I am out of state and we are looking to get a single family home as a long term rental investment property and I was curious if the demand for rent was high currently, if single family homes were better vs duplexes, and any recommendations for lenders, agents, handymen, management companies, and any other useful information such as good locations of the city (I have been looking at the crime maps lately and it seems the western side of the city has less crime for what its worth). I see homes around 120K and possible rent is around 1200 - 1400 for a decent sized 3 bed 2 bath 1300 to 1500 sft home. Any advice is reallyappreciated!!
Lubbock is a great place to invest, crime is an echo chamber in certain locations. I’ve read the Lubbock 2040 plan and the plan for Lubbock is growth.
@Silas Barker , @Michael Mendez is right, the high crime areas in Lubbock are pretty isolated from the areas that most investors want to focus. In regards to sfr vs duplex, just based on the rent to purchase price ratio alone, I don't understand how many of the duplex owners in town are making much money. Persoanlly we have had good luck with sfr's and a 4-plex.
Growth has been steady for years and I don't see it slowing down significantly. Good luck!
Completely agree, we’ve seen an influx of investors. This has increase the price and competition, especially for MFH.
What are some good areas for single family homes? Looking at crime maps and data online but its always nice to see what people think? Think long term families or couples going to the University as far as tenants.
@Silas Barker Generally speaking and with a few exceptions, if I were looking at a map of LBK and drew a straight line, north to south along University Ave, anything west of that line I would consider looking at. Assuming it met my investment criteria.
@Silas Barker I would expand and look at all of Lubbock, including east of University. Those houses are appreciating quickly and rents make sense for an investor to make money. For example, many of my clients get an investment property for $65k that rents for $895. They do cosmetic work for ~$10k and then they rent it for $1095 (or in some cases higher).
West Lubbock is stable for sure, but those investments barely make the 1% rule.
Remember that Texas has a very high property tax which definitely cuts into your ROI.
I sink all my investment dollars into SFHs and very small (class b or better) multi family units. All in Lubbock. Lubbock is a great place to invest given a strong rental market and great appreciation.
Thanks everyone for the info! Much appreciated. I will keep looking and see if the right deal comes along. Any advice for local competitive lenders is great too. Thanks so much!
Hey! Lubbock is a great place to own property, and as people have mentioned it is steady growth, and I feel a pretty safe place to purchase. Rent rates are better than a lot of areas, would be happy to give more info if you want to reach out! I own and manage a good amount of property in Lubbock, TX.