The fact that in 2016 Dallas housing market broke the record when almost every house from the listing was sold in the seven-days span amazes real estate investors and property managers. Although it happened a while ago, the effects of the booming market are still present – and they should be used to one’s advantage.
If you were having second thoughts of going on the market right now, here are some fantastic tips that will convince you why investing in Dallas property is the right choice for you.
Good price sells instantly.
Most property management dallas companies are flipping severe bucks on renting the properties on hot Dallas market. That’s probably a good choice for someone who is looking to start their business venture because of the amenities that comes with renting a commercial property from a company. For those who are looking for a more significant opportunity to make some juicy ROI, buying or selling a piece of property is the thing that will pay the most. Houses that are set at the right price are being sold instantly, which gives a high viscosity to the market itself. For example, in 2016 a listing of 2,500 properties was placed on the market, and the 90 percent of the deals were sold in the first week. Thus, setting up a high price can turn out great for smart investors, since there will always be someone looking to buy it.
Don’t overthink it – do it.
Experienced real estate investors will tell you that buying a property on a hot market like Dallas requires acting fast. If you’re not first, you’re last is the rule that applies to this real estate game. Thus, when you find a property that is a good deal and potentially a great business opportunity, do not overthink it. Put the down payment and raise some money to invest in the property that will secure your future.
Single- or multi-family unit?
A multi-family unit is a safer way, for sure. If you have one tenant and he or she leaves the house, your stream of income goes right through the door. Thus, having several rentable units allows you to have a cash flow even if you don’t rent all the units. Since the prices are going to rise, you have a decent chance to make a substantial profit from a multi-family unit. The higher rates of the rents are still affordable to most tenants, which will guarantee you a steady cash flow on a monthly basis.
Be careful when choosing which property is going to be yours. Do your due diligence or hire someone to do it for you. Look for the deals that have an unbroken record of gaining profit and analyze the years that were negative. Only after doing your part of the job, you can be sure which property in Dallas you should own and what’s your perspective as the property owner.