Update on TX economy-first hand knowledge

8 Replies

I have a subdivision in So TX, Brownsville/Mcallen area. This is almost in Mexico. I decided to ramp up a couple months ago and build 4 models and get after it. First model is sheetrocked and others following in step. On thursday, accepted a contract on one of the madel homes. Yesterday, 2 more contracts received. One of the models and one is a build job.
I don't know if the buyers are Mexicans moving their funds to U.S., but I do know there is a lot of that. Homes are median priced homes, 1400 to 1900 sq ft. The ones yesterday were 132K, 139K and 149K. I'm UNDER 100K in lot and home costs on each. Fully fenced , landsacped and overall, nice accessoried homes. This was a very good week for TX.
I'm also 100% full on all sfrs, so I'd say TX is doing just fine. Rich

Rich thanks for providing an update on your south Texas subdivision. Sounds like it is proving to be a profitable adventure.

Sounds great Rich. I can add that I am at 100% occupancy except for one home that is for sale. However, my IT business is slower than I'd like.

Rich,
I live in Harlingen Texas, it is between McAllen and Brownsville. If you ever need a pair of eyes or something let me know. And no I am not fishing for a Job I would be pleased just to help you out!

Hi Kathrine,
I'll be in Weslaco on Nov 4 for 4 days. I have to hold the organizational meeting for the HOA of my subdivision.(gated community). Let's get together while I'm there. Any others in rio grande valley? Rich

Sounds Great Rich! Shoot me a call or an e-mail when you are in the area. I am 15 min away from Weslaco. I will have to tell you the story of how Weslaco got its name :)

congrats on the subdivision rich....given the success, any plans to do this again once you're all sold out??

Nice to see TX (and you) flourishing!

I used to own property on South Padre Island and there were always lots of SUVs with Mexican plates. Ever consider Port Isabel for development? Insurance premiums are super high on the island but might be more affordable across the bridge.

Kathrine- I know area well! I was speaking at different seminars a few years ago about my early success in RE. I kept getting told "that couldn't be done now". I got tired and made a committment to go to a new area, and buy a home a day for 30 days. I moved to Weslaco. I bought 26 homes in 35 days.(story is on a blog or post here somewhere!) and not one was institutional loan. About 2/3 were owf and balance were for cash. Bought or built 68 homes in 16 months.
I looked at some apts in Harlingen-didn't like the city....

Bryan- I'm getting too old. This subdivision fell in my lap, was in the city I lived in and had opportunity to substantially increase lot values by turning it into a gated community. I doubt that will arrive again.

Diane- My Island is CANCUN!!! I own some condos there and imo, it can't be beat. I didn't like the water and didn't consider either So Padre or P.I. Rich
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