First REIA Meeting in DFW
Last night, I attended my first REIA meeting in Richardson. Overall it was pretty good. I'm planning on buying properties to hold and rent long term. Unfortunately, I didn't meet anyone whose primary strategy is buy and hold rentals. Flipping seemed to be the most common strategy. There were quite a few wholesalers in attendance. I was surprised how many investors are banking on rapid price appreciation though. DFW has marginally appreciated over the last 15 years, but somehow the environment has changed.
Personally, I think the very high property tax rates (~2.7%) will make long term appreciation materially greater than inflation difficult to achieve.
The best new tidbits of information I received last night are:
- 1. Develop a relationship with the following types of lawyers as an alternative source of leads: real estate, divorce, bankruptcy, probate, and tax.
- 2. Houses in DFW will probably need foundation work about every 10-15 years even if they have a "lifetime warranty" in some areas.
- 3. Real estate agents can provide a list of expired/cancelled listings of properties.
- 4. Use local builders for referrals for companies who will distribute and pick up bandit signs. (I know Josh and Brandon are not fans of bandit signs.)
- 5. When buying rental property, a key decision is investing in cash flow generating property or price appreciation.
I hope someone finds this info helpful.