Rental Property Investor · Phoenix, AZ · Member since 2018 · 17 posts · 7 votes
I found a 1980's property for sale in the Old East Dallas area that is showing some good numbers, but am not sure about the area. It is near Ross Ave and Bennett Ave.
I am new in multifamily investing, and wanted to seek advise from the gurus on out-of-state investment. What should I be aware of. I am new to Dallas market as well.
Lender · Chicago, IL · Member since 2010 · 149 posts · 127 votes
5y
@Rik Chatterjee
The key to Multifamily Investing is the property and the property management. Whether in town or out of town the property should be in a stable - desirable area, without a lot of crime and good numbers plus good property management. The Management make the deal and their insight is very important. I would find a good property manager first.
Lender · Chicago, IL · Member since 2010 · 149 posts · 127 votes
5y
@Rik Chatterjee
The key to Multifamily Investing is the property and the property management. Whether in town or out of town the property should be in a stable - desirable area, without a lot of crime and good numbers plus good property management. The Management make the deal and their insight is very important. I would find a good property manager first.
Lender · United States · Member since 2020 · 1k+ posts · 499 votes
5y
Louis nailed it. The only thing I can add is the tenants. Ideally, unless you're buying a value add property, you want at least 75% of the property occupied, and the tenants having a good history of paying on time.
The key to Multifamily Investing is the property and the property management. Whether in town or out of town the property should be in a stable - desirable area, without a lot of crime and good numbers plus good property management. The Management make the deal and their insight is very important. I would find a good property manager first.
This 100%! With a good property manager teamed with a reliable realtor, you can get the insight you are looking for and have two parties with vested interest in your success. At the end of the day, RE is all about connections and growth. For a good property management company, they want their clients to be making money off their investment properties so they can continue to buy them and the PM can continue to manage them! Win for the owner building their portfolio, win for the realtor who should have their clients pushed back to referral partners (the agent who referred them) to use for the transactions, and PM manages the properties. Everyone wins in this scenario.
I totally agree- If you're interested in investing in Dallas, having a local team in place can be one of the most important factors in making sure your rental property is profitable.
Having worked with @steverozenberg, Bigger Pockets contributor, professional real estate investor, and Head of Investment Education at Mynd Management, I've learned that not having a local team can be one of the biggest drains on investors return on investment in the Dallas area.
If anyone's interested in tips on sourcing a local team in Dallas I'm happy to tell you more.
Yes this is all very true regarding having a Local Team.
If you'd like a firm that is dedicated to all of DFW and North Texas with fourteen (14) in-house full-time PM team members based out of their Keller office, look no further than @Kyle Mccaw
I grew up in East Dallas. It's been a few years since I've lived in the area, but the area you're looking at, unless it has been gentrified, is in a high crime area. I would look elsewhere.
Real Estate Agent · Dallas, TX · Member since 2020 · 13 posts · 10 votes
5y
Rick, I am a realtor with Keller Williams Urban Dallas and East Dallas is a great place to make an investment right now. The old neighborhoods are being revitalized and there are many new builds going in on Ross and just off of Ross. Great spot!
Flipper/Rehabber · DFW · Member since 2020 · 373 posts · 207 votes
5y
@Cal Dunagan@Rik Chatterjee Hey yall! Just bought a SFH in this area and have been watching it for a couple of years now. It is definitely starting to get turned. Junius Heights and Peaks Historic are 30%-45% turned I would say. A few years ago, this was not the case, but really looking good now in my opinion. Rents for studio apartments are also pretty high, but most of the studios are also from houses being converted into 4-plexs, so there could be opportunity there as well.
Rental Property Investor · Phoenix, AZ · Member since 2018 · 17 posts · 7 votes
5y
Thank you @Cal Dunagan, @Audrey L., @Richard Helppie-Schmieder for your insights. Looks like that area is getting some regentrification. I lost that other opportunity, but will continue looking into others.
Investor · FL · Member since 2017 · 247 posts · 245 votes
5y
@Rik Chatterjee I invest passively as a limited partner in other people's syndications (private placements). With that said, I have a large portion of my portfolio in DFW with several sponsors and the majority of Ashcroft Capital's deal are in DFW as well. I'm happy to connect on the Dallas market, property managers or any other questions you have. Reach out anytime.