I love the texas market ---and you should also.

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I love the texas market ---and you should also.

Rich Weese
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes


Dallas-Fort Worth apartments seeing boom in leasing

I hope I learned how to post this link.

I want to thank Jon Klaus, friend, and proud Texan for this article. Get your heads out of the ground and look around. There are unbelievable things listed in this article. 3400 new jobs in Dallas , and not census takers! If you wonder why I bought 154 units in Dallas almost a year ago, bought many homes in SO TX on foreclosure, and currently ramping up my new subdivision in SO. TX with 4 new models. Stuff is happening in Texas. Y'al come on down. (disclaimer- I'm now residing in FL, maybe it will be the next one.) I'm pretty good on picking stuff. Rich

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Account Closed
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
16y

West coast politics haven't rubbed off on me. Look forward to visiting a more conservative state.

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  • Mark UpdegraffBusiness Member
    Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 702 votes
    16y

    Hey Rich,
    You missed a close ] after url, but no biggie, we can copy & paste :D

    I would love to start branching out to other areas, I just don't think I have the necessary capital (and time) to make it happen right now. It is a shame since I'm sure this is a very awesome opportunity... I've been tempted by Florida, since it is a lot close (cheaper airfare) and we have a few connections in Port Richy.

    Just out of curiosity, what do you think of the Bahamas? Do you do any investing there?

    Cheers!
    Mark

    Podcast Guest on Show #112
    Updegraff Group Realty4.746 Reviews
    WebsiteView Page
    1Reply
  • Tod R.
    Investor · Southlake, TX · Member since 2009 · 950 posts · 338 votes
    16y

    No arguments here.

    91% occupancy, 15,000 units absorbed in the last 6 months. Only 7,000 units coming on line in the next year. Steady growth in jobs and population. Window may be getting smaller for good multifamily opportunities in the next few months, agree?

    0Reply
  • Rich Weese
    OP
    Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    16y

    Mark- I'll never figure out this computer stuff! I don't know about the Bahamas much for investment. Cancun is my hangout(condos there) and Bermuda is my "tax haven".

    Tod- You think? I've been averaging 98-99% full on my 154 and am 100% full on all sfrs in Tx, 40-50. I keep inviting people to try TX. I'm not keeping a secret for sure. Rich

    2Reply
  • Tod R.
    Investor · Southlake, TX · Member since 2009 · 950 posts · 338 votes
    16y

    Rich, have you given details on your apartment deal, location, age, rehab costs, etc? Sounds like it would make an informative post.

    0Reply
  • Mark UpdegraffBusiness Member
    Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 702 votes
    16y

    Thanks Rich,
    My parents are using ELU (eleuthera) in the Bahamas as their "tax haven" / Retirement abode. We've been down a few times, and have fallen in love with the island.

    So when moving to a new area to invest, you spend a lot of time there first? Interview a lot of property management companies etc? If you're living in FL, how often do you need to go to TX to deal with closings, issues etc? Just trying to get a handle on how hard it is to manage property from the opposite side of the US.

    Thanks again!
    Mark

    Podcast Guest on Show #112
    Updegraff Group Realty4.746 Reviews
    WebsiteView Page
    0Reply
  • Rich Weese
    OP
    Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    16y

    Tod- I posted a series of 3 blogs during the time I negotiated, researched and acquired it. I probably should do an update when I have time. City of Garland decided to build a LARGE community center directly across the street from one of my 2 buildings. This will be a nice addition.

    Mark-I do a lot of research before I move there. I moved to So Tx and was already buying. 68 homes bought or built in 17 months. Some flipped and some kept.I didn't do adaquate homework on FL. I thought buying sfrs would be easier. It hasn't been. I came here because I bought a 550 self storage facility. Market was perfect and now, is really improving. We're up 7% in occupancy for June.
    I don't go to TX much. I have a great Title office, super bank, hired and trained my own mgmt people, and have a builder/developer as partner. I design and approve the Models , and they build them I did live in TX for 18 months, and have been back once to visit both large projects. Gotta catch my flight. I'll post early fri morn. Rich

    2Reply
  • Mike McKinzie
    Investor · Westminster, CO · Member since 2009 · 1k+ posts · 1k+ votes
    16y

    I agree Rich, bought 2 more SFR's in Texas last month. I now have property in Fort Worth, Arlington and Crowley. Will have to check out S. Texas soon.

