I am considering purchasing a property to use as a rental but I am not sure what the market is like there, especially for finding. If anyone has any input it would be trult appreciated.
I am considering purchasing a property to use as a rental but I am not sure what the market is like there, especially for finding. If anyone has any input it would be trult appreciated.
I havent been to McAllen in 15 years. I like the area though. Do they still have that Chinese place that cooks steaks off the carcass? That was awesome watching those chefs cut the steak off the cow and cooking it right in front of your eyes.
I am considering purchasing a property to use as a rental but I am not sure what the market is like there, especially for finding. If anyone has any input it would be trult appreciated.
I havent been to McAllen in 15 years. I like the area though. Do they still have that Chinese place that cooks steaks off the carcass? That was awesome watching those chefs cut the steak off the cow and cooking it right in front of your eyes.
Real Estate Agent · Mcallen, TX · Member since 2020 · 17 posts · 7 votes
4y
@Alfredo Munoz
The market for single family homes is still hot. SFH-3/2-110k-175k especially. Depending on what you're strategy is, how much cash are you using, and a number of other factors would determine how the market is for you.
I only moved down here last year and I'm seeing that the highway is expanding and I always see new construction.
I'm working with several investors in and out of state. One things for certain everybody wants in on Hidalgo County.
@Mike Reynolds I actually live in California but my wife is from there. I've been there a few times, but I am definitely going to see if that place is still there. Sounds interesting.
We also live in Cali and my wife lived in McAllen! I never heard of the Chinese place so if anyone can give an address I'd love to check it out on our next visit.
Investor · Tyler, TX · Member since 2021 · 17 posts · 22 votes
4y
Howdy Alfredo,
Of course, it will depend on what your strategy is and mileage will also very every time. Cash-flowing a single family here in McAllen will be a big challenge in this market, particularly if you're looking to buy in one of the more decent areas north of Nolana (which I would strongly recommend if you're an out-of-state investor).
That being said, McAllen and (south-eastern Edinburg) have the desirable neighborhoods. That's where the good employment growth is centered and people want to move elsewhere nearby to there. While cash flow might be difficult to come by, I wouldn't be surprised if you get a good bit of appreciation there over the next years.
That's my estimation. I'm fond of McAllen and been here since Backstreet Boys were on the Billboard. :)
We also live in Cali and my wife lived in McAllen! I never heard of the Chinese place so if anyone can give an address I'd love to check it out on our next visit.
Cheers
It was actually a buffet place that was huge. It was in a storefront plaza. That is all I can remember about the location. Inside there was absolutely anything you can think of to eat. In the back was the chef that grilled the steak to whatever thickness you wanted. I would say the place was about 10k square feet in all.
@Dennis Bethea thank you for your response!! This would be the first investing property that I would buy so I am still considering different options. I've been doing a lot of research but it's definitely nerve wrecking. I am actually going there next week so I will be driving through a few neighboorhoods.