Are you ready to invest in real estate? Consider Texas. With its nice climate, low cost of living, and number of growing cities, it is a prime location to purchase real estate for investment. As the third largest city in the state, Dallas is a great place to begin your investment strategy. It’s big enough to offer a lot of opportunities, but not as overwhelming as Houston or San Antonio.
One of the biggest reasons to invest in Dallas real estate is that people are moving there in droves. While states like California and New York continue to have a population exodus, Texas just keeps on growing. This is largely due to the jobs. The state added 235,000 new ones in 2019, many of them in Dallas. Dallas has an anticipated 3.6% job growth for 2020, which means the demand for homes will be on the rise.
In addition, Dallas has all the infrastructure and support in place that you need to become a real estate investor. The banks are lending and the mortgage terms are fantastic. There are property managers Dallas with all the experience you need to keep your investments profitable and who understand the state’s landlord friendly real state laws. Perhaps the biggest advantage is that Texas has no state income tax for individuals and corporations.
So what kind of housing should you choose to invest in? Multifamily properties always have appeal, as do low-income housing near military bases where the demand for rentals is always high. Consider, however, the potential of luxury real estate Dallas. Young business professionals and retirees alike are looking for rental housing that meets their lifestyle. Whether you choose Uptown or Downtown for your investment location, there are prime luxury properties at affordable prices.
South Dallas is also booming right now. Perceived to be one of the poorer, more crime-ridden sections of the city, it is experiencing an investment boom. As Dallas has grown over the years, it has run out of area in all directions but south. Some blocks in the neighborhood have appraisal values increasing at a rate of 40% or more. It will take more time to search out adequate properties here, and you will undoubtedly spend some rehab money, but the bang for the buck is real.
As with any investment opportunity, do your due diligence. Verify all the facts and numbers before you buy.
Byron Simpson is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance cent.