    1Reply
  • Dustin Phillips
    Real Estate Investor · Indianapolis, IN · Member since 2009 · 161 posts · 46 votes
    16y

    Here are is the WSJ link that also puts Texas in a favorable light... It also shows Indiana (my home state) as leading the nation in percentage of job growth.

    Good post Rich as these are good indicators of where to invest...

    http://online.wsj.com/article/SB10001424052748703438604575315021978987414.html

    1Reply
  • Bryan Hancock
    Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    16y

    Everything I own is in Texas and the bulk of it is in Central Texas. Things are going to mega blow up in the Austin area whenever we come out of this depression. We are getting a new Indy track and have new employers move here form The People's Republic of Kalifornia every month. Schlitterbahn is also building a $250M+ project about a mile from where I live in Round Rock. That should be good for our property value and very bad for traffic :-?

    Williamson County is projected to have more residents than Travis County in the next 10-15 years! That is a mega stupid statistic.

    I like DFW, San Antonio, and Houston too. South Texas seems like a place for someone else to make money to me. I hope you do well there Rich. Central Texas has a lot more going for it IMO, but I am sure there is a lot of money to be made anywhere taxes are low and government is kept to a bare minimum.

    1Reply
  • Tod R.
    Investor · Southlake, TX · Member since 2009 · 950 posts · 338 votes
    16y
    Originally posted by Rich Weese:
    Tod- I posted a series of 3 blogs during the time I negotiated, researched and acquired it. I probably should do an update when I have time. City of Garland decided to build a LARGE community center directly across the street from one of my 2 buildings. This will be a nice addition.

    Here's the link, first of three blogs:

    http://www.biggerpockets.com/blogs/575/blog_posts/2611-dealing-with-larger-purchases

    0Reply
  • Ryan DeGennaro
    Contractor · Houston, TX · Member since 2010 · 11 posts · 0 votes
    16y

    Houston's market has hardly skipped a beat - I highly suggest all you out of towners to check out Houston, Austin, San Antonio and Corpus Christi.

    Texas cities always seem to show up in best of lists on yahoo, makes me proud :)

    0Reply
  • Bryan Hancock
    Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    16y

    I saw a study recently claiming Houston has the #1 job market in the nation with Austin at #4. I think Dallas was in the top 4 too if memory serves....

    0Reply
  • Tod R.
    Investor · Southlake, TX · Member since 2009 · 950 posts · 338 votes
    16y

    An interesting website is texaplex com. It makes a pretty solid case for the DFW, Austin, Houston markets.

    0Reply
  • Bryan Hancock
    Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    16y

    Here is a link to the article about top job cities...I guess Austin was #3 and DFW was #2. San Antonio was #4 and Houston was #1...a clean sweep for Texas!

    Top Job Cities

    Austin is #1 for the last year...pretty exciting!

    0Reply
  • Mike McKinzie
    Investor · Westminster, CO · Member since 2009 · 1k+ posts · 1k+ votes
    16y

    Bryan
    I am not sure about your statement about 'low taxes.' Texas has the highest property tax rate of any western state. It takes three months rent just to pay the property tax on my rentals there whereas my California, Arizona, Oklahoma and Colorado rentals take one months rent to pay the property taxes. Maybe that is because TEXAS is just TAXES with the A and E switched!! :lol:

    0Reply
  • Rich Weese
    OP
    Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    16y

    Bryan- I like my so texas for a few reasons that you wouldn't know if you hadn't lived there. Also, none of the cities are large enuff to show up on the radar of these mags.

    Mike M- I think the taxes were not on property, but rather the business climate.

