seem to retail at about $90/sqft and second two slightly lower, second two have bigger price swings across the neighborhood, but you should be buying at a discount and not paying these prices. Seems to be a lot of out of state investors buying and holding in a newer neighborhood “tradewinds square” it’s not quite in that area I mentioned, it’s kinda in a weird spot, but it seems out of town investors often like newer rentals and these are cheap for new stuff in a decent area. 

Stuff is just now coming down off it’s super hot and everything selling at all time highs.. market is still strong, just not “back to school strong” as not everyone is trying to move before school starts any longer.

Neighborhoods are 50ish years old and there’s huge difference between just houses next door sometimes, neighborhoods also prone to sewer leaks under the slab. Lots of soil movement around here. 

I’d say $1100-1300 prob average rents for these areas. 

imo $100k properties in Amarillo that your buying at a discount if they  need some rehab is almost touching class a properties in amarillo, the reason they prob wouldn’t be considered class a would be the age, but solid b+ stuff in that range. While they’re not “readily available” they come up often. I don’t know how to tag someone on BP but I’d search out a guy by the name of Tony Link. I think that’s about his exact price range he invest in. 

I’d say in that’s price range, 80-100+ some rehab your prob looking at 100-150k tax valued properties your prob looking at 2500-3000/yr in taxes. Even 25k properties in amarillo are often 700-800+ in taxes. 

bunch of Amarillo people on here I’m sure many will chime in. 

Couple questions that might help you get some good replies, what’s your target price point? What do you want/expect to pay for houses, what do you want/expect to get for rent? What’s your long term goal for these? 

Taxes and insurance are super high. With the exception of very recently possibly, there’s not much appreciation, but there’s also no declines. It’s just small steady increase in values generally. We don’t balloon up but we also have yet to ever really go down in the past 15 or so years I’ve paid attention. 

Your properties aren’t going to appreciate a bunch, and I’d look to other markets if that’s your end goal, however there’s a steady rental market in the area that is strong. 

I’d hollar at kore real estate, more specifically Zane Oliver, I believe he’s a memeber here. Never personally been able to buy something big enough to work with him, but I’ve heard great things. What are you looking to sell 🤔

you on the selling end?

Wasn’t the update I was expecting, as you still think this is a good idea 😳

There’s no “biggest realty team” in Amarillo using a system anywhere near what your doing. 

what kind of connections in Amarillo?

Amarillo market has gotten a lot more competative recently, and prices have gone up while rent hasn't much. Amarillo is not a place you invest in for appreciation, as its just doesn't happen. Being out of state is going to kill most good deals as they go too fast, replied to a deal today in an hour and it was gone. 

sounds like almost every pier and beam in Amarillo.. if they don't have issues they will..