All Forum Posts by: Scott R.

Oh, going to be A TON harder imo to get financing in a small town. Your going to be looking for hard/private money if you want to do no money down, and I currently know of no one in that area, there's a few in Amarillo though.

If I'm reading this right, and you have deals in Amarillo, near the college, for $15,000 I'll pay a finders fee for these properties or possibly even loan you the money for these deals, as they sound too good to be true.

see lots of what in Amarillo? Are you from Amarillo?

narrpr.com if your a real estate agent  (appears you may be?)

I'm know nothing about lubbock, Amarillo on the other hand is a super hot market at the moment.

The problem being out of  own (I once was, and ended up moving here) is the town is so hit or miss. There's brand new desirable golf course homes minutes away from "war zones" there is neighborhoods that are super hot next to ones that take forever to sell. Even the block in the neighborhood can play a major role in the sale. Comps can be all over the place, we have old middle to lower class neighborhoods selling at the same price per sqft as new builds, Stuff that doesnt make sense to people who don't know the town, and well, (and still doesn't make sense even to people who do know the town!) their is practically a whole quarter of the town where its very hard to retail a home, your pretty much just going to be selling to buy and hold investors, and our local buildings inspectors are rediculous, then on top of all that, as mentioned above there is 4 big wholesalers in this market, two that were mentioned above, then two that dont really advertise their deals, all of which are very experienced and seem to have unlimited marketing budgets..

Anythings possible, but not being in this market is going to be a huge disadvantage, as the margins are just too slim..

Add all that to tons of newbie investors who over pay for every "Internet auction" "hud" and "tax sale" "craigslist" type deals ever, makes it a hard market to be repeatedly successful in.. 

95% of the deals I look at, Shawn or Wade (the two guys companies mentioned above) have already looked at them, are at the property when I am, or are on their way) they're advertising is top notch and they don't miss much., a lot of times it ends up being easier buying from them, as your time is worth something and when your getting 1/10th the leads they are, and they're getting all the leads you do, it's hard to compete. I have bought dozens off the same investor Blake purchased from..

What price range/type of deal are you looking for?

good luck. 

yes

I think one thing that effects us greatly from other bigger markets I've lived/invested in is we're still too small, we don't have and national builders that pump out those $100-150k brand new houses on lots so close you can jump from roof to roof. That's a good and a bad thing. Althought we have a few bigger local builders pumping out the lower prices stuff, n&b being one, I don't feel, besides Perrys companies, we have any companies that do what the national builders do, develope pretty much everything from start to finish, we have builders who buy lots then contract out the work, while the houses MAY be built a little better, the average first time home buyer in this area can't afford most of these areas, and will always push them down to these areas you mention. I invest mostly in lower income.

As far as what im looking for, I'll consiter anything under $150k, but prefer the under $50k market. 

I don't think it will have any effect except on the areas directly next to the development. Tuscany village part of greenways, colonies and hillside terrace. I don't think it'll have a negative effect on those neighborhoods for 3-5 years, as that would be the time frame required imo to develop the neighborhood Mr Williams claims he plans to develope. I think there will a temporary spike in values as people want to be close enough to allow their kids to walk/ride bikes to the area, yet not live in the complex. I think the smartest buy right now is the stuff in hillside terrace, specifically on the north end, like Nancy Ellen street. Can be had for $100/sqft at the moment and is about as close as you can get. I also feel that the development he claims to have planned will not be completed in his life time, something like 10,000 residential houses, most in the upper price ranges, I don't feel that could be added to this area in any short timeframe.

The apartments are what scares me the most, who's living in them is what I want to know, but my rentals are not in the nicer areas and I've seen no effect on my rentals. 

As far as southlawn and those lower areas, as terrible as this sounds those imo aren't the people who will be signing up as monthly members to enjoy the ammenties, I doubt most of them even know what's being built. Those neighborhoods are stronger then ever in sales though, there are recent sales in southlawn for the same price per sqft as Zane paid for his mini mansion in colonies, although you can't compare a 4000sqft house to a 1000sqft, that price is crazy for a tiny 2 bedroom, 60 years old in a iffy neighborhood imo, while his is newer built in arguably the best/most desired neighborhood in town. 

I don't think we have the jobs to support the growth for such priced homes.. There's no new business coming to Amarillo with high paying jobs. 

colonies is a very scary place to me at the moment, as mentioned above, the planned development will absolutely FLOOD the market if it goes as planned, then on the other side of your area is new built stuff, and there are some in the high 130s brand new. I have some interest in a house on Spartanburg, smaller then yours but listed just over $115/sqft and getting almost no action.Normally Id say it's a no brainer to wait the 2 years if you can to advoid tax penalties, however this might not be the play for this area.. It could work both ways, if town square is as awesome as they claim, I could see housing prices temporarily increase until they get their developments ready. You just are going to have to watch and play it as the market changes.. Just remember, your in a neighborhood with 1800sqft houses and 12,442sqft estates.. It's hard to comp. $140/sqft.

Imo $125/sqft is a solid comp. 

house on Aberdeen, which seems to be a very comparable comp (although doesn't have a to die for pool/backyard) is active, non distressed, at $111.28/sqft.

I get leads on 200k+ houses often and don't chase them as they're out of my comfort zone, hollar at me if your interested in these leads..