Dallas Property Has Been Good To Your Money
There are many different ways to make money in real estate, especially with Dallas property. Many people will try one approach, and if they are successful with a few transactions, they will then run with it. Dallas Texas property has a great climate for success for many different types of approaches. Whether you are someone who is looking into rehabbing run residential property for the right price, or leasing out a multi-family rental property, Dallas investment property has great opportunities for both.
Dallas Homes For Sale
According to the census bureau, the median price for Dallas houses is roughly $161,500. The required income to qualify for that home price (if you have the credit) is $39,191. Now, the median income for a family living in Dallas is $62,200. The margin between these two numbers are healthy enough to qualify families with good credit. This is one reason why this city is still able to grow well. If an investor in Dallas were to buy an undervalued home and remodel if need be, they would have a better chance of selling it in a reasonable amount of time compared to other cities throughout the U.S.
Dallas Rental Property
Another way investors make money is through leasing or renting residential property. Dallas property is no exception. The age of a Dallas rental property will often determine the cost per square foot to rent weather it is Dallas apartments or smaller multi family units. The average rental rate per square foot older than the year 2000 is about 84 cents. Anything that is 2000 or newer commands 10 cents more per square foot. The vacancy is different as well. Dallas rental property that is 2000 and older has a vacancy rate around 6.9% and property 2000 and newer has a vacancy of 5.4%. Being the general rule no matter where you live in the U.S., the newer investment properties will generally treat you better in the long run when it comes to maintenance. I want to use that rule lightly, because you never know what kind of a deal one might find in older property. Older property for sale can place a lot of money in your pocket through its equity just by buying them for the right price.
A Nose Dive Isn’t Just For the Birds Anymore, But Dallas Property Has Been Safe
Dallas Property also has a nice batting average when it comes to its stable housing prices. From 1997 to 2007, Dallas houses and other Dallas investment property appreciated considerably stable compared to the rest of the U.S.’s average especially when compared to California and Florida. Just before the year 2000 the property in Texas and much of the country were increasing in value at a rate of 6% per year. Staring in the 4th quarter of 2000 property value across the U.S. started to increase its gain year after year. By the 2nd quarter of 2005, property across the U.S. peaked at 13% while Texas was roughly at 4.75%. From 4th quarter of 2005 Texas continued to increase in value to reach 7% in 3rd quarter of 2007. However, starting in 1st quarter of 2006 the rest of the country began to take a nose dive from 11% to almost 0% by 4th quarter 2007. California peaked at 27.5% appreciation in 3rd quarter of 2004, and then took a swan dive to -7% in 4th quarter of 2007. Florida went on a similar ride. They reached 27% in 1st quarter of 2006 and headed to -5% by 4th quarter of 2007. Dallas investment property avoided the volatility that the rest of the country experienced which made Dallas property a safer investment.
Filed Under Culture, Economic, Flip, Income Property, Investing, Uncategorized |
Tagged With Dallas homes, Dallas houses, Dallas investment property, Dallas rental property, flip Investing, healthy economy, new vs. old rentals, property appreciation, single family home median, vacancy rate
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Great post! Just wanted to let you know you have a new subscriber- me!