I'm interested in partnering in opportunities to buy multifamily properties in Dallas(1st choice), Houston, and San Antonio. I would love to get in on some new construction but frankly don't even know who to contact and where to find these opportunities. Would love any information...
@ Kristin Shopp - this is a great place to start! I also invest in Dallas and would love to connect and share my knowledge about passive investing (especially in TX).
Thank you for the response! We are looking to be passive and we would prefer commercial. Our experience is only in our own home buying and selling. We would just be bringing money to the table for investing. Looking to start soon
I'm Maurice Nix and I'm currently looking for investors on multi family deals as well. I operate on the East coast from Virginia to Florida. We currently have SFH's and four plex units. We are currently working on three four plex unit deals as we speak. I don't operate in the Texas area but I am willing to consider the location. Let's chat for details.
@Kristin Shopp I have two deals that are new construction. One in Irving and one in Little Elm near Frisco. Both duplexes and will be completed in the next month.
However I did see you say commercial. You're going to pay an awfully high premium for NEW construction commercial properties. Most people with the capital to purchase commercial will look for value add or good cap rate purchases - otherwise your cash flow won't be very great.
Reach out to this guy in Houston @Account Closed. This guy plays in that MF sandbox and even if he isn't a good fit, you will be impressed with what he does. A good guy to get to know if you get a chance, just from a networking perspective.
@ Kristin Shopp - this is a great place to start! I also invest in Dallas and would love to connect and share my knowledge about passive investing (especially in TX).
@Kristin Shopp I have two deals that are new construction. One in Irving and one in Little Elm near Frisco. Both duplexes and will be completed in the next month.
However I did see you say commercial. You're going to pay an awfully high premium for NEW construction commercial properties. Most people with the capital to purchase commercial will look for value add or good cap rate purchases - otherwise your cash flow won't be very great.
Hey give me a shout on the Irving property. I would be interested in the numbers.
Start having conversations with agents and investors in those select cities and get a feel for the submarkets within. It sounds like you’re working on an investment strategy as of now and you’ll start to narrow in on your focus as you continue to gain insight and knowledge.
If you’re looking to invest in a foreign market, having a trusted agent and property manager is crucial as is their network of trusted contractors and third-party vendors. This is one of the hardest aspects to investing out of town or out of state, as you will be placing a tremendous amount of trust in your team and this isn’t built overnight. You’ll most likely have many conversations before you pull the trigger on your first deal. During that time ask the agent you decide to move forward with for his/her contacts and speak with them as well. You’re looking for a well-oiled machine and a team that moves in synchrony and always looking out for your best interest, not their own bottom line.
If financing conventionally (25%), I don’t believe new construction MF would be a great fit. This asset tends to be better for the 1031 Investor coming in with 30+% down and sometimes the “house hacker”. For your first purchase, I would look for a 2-4 door asset that is underperforming with some value-add potential within a B/B- market. Minimize the risk during the first purchase and use this as the time to build a relationship and trust with your team. Once your team is established and you have one or two purchases under your belt, then you may want to start looking at increasing your risk tolerance a bit and looking at gentrifying submarkets within whichever designated city.
Also, stay in touch with your agent or wholesaler and stay top of mind. Both will likely stay in touch with you, but we always like to see that reciprocated.
If new construction is solely what you're interested in, I have a couple of hyperlinks below that I have attached to a couple of MF builders. Try and catch pre-construction so you can have an inspector conduct a three-phase inspection (foundation, frame, and final) throughout the time they are being built. I would work with an agent who isn’t representing the builder so that you know that your best interest is always in mind.
Duplexes of Texas will be breaking ground on a new subdivision on the far west side of San Antonio between 151 and 1604 on Potranco around May. This is the fastest growing area of town and provides a great rental market.
Kristin Shopp
You might look into Western Wealth Capital. They do deals in the Texas metro areas. Must be accredited to play.
Pantheon Investments may also be of help getting into the syndicated MF space in Texas.
Attend local multifamily meetups (assuming you live in Dallas) and search for, DM, and check out the websites or syndicators and sponsors in Dallas on BP. There are also many BP forums with lists of syndicators.