Realtor · Detroit, MI · Member since 2018 · 7 posts · 1 vote
I currently live in Michigan where the housing market is okay but not many people have a lot of money! My God father told me that the housing mark in Dallas Texas is doing very well at this time. Does anyone agree? And if yes how can I jump I’m being so far away?
Real Estate Agent · Dallas, TX · Member since 2016 · 432 posts · 341 votes
8y
@Morgan Hoke the DFW market is very hot - and has been for quite some time. There are definitely deals still to be had in this market but it's getting more and more difficult.
My suggestion to get started - since you're in Michigan, would be to start building a team (and even fly down to meet with people and network) to build relationships with people rather than just trying to do it all from afar and alone.
I don't know anything about the Michigan market, or what you're plan is with investing, but Dallas is definitely a great place to buy, but the numbers still need to make sense.
Real Estate Agent · Dallas, TX · Member since 2016 · 432 posts · 341 votes
8y
@Morgan Hoke the DFW market is very hot - and has been for quite some time. There are definitely deals still to be had in this market but it's getting more and more difficult.
My suggestion to get started - since you're in Michigan, would be to start building a team (and even fly down to meet with people and network) to build relationships with people rather than just trying to do it all from afar and alone.
I don't know anything about the Michigan market, or what you're plan is with investing, but Dallas is definitely a great place to buy, but the numbers still need to make sense.
Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
8y
This is where people get stuck in analysis paralysis. There are always good deals to be found; when the market is hot, they are harder to find, but the upside is that it is easier to get deals funded. When the market is down, there are deals everywhere, but it's very difficult to get funding. My two cents; educate yourself about the market you are investing in and KNOW what a good deal is, be ready to strike when you find it. Don't worry about the market, worry about finding a good deal (whatever that might be to YOU) and having the ability to acquire it. Good luck!
Investor · Dallas, TX · Member since 2014 · 2k+ posts · 1k+ votes
8y
@Morgan Hoke, the market in DFW is great. It's been insane for at least the last 4-years. Experts agree that a "balanced market" (meaning it's neither a buyer's nor seller's market) should have an inventory of 6-months. Well, the desirable areas around here have been under 1-month of inventory for the last 4+ years. My personal observation is that it may be starting to soften a bit. We've got 3 houses on the market in Richardson. They've been on the market for about 6-weeks, in an area where we are seeing less than 1-week on the market, with houses going above market value. One of these properties was a flip, and I expect they have it priced too high, but 2-years ago I wouldn't have mattered.
Bottom line is that there are deals, but they are hard to find right now, and you're unlikely to find them on the MLS. You need to have boots on the ground, and you'll need to be prepared to move almost immediately, when a true deal presents itself. We have worked with several out of market investors who wanted to leverage the steady appreciation in this market with buy and hold properties. If you have a dependable team, it's very doable to invest remotely.
Lender · TX · Member since 2018 · 936 posts · 713 votes
8y
@Morgan Hoke My suggestion is to find wholesalers in the area and buy from them. Still need to do tons of homework and be really picky but I agree with the sentiment that you won't find many good deals on the MLS. If there is something under valued, you will have multiple offers. This is just the struggle of investing in a hot market. Rents haven't been keeping up with appreciation over the past few years so buy and hold is a tough strategy right now but you can find good deals if you look outside of the MLS.
I currently live in Michigan where the housing market is okay but not many people have a lot of money! My God father told me that the housing mark in Dallas Texas is doing very well at this time. Does anyone agree? And if yes how can I jump I’m being so far away?
While I think there are always deals in every market, I don't think now is the time to jump into the Dallas market.
I have walked thru a lot of houses that I think are being offered at nosebleed prices, especially from wholesalers.
Be careful with DFW, high property taxes and high property insurance. My sense is the market is flattening, and new investors are late to the party (unless we end up getting Amazon) short of a 10 or 15 year time line.
If I didn't live here, I would not be an investor in Dallas.