All Forum Posts by: Alex B.

I'm in the same boat looking to invest in the northern dallas area. Let me know how things work out for you. Will follow this thread. 

Hi everyone. Like many of us, I'm now struggling finding an insurance company or a broker that will help me insure 2 sfrs. My current company is AllState, and they increased their rates by 100%, so I'm looking elsewhere. However, every company I find either doesn't insure non-owner occupied units or is extremely expensive. I'm looking at recommendations on what to do here specific to this area. Thanks all! 

 Hi Pete, are there any areas around or within Sherman that you would recommend? 

Like others have said, nothing replaces being close to the properties you own, even to do weekly drive by's to ensure the property is being kept in a good order. I'd recommend you learn the area you're in and around it, and stick to being driving distance away from the place you eventually end up picking up. It's also important to have a solid network of people you're working with, such as repair folks, real estate agents, brokers (as some of them can only do business in one state). This will earn  you higher rewards than jumping into an unknown area. Just my 2c. 

 With the high interest rates and generally high property taxes, it's tough to meet 1% these days unless it's a fixer. I'm making 1% in the area, but with properties I've purchased a while ago. It is not easy in today's market, and the market for fixers is hot at this moment, since many investors are after the same thing. 

I usually have 15-20 applications for mine. The area is very desirable as it's not too far away from downtown Frisco and Plano. Lots of employment opportunities there as well. Rent prices are slowly catching up with the housing prices, but they are trailing slightly behind as everywhere. 

One quick answer is - older neighborhoods with no HOA, especially when you see many rentals close by together. Older meaning 20 year old homes - which makes it very rent-friendly. Low cost of ownership is another reason, as rents are quite high as compared to the property cost. I own a rental in that area and it's appreciating quickly.

Like above said, Little Elm and north of that towards Anna / Melissa. There's also quite a bit of development happening in Aubrey - another solid area for long-term investment. 

I've just started with Zillow, and like it so far. I've used it to list my house, collect applications and do background checks, and also used their rental application template with a few of my own modifications. It's super easy to use, and the platform overall is getting much better. Their rental manager is the tool you'd use. You have a phone app to respond to potential applicants looking for questions, and can setup showings right in the app. And while I don't use Zillow to collect payments, I like everything else that it has to offer. My 2 cents. 

Thanks @Joseph O'Loughlin that was super helpful!