Rental Property Investor · Orlando FL / Kansas City, MO · Member since 2019 · 5 posts · 1 vote
Hello DFW! My wife and I are hoping to learn more about the Fort Worth, TX market and up-and-coming neighborhoods. We currently work on the road and will continue to do so for the next few years; however, Fort Worth is our endgame and we are interested in finding a "home base" which we would use as a short-term rental for the majority of the time and eventually settle into ourselves. Any observations on what areas are seeing investment, as well as thoughts on how the current Fort Worth market looks today (overvalued, etc.) go a very long way.
@Nick Meservey Y’all will love Ft.Worth. I lived in north Ft. Worth for +12 years before moving to nearby Keller a few years ago. I have several rentals in Ft. Worth. Have also completed quite a few flips in city limits too. But like most everything in Texas Ft. Worth is huge! It has everything from war zones to multi-million dollar homes. But the good thing is over 50% of home sales in the city average price is between $150K and $250K. So plenty of good investment properties to choose from. Ft. Worth is still a sellers market. July’s months of inventory was at 2.8 months. A balanced market is 6 months. But numbers are starting to creep up. Thus, home prices are stabilizing. But research the Texas A&M Real Estate Center web site home sales data I quoted. Best part it’s free. But in Dallas & Colin counties in particular the cities of Plano, Frisco, and McKinney are still very hot and in my opinion overpriced. However, Ft Worth gets overlooked by many investors. feel free to reach out to me to discuss more on Ft. and specific areas I prefer To both live and invest in.
@Nick Meservey Y’all will love Ft.Worth. I lived in north Ft. Worth for +12 years before moving to nearby Keller a few years ago. I have several rentals in Ft. Worth. Have also completed quite a few flips in city limits too. But like most everything in Texas Ft. Worth is huge! It has everything from war zones to multi-million dollar homes. But the good thing is over 50% of home sales in the city average price is between $150K and $250K. So plenty of good investment properties to choose from. Ft. Worth is still a sellers market. July’s months of inventory was at 2.8 months. A balanced market is 6 months. But numbers are starting to creep up. Thus, home prices are stabilizing. But research the Texas A&M Real Estate Center web site home sales data I quoted. Best part it’s free. But in Dallas & Colin counties in particular the cities of Plano, Frisco, and McKinney are still very hot and in my opinion overpriced. However, Ft Worth gets overlooked by many investors. feel free to reach out to me to discuss more on Ft. and specific areas I prefer To both live and invest in.
I have been intrigued the last couple of years on the Trinity River Vision Project Fort Worth has planned. I know they have hit some snags of late, but they still plan to do quite a bit to make Fort Worth into a destination. With this in mind, I would say anything along the trinity river would be something to consider, or outlying areas around downtown. Here is a website for more information on the project: https://trinityrivervision.org/. Good luck!
If you're looking to do short term rentals, make sure to look into the city laws and regulations as well. I know Arlington has issued an ordinance making STR's illegal everywhere except within 1 mile of the stadiums in the "entertainment district". I know Fort Worth has been playing with the idea of making them banned as well. I'm not sure where they currently stand but if this is your main strategy, you definitely want to be informed before you start investing any money into the idea.
My wife and I live in Roanoke and love it. It's technically Denton county, but it is directly north of Fort Worth. We like Denton county better anyways, for living and investing. If you're in town, definitely go to eat some fried chicken at Babe's in downtown Roanoke. You will love it!
Plenty of good advice here, although I will add that they seem to reference Tarrant County of which Ft. Worth is located. Minor technicality, but you'll be fine if you narrow your goals a bit within FTW.
@Courtney Duong Apologies for the delays. Have 11 investment listings in MLS and had 4 of them go under contract this weekend. Love summer months. But I digress. Regarding Frisco, great schools, but demand is insane. Just did a search in MLS for 3 bedroom, 2 bath, 2 car garage (because its the best rental) for under $225K within Frisco city limits and there are ZERO properties. So regardless if your exit strategy is either rental or flip Frisco is not the place to look. But this is on the "Dallas" side of Dallas/Ft. Worth area. Further my previous post in this string there are great rental properties to be had in the Fort Worth area (Tarrant County) for under $225K.
@Joe Funari No worries about the delays. I know people are busy. Congrats on the 4 that went under contract. That is sooo awesome.
Yeah, Frisco is tough right now for residential per what you said. How about commercial? What are your thoughts on that? Do you deal with commercial too?
@Nick Meservey As of Q1 2020 Fort Worth, TX appears 13% overvalued vs historical price-income relationship, the state of Texas overall being 11% overvalued. Texas is among just 8 U.S. states overvalued (>10% valuation) as of the same date. Can PM me if any questions.