My name is Leslie from Plano, TX and I am new to investing. My ultimate goal is to buy and hold but with the higher interest rates I am trying my hand at flipping since its difficult to cashflow with a long term rental.
I am about to complete my first flip project and wanted to weigh my options between selling or keeping as a mid term rental.
1) I am curious how the market is fairing particularly in Garland Texas. Is the market saturated? Difficulty filling vacancies? etc.
2) Also, I could really use some hand holding if I decide to rent mid term. Are there any services that offer help with the initial setup and listing of a property? I have read books, joined forums and probably know all I need to about mid term rentals. But I prefer the guidance of someone with experience.
Garland has some pretty onerous rules for STRs and even requires a license and inspections at every lease turnover for LTRs which has put me off investing in the Garland/Mesquite market period.
The inspections are a mild inconvenience. It depends on the guy you get, but typically not a big deal. I did get a complete nutjob once though that nearly made me lose my mind. Said I wasn't allowed to have a glass window in my old back door. so I covered it in cabinet grade plywood and trimmed it out to make it look as good as possible. Then he told me that I needed a peephole because you could no longer see out if it.
wanted to yell at the guy so bad but you know, my life was in his stupid... stupid hands at that point.
Congrats on your first flip! It's smart to consider your options carefully.
To give you a clearer picture of the market, properties listed on PadSplit in the Dallas-Fort Worth area, including Garland, are currently 94% occupied. The demand for affordable, shared housing is strong here, so filling vacancies shouldn’t be a major concern.
We have an interactive map on our platform that will show you how specific zip codes are performing!
Thank you. This is good information. Will look into Padsplit.
Property Manager · 75098 · Member since 2019 · 17 posts · 12 votes
1y
Glad it's a cash buy or that one could hurt a lot more!! There seems to be some slight signs of life in Garland lately, hopefully by spring it's good again!