Rental Property Investor · Plano, TX · Member since 2015 · 80 posts · 14 votes
Hi All, up until early this year, I was able to find properties that would cash flow even in Plano/Frisco with minimal oversight. Being a passive investor self-managing all my properties, it is important to get them close to Plano/Frisco and relatively newer. This has not been an issue in the past but seems like anything that matches my criteria since late January gets multiple offers way over asking within the first day. Has anyone had any luck in the area? My realtor has almost quit responding to me since he has so many more people willing to throw money at these properties that will never cash flow and are a pure appreciation play. I have seen complete clunkers going for $40k over asking, which was already higher than what they are worth.
@Lallu Tappu As a realtor in Frisco who has a few investors searching that area there is no longer any cash flowing properties. All my investors have moved north or doing appreciation play. We have narrowed down to a very small area in frisco that has potential for reasonable appreciation without having to pay 600k plus. Prosper is a similar situation. Plenty of crappy houses to buy but all over priced and crawling with investors. I am buying in Celina & Anna now. Even land in Gordonville.
Yup, that has been my observation as well. No matter what the media says, the market has not shown any signs of slowing down. Even as we enter Thanksgiving week, total clunkers in Plano are selling for over asking within weeks.
@Lallu Tappu As a realtor in Frisco who has a few investors searching that area there is no longer any cash flowing properties. All my investors have moved north or doing appreciation play. We have narrowed down to a very small area in frisco that has potential for reasonable appreciation without having to pay 600k plus. Prosper is a similar situation. Plenty of crappy houses to buy but all over priced and crawling with investors. I am buying in Celina & Anna now. Even land in Gordonville.
Thanks @Nick Brown, I would rather go further out than buy someone else's crap due to FOMO. Even if I have to go to Van Alstyne to get something I can hold and manage long-term, I'd be open to it.
Have you looked at Condos in Dallas? Reasonable cash flow in C class areas in Dallas. Appreciation obviously lacking . But in this market you can not have both.
Since I am self managing, I’m trying to stay above a certain price point. I’ve dealt with enough cheaper properties to know that they’re not my cup of tea.