Today we are offering some tips and information for investors looking at properties here in the Dallas, Fort Worth market (DFW).
As is typical in most of the country, we are currently in a huge boom when it comes to real estate sales. If you are new to the local investing market, our best advice is to move quickly. Long gone are the days when buyers could haggle over prices. Properties are no longer going on the market and sitting vacant for months because no one has money to buy them. Lots of people have money and capital in this market, so if you see a property that you like, you need to move quickly. Otherwise, it won’t be your property.
Supply and New Construction
Supply is pretty low in the area right now. New construction in DFW is turning out to be a great source of investing for many of the people we work with. If you haven’t considered new housing developments in the past, we encourage you to do so now.
Closing on a Property
Once you find a property and you want to close, you need to look for some specific things. This is particularly true when you’re buying a property that is already occupied. Ask for every available piece of documentation. This includes the tenant’s application, leases and documentation that reflects how much of a security deposit was paid. This is a major issue because if someone is selling a property and they can’t tell you how much of a security deposit was paid and it’s not in the lease, the tenant is going to be able to say they paid any amount that works in their favor. Get copies of driver’s licenses, social security cards and anything the current owner can possibly give you. This will help you in the long run.
Finally, always remember that we see tenants as our allies. If you have a good property and we place a good tenant, we want to do right by those tenants and treat them well. We follow the golden rule: do unto tenants as they would do unto us. We like to have everyone on the same page, which provides you with a great investment property for years to come.
If you have any questions or you’re thinking about buying an investment property that you’ll need to have managed, please contact us at Moxie Property Management.