Dallas is currently a seller’s market. Sellers who’ve owned their property for a few years are getting the better end of the deal.
But of course, there are buyers who are enticed by advice that the market is strong. If you’re a real estate investor on the hunt for a good investment, we’re sharing expert advice on what to consider when looking for DFW investment properties.
What should you look for in age and location?
Stick with properties under 10 years old. When homes pass the 10 year mark, appliance and structural issues start to appear. Regarding location, look for a property near major highways, good schools, and in an area experiencing growth in development and jobs.
What is the optimal square footage?
Single family homes between 1,500 to 2,000 sq. ft. are the best investment you can make in the current market. This size is just comfortable enough for a family and not too much space to upkeep.
When it comes to single family versus multi-family, more units will increase your cash flow for sure. However, more residents also means more wear-and-tear to a property and more tenant issues to manage. Whether you can commit to more tenants is something to seriously consider before diving into a multi-unit investment.
How can you find Dallas investment properties?
MLS is the software of choice for many professionals in the Metroplex, and it’s also one of the tools we use at LeapDFW. However, with the market as it is right now, you’ll miss out on properties if MLS is your only resource. Listings that go up on the database can be gone in 10 to 15 minutes.
Along with your MLS search, you can reach out to Dallas property managers to get the inside scoop on properties their clients are selling. Another tactic is searching foreclosure listings or considering properties up for auction.
Our favorite insider tip is just simply asking an owner if they’re interested in selling their property. Maybe you love a certain neighborhood and you see a house that looks like it’s abandoned. Go ahead and send the owner a letter asking if they’re willing to sell.
How is Leap DFW different than a real estate agent?
Orchestrating a sale isn’t the end game for us. We’re there for the purchase and management of your property, so we’re incentivized to give you realistic and accurate estimates of the property’s output and cash flow potential.
Our specialty goes above and beyond real estate transactions. We understand and research rental rates in the market, an area where real estate agents aren’t as knowledgeable. Commission from home sales isn’t our main business, it’s just an additional service we offer to ensure the properties our investors buy can meet their financial goals.
Time and time again we work with investors who were given the wrong expectations of how much rental income they could get. We set clear expectations from the beginning and work together continually to realize your investment aspirations.
Do you have more questions about choosing an investment property? Contact us today!