I tried this in the general forum then realized that this is a better place to post this question:
I'm hoping someone here has some insight into the market in west Texas, specifically Pecos and Reeves county. I have been offered an investment opportunity that cash flows very well on a new construction duplex. Builder claims very high occupancy rate due to big oil boom in that area after discovery of possibly the biggest oil field in the world late last year. The economy is ramping up in that area to support the massive drilling/fracking that is to come with housing being a major player. Is there anyone from that area that can confirm or report on what is happening there?
I have connections to Reeves County and I can confirm that it is the hottest place in Texas for oil. My 2 cents is that builder is telling you the truth.
I work out in southeast New Mexico. Pretty close to Pecos, and I know there are many companies moving in. My personal employer is expanding and building an office in the area. I don't know what the real estate market is around there but as far as the oil boom, he is not exaggerating. I would be very interested in deals coming up. Please feel free to contact me.
I'm from Alpine, Texas, just to the south of the Permian basin and oil field crews are coming back. Reeves county is mostly Oil and Gas, but all around that area Solar Energy is starting to come in, and there is always wind turbines further to the east in Pecos County.
James There is a huge deficit in rental properties which has prices through the roof. I am actually looking for rental properties right now as well, and land too. I would make sure you realize boom and bust scenarios with this area. I'm not saying its unpredictable, but just to be careful.