All Forum Posts by: Michael Norsworthy

Hey all! I have 3 off-market deals that may be of interest to flippers and those who use the BRRRR strategy!

1924 20th St.

2101 30th St.

2202 24th St.

Contact me for more info!!!

Hey all,

I am planning to host an investor seminar with guest speakers to talk about the market, investmetn strategies, etc within the next 4-6 weeks. Is this something that would be of interest to any of my fellow BP investors? It would be a free event and a great chance to network with other real esate investors in Lubbock.

Let me know if this is something that would be of interest!

Hey Thad, great question!

I always recommend Chris Carter with Rentwell Management here in Lubbock. From my experience with property management companies, they really are the best at what they do here in Lubbock. Here's his info:

Chris Carter - Rentwell Management 

(806) 500-5599

[email protected]

Oscarr, I would love to help. Let's connect!

Hey Johan! I'd love more info on this property you have for sale

Quote from @Nadine Hylton:

Can you provide zip codes or areas to target for midterm rentals that could service the university and hospitals? I know that sometimes the areas closest arent the best yields, but bedroom communities that many students or employees commute from.

Hi Nadine, I would love to help!

With Lubbock not being terribly big, I see a ton of areas do really well with rentals targeted at students and medical professionals! I also do agree that sometimes, the closest areas do not perform the best, however I would reccommend looking into the "Tech Terrace" and "Medical District"(79410) area of Lubbock. It is extremely close to campus and University Medical Center and as long as you own a home there, you'll have no trouble finding renters.

I would also reccommend looking into other areas such as "Wester" (79414), "Raintree" (79423), and "Melonie Park" (79413)! I have investment properties in these 3 areas and they all perform exceptionally well!

Let me know if you had any additional questions, and best of luck!

Quote from @Brett Whaley:

Not sure my questions came across with requesting a connection, so I will post here. Are Lubbock SFR turning monthly profit with the higher interest rates? How is appreciation going in the city? With the influx of luxury apartments, are SFR staying unoccupied for long periods? Does it seem as though sellers are willing to negotiate, or are posted prices generally firm? Is there any depreciation left to claim on some of the older homes for sale?

Is there anything you feel is important to know about the market I am not asking?  Any help is appreciated.  Apologies for the laundry list of questions.

I am kicking around the idea of starting investing there soon vs waiting for some period of time vs eliminating Lubbock as a potential area due to apartments taking up too much of the market share.

Hey Brett!

SFR properties here in Lubbock generally still are turning a profit with the current interest rates, but of course every situation varies. Properties have also been appreciating here above the national average, in the last year homes sold for 11.7% more than the previous year.

SFR's rarely stay unoccupied here in Lubbock, especially closer to Texas Tech University's campus. However, you do see some sit for a few months due to unreasonable pricing or the owners not taking care of the home. With my personal rental properties, I havent had any recent vacancy problems at all!

Lastly, in my recent experince working with buyer clients here, we have found that most sellers are willing to negotiate. Again, it mostly depends on the situation, but most times it is possible to find some wiggle room on price, negotiate repairs, etc.

That should sum it up for the most part, Lubbock was a great place for me to start my rental portfolio and the city is continuing to expand! It also doesn't hurt that there will always be 35,000+ college students in town needing a place to rent!

Quote from @Theresa Harris:

What did you buy it for and what would you likely walk away with?  I'd probably sell it given the second PM can't get it rented either.  Have you been to the property and walked it to see what the problem is?

 I second this! I am also curious what you purchased it for, and what you could get for it now? If you wanted me to run some comps for you in the area to see what you might be able to get for it I would be more than happy to help!

Also, how long have you been working with the new PM? If it has been awhile, even with the great marketing, it might be a sign to sell.

Hey all,

I wanted to create a post for everyone who is interested in investing in Lubbock, Texas to ask any questions they may have. As a licensed REALTOR and an experienced investor, I will do my best to answer any questions ya'll may have!

Also, if you don't feel comfortabe posting your question on here, connect with me and I will help you to the best of my ability!

Hey Terry!

Being based in Texas, I can definetly confirm that tons of businesses are moving here. Many cities in North Texas are expanding exponentially due to large corporations coming in such as Frisco, The Colony, Little Elm, and McKinney.

There are also other cities expanding here that are not in North Texas such as Lubbock, Austin, Leander (30 minutes NW of Austin), and New Braunfuls.

There are tons of opportunities here, let me know if you have any other questions!