San Jose, CA · Member since 2017 · 10 posts · 4 votes
Hi,
My name is Elaine and I'm new member of BP plus I'm a new investor looking to purchase my 1st out of state investment property in DFW. I'd like to ask for referrals for Good Property Manager, Home Inspector, Realtor, Mortgage broker and contractor in Dallas market. I'd love to hear from anyone who has had positive interactions with any of of these professionals in the real estate industry. I'd also like to see if anyone has worked with DFW turnkey providers Memphis Invest or AREI? If so, love to hear your feedback. Thanks a bunch!
Thanks Tyler. I'd like to invest out of state because the market I'm in is overpriced and saturated-San Jose CA. I'm looking for cash flow and a bit of appreciation so SJ market is out of question. I visited DFW recently and saw that its a booming city with strong economy, decent job growth, and low purchase prices for SFH. Please send me your info. Thanks.
Be careful, I think the DFW market for the most part is getting over valued. While I am a firm believer that there are always deals that can be found, I think it would be difficult
In the last month we have put in multiple offers over asking, all cash bids on properties that needed complete rehabs, and not even gotten a chance at a second bid. The last one we lost out by over $20K. And I don't know if OUR bid had much of a chance of making money after the rehab.
Had another house we looked at that got 35 other offers.
40% of the offers coming in are all cash investors in the DFW market.
I just feel like the low hanging fruit in the DFW area may be gone, especially for out of state investors, Its getting really tough to find anything that works right now in terms of cash flow. And I think the properties that might are in neighborhoods that you need to know block by block.
Its a tough market, I cant imagine it being any cheaper here than in California.
I do have a mortgage broker and an inspector I would recommend.
I'm a mortgage broker. I mostly work with investors and military veterans. I'm also a CPA, so in addition to mortgages I can provide some overall financial strategies and advice.
San Jose, CA · Member since 2017 · 10 posts · 4 votes
9y
Thanks Tyler. I'd like to invest out of state because the market I'm in is overpriced and saturated-San Jose CA. I'm looking for cash flow and a bit of appreciation so SJ market is out of question. I visited DFW recently and saw that its a booming city with strong economy, decent job growth, and low purchase prices for SFH. Please send me your info. Thanks.
San Jose, CA · Member since 2017 · 10 posts · 4 votes
9y
Thanks Jibran. What are your thoughts on investing South of Dallas in areas like Lancaster, Desoto , Mesquite, Duncaville or Cedar Hills? Are those neighborhoods considered B or C neighborhoods?
Thanks Tyler. I'd like to invest out of state because the market I'm in is overpriced and saturated-San Jose CA. I'm looking for cash flow and a bit of appreciation so SJ market is out of question. I visited DFW recently and saw that its a booming city with strong economy, decent job growth, and low purchase prices for SFH. Please send me your info. Thanks.
Be careful, I think the DFW market for the most part is getting over valued. While I am a firm believer that there are always deals that can be found, I think it would be difficult
In the last month we have put in multiple offers over asking, all cash bids on properties that needed complete rehabs, and not even gotten a chance at a second bid. The last one we lost out by over $20K. And I don't know if OUR bid had much of a chance of making money after the rehab.
Had another house we looked at that got 35 other offers.
40% of the offers coming in are all cash investors in the DFW market.
I just feel like the low hanging fruit in the DFW area may be gone, especially for out of state investors, Its getting really tough to find anything that works right now in terms of cash flow. And I think the properties that might are in neighborhoods that you need to know block by block.
Its a tough market, I cant imagine it being any cheaper here than in California.
I do have a mortgage broker and an inspector I would recommend.
San Jose, CA · Member since 2017 · 10 posts · 4 votes
9y
Bart, thanks for the tip! I had a feeling DFW would be oversaturated based on talking to real estate agents out there. I ran the numbers on a property valued at $135K in Garland and the cash flow was already below $150 with 6.0% cash on cash return so any property above that price point in DFW I would imagine would be tough to have cash flow. Are you thinking of investing in other markets? I just started researching KC market now. Hope to find good deals there. Good luck to you with your search!
Real Estate Agent · Dallas, TX · Member since 2017 · 31 posts · 5 votes
9y
Elaine....it's true...Dallas is headed towards over valuation but so is everything in the USA again. The market is really strong right now and sellers are trying to get everything they can. Generally, I have to tell my clients that their suggested list price is not realistic and is too high. I see a lot of scenarios with stubborn sellers who list and stay on market for months and months at a time and never sell because they think their house is worth $100k over the actual sales comps in their neighborhood.
However, with all that being said, there are deals to be had. I actually have one right now that I just started blasting out this morning. If you're interested feel free to PM.
Bart, thanks for the tip! I had a feeling DFW would be oversaturated based on talking to real estate agents out there. I ran the numbers on a property valued at $135K in Garland and the cash flow was already below $150 with 6.0% cash on cash return so any property above that price point in DFW I would imagine would be tough to have cash flow. Are you thinking of investing in other markets? I just started researching KC market now. Hope to find good deals there. Good luck to you with your search!
Hope it helps!!!
I personally am not looking out of state, I have some folks I trust in this market. IE electricians, mortgage brokers, plumbers, masons, AC, contractors, realtors, title companies etc etc. I think it would be tough to recreate that network elsewhere.
Plus I think one our competitive advantages is that we know many of the neighborhoods in the DFW area, and can immediately make offers when properties become available. That in itself has gotten us a couple of really good deals.
Our philosophy has been to invest within a short commute from where we live. Investing out of state might work for others but it is against our business model (at least for now). my wife and I have just decided to keep our powder dry until we see a deal we like here in DFW.
The deals are much harder to come by now than they were a couple of years ago, and we have made multiple offers in the last few months and gotten nothing. But that will change.
All I was saying to you since you weren't familiar with this market is that in general DFW is a tough market, and I wouldn't recommend investing there without being local. Sounds like KC might be a better market for you. Hope it works out well. Let me know how it goes!!!
San Jose, CA · Member since 2017 · 10 posts · 4 votes
9y
Bart thanks for your advice, yes after talking to agents and people investing in DFW in BP, I'm convinced Dallas market is squeezed for out of state investors and better to look elsewhere. I'm not interested in overbidding on investment property out of state so I am now looking for deals in KC market. It's not yet as hot as Dallas market and I'll be working with a turnkey provider out there. Best of luck to you! Hope you will eventually have an offer accepted soon!
New to Real Estate · Los Angeles, CA · Member since 2020 · 61 posts · 26 votes
5y
@Elaine Liao while searching for other info here on BP, I was drawn to this old post since I also visited DFW and thought about the possibility of investing from California. Did you ever return to the idea, or did KC work out well for you?