    It doesn't hurt that Mcallen has a one million (est ) population city 6 miles away in Reynosa---"where have all the good jobs gone, long time passsing?" That was a takeoff on a song.
    Oh well, time to go to dinner here in CANCUN. Have a great weekend. Rich

    0Reply
  • Bryan Hancock
    Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    16y

    Property taxes are high here, but we have NO state income tax. Just as is the case with anything rents adjust to make up for the difference. This taxation policy keeps us having a steady appreciation rate instead of wild wild west style appreciation and depreciation like other states.

    The laws are also very investor friendly here. I can foreclose on someone 21 days after the NOD rather than two eons like it takes on the west coast. People know this and will generally sign a DIL, which shortens the process even more.

    0Reply
  • Account Closed
    Member since 2010 · 156 posts · 65 votes
    16y

    http://www.bizjournals.com/austin/stories/2010/01/25/daily39.html

    article about Schlitterbahn in Cedar Park. 360mil nice to know it will be closer than New Braunfels not so far to drive.

    0Reply
  • Dale Osborn
    Mobile Home Investor · Spanaway, WA · Member since 2008 · 1k+ posts · 578 votes
    16y

    I really do appreciate the "Texas Grey" watermelon. It seems to be the best watermelon with the "Sound" watermelon from NC being the second best. The only melons you can seem to find are ones grown and imported from a foreign country now. Should any of the investors in Texas have a supply source for getting seeds for the Texas Grey watermelon - I would greatly appreciate the contact info! Internet searches have came up empty or I have been doing something wrong!

    I will have to apollogize for going off track with your post. However, once Texas was mentioned the mind turned to the best watermelon ever and I just had to ask for seeds! Please forgive my indiscretion and continue your discussions on the right path! Thanks!

    0Reply
  • Tod R.
    Investor · Southlake, TX · Member since 2009 · 950 posts · 338 votes
    16y

    Is Schlitterbahn Cedar Park still in the works? I couldn't find any current news.

    0Reply
  • Bryan Hancock
    Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    16y

    Yes...One of my buddies is raising the funds for it right now. Marcus Crosby posted a link about it on page one of the post.

    I went to the Cedar Park city council meeting on it several months ago. The park is going to be world-class with simulated sky diving and a bunch of other stuff too.

    I live about 1 mile from where they are going to build the new resort.

    1Reply
  • Tod R.
    Investor · Southlake, TX · Member since 2009 · 950 posts · 338 votes
    16y

    That's Exciting!

    Our company built an apartment complex in Cedar Park about 3 years ago and I just heard we're looking at a potential site for another.

    0Reply
  • Bryan Hancock
    Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    16y

    My commercial mentor owns The Shops at Silverado about .1 miles from the new Schlitterbahn facility. My next door neighbor also owns 4 restaurants and is building one right down the street from the new resort.

    You should see all of the road infrastructure going in on 1431...booming here! Developments are going up across from the 1890 Ranch too...in addition to the new events center in Cedar Park.

    The Austin metroplex is going to boom in the next 10 years.

    2Reply
  • Tod R.
    Investor · Southlake, TX · Member since 2009 · 950 posts · 338 votes
    16y

    Our thought is most of the growth is to the north of Austin and west of 35, east of 35.

    What is your opinion on Pflugerville?

    (I think this subject fits this post)

    0Reply
  • Bryan Hancock
    Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    16y

    Austin has traditionally encouraged growth north and south along the IH-35 corridor. With the new toll roads on the east side I see growth out that direction too...toward Cedar Creek and Bastrop and later east of the Samsung facility.

    Pflugerville is stuck between, "A rock and a weird place" and will likely continue to build middle class housing. I see Round Rock targeting more of the high-end homes. Georgetown is positioning itself as the retirement mecca for folks that want to be close enough to Austin to visit, but far enough away to avoid the hassles and traffic.

    I much prefer housing in Round Rock to Pflugerville. Round Rock's school system is better and I see Plugerville being a place to buy REOs and foreclosures going forward. Time will tell how things play out, but I don't really like Pflugerville as much unless you can get a steal there.

    0Reply
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