Phoenix, AZ · Member since 2016 · 12 posts · 2 votes
Hey guys I am interested in learning more about the Texas real estate market. I know there are many big markets in Texas, but I have an opportunity to possibly purchase commercial property in Littlefield, TX. About 25 miles outside of Lubbock, TX. Any insight will be greatly appreciated it.
Phoenix, AZ · Member since 2016 · 12 posts · 2 votes
10y
Jeff Smith I will take your word for it. I did some digging myself and it looks deserted. I did read that a dairy producer is building a $250 million milk plant in the city. Do you think that will help wake up the city?
Investor · Plano, TX · Member since 2015 · 10 posts · 0 votes
10y
there is a guy posting a fire sale on Craigslist. I have seen this reposted couple of times on CL already so I suspect something is not right in that market. I have no knowledge of that area though.
Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
10y
I didn't see the post but I have flipped a couple of properties in Littlefield and have a couple of rentals there currently. The demand for decent rentals is high and the prices are low. Other than seeing a lot of vacant commercial buildings in town I am not familiar with the commercial side. There are not to many towns around the Lubbock area that I have not done a deal or two over the years
Phoenix, AZ · Member since 2016 · 12 posts · 2 votes
10y
@Greg H. That's good to know that you've done some deals there. It's been a stay away type response from everyone I spoke to. Google maps didn't do the city any justice. It looked a ghost town. I did read that there is a Dairy company building a $250 million milk plant about a mile from the subject properties. I will PM you the info to see if it might work for you.
Contractor · Richardson, TX · Member since 2016 · 2 posts · 0 votes
7y
I had a couple of buildings in Littlefield an was able to get rid of them at the right time. The pluses... Some buildings are owner financed, people are generally friendly.
Law enforcement finally broke up the biggest drug ring out there eith connections to the Mexican Mafia and several local and national gangs.
The negatives... Most if the buildings (almost any owner financed), are worth about 25-30% of the asking price. The fixed payment you will pay could pay off the real value in 24 months. Most are contract for deed. Most you must provide "Replacement Insurance" to the lender.85% of the older buildings... especially commercial is will not meet code. Be prepared to spend 35k-50k to upgrade. The 2 people I know that sell their buildings.... Require Replacement coverage, along with personal liability insurance not only on the building but on you. Usually a bond covers that. Incase you to jail or walk off. Most others do a deed in lieu of foreclosure so the can get the property back fast. Most sellers have sold their buildings at least 4 to 5 times.. ; Of course you pay the taxes.
Littlefield is still paying off a prison that they decided to help finance to the tune of millions of dollars.
On commercial building the electric monthly base charge is huge compared to Lubbock or Dallas counties.
The milk plant did come in but almost everyone there is well educated...from Lub.k.
Some other reasons Littlefield is not a place to go is.
1. One of the highest teen pregnancy rates in Texas (unwed)
2. One of the highest Sexual predator rates in Texas.
3. A place there treats people who are on the Sexual Offender list and most are housed there.
4. The dollar store went out if business....
When a big chain dollar store cannot make it what else can? As far as retail.
5. The milk plant offered jobs to people who already worked for them or were in the industry. Most of the employees came from there.
6. They have a drug problem.
I would stay away. But a small town called Mileshoe