Aug. 26, the same month that Airbnb recorded its largest single night in history with 3.5 million guest
Planning on buying real estate in North Texas? If so, you’ve come to the right place! In this article, we will share with the things that you should know about North Texas Real Estate before you purchase a rental property here.
About North Texas Real Estate
The most expensive home in Dallas, the 25-plus acre Crespi Estate, sold last December for $36.2 million at auction. It was once listed for $135 million when Tom and Cinda Hicks owned it. Hicks sold it to local banker billionaire Andy Beal, who also bought another signature Dallas property, the Highland Park estate of the late, great real estate developer Trammell Crow, for about $34 million (price tag was $46 million). Apparently not needing two multi-million-dollar estates within a few miles of each other, Beal sold the Crespi. The Crespi estate backs up to the gated neighborhood of former president George W. Bush, on Daria Drive.
The housing options are diverse, from one-quarter to half-acre single-family homes built in the 1950's to townhomes and high rises across the vast “Metroplex,” which is as big as the states of Rhode Island and Connecticut combined. Fort Worth has elegant mansions built on oil fortunes; folks there are also restoring vintage 1920s bungalows. Price points in Fort Worth are a bit lower than Dallas.
Head north to the fast-growing Frisco-McKinney-Allen area, where Toyota USA chose to move its North American headquarters, and you can find swaths of newly constructed housing, much of it cookie cutter, but some of it uniquely contemporary, in planned communities. Example: Main Vue Homes, out of Henley, Australia. But Frisco and McKinney's hottest neighborhoods right now are vintage homes, all within walking distance to restaurants and boutiques.
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For the best Dallas, Texas Property Management contact Square House Property Management by calling us at (972) 523-1389 or click here to connect with us online.
There's no doubt that Airbnb has changed the rental industry forever while at the same time making the process of where to stay anywhere in the world a lot easier for the average person.
Thanks to Airbnb's popularity there are 12 popular cities in the world where it's more popular to stay in an Airbnb instead of a traditional hotel.
Since 2008, home-rental service Airbnb has allowed travelers to rent locals' apartments and homes as a new way to experience cities around the world, from Rio de Janeiro to London.
London, in fact, is the most popular city to use Airbnb, as this chart from Statista shows. Staying in a local's apartment versus in a tourist-driven hotel provides travelers with a more native experience, a concept that's only grown in popularity over the past decade.
Airbnb announced in February that it would add hotels to the platform in an effort to hit one billion bookings by 2028, which will broaden the service's reputation from experiencing cities as a local to a more mainstream method of traveling.
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For Airbnb property management in Dallas Texas contact Square House Property management today by calling us at (972) 523-1389 or click here to connect with us online.
Although there are numerous examples of people who have earned themselves a fortune with real estate investment, real estate, like every other business, has many risks associated with it. Moreover, regardless of the type of property you are purchasing or whether you plan to rent or resell it afterward, investing in real estate requires a good amount of cash — which makes it critical to take extra measures to ensure profit on your investment or at least save yourself from a huge loss.
I've observed a shortage of property in good areas over the past few months. This lack of property creates an excellent opportunity for investment. However, it doesn’t mean that anybody can earn a fortunate by investing in real estate. You need to know a lot of things before buying your first investment property.
1. Don’t let your emotions play with you.
Most of the time when buying a home, people listen to their heart more than actually thinking about it logically, which is perfectly fine when it is the place where you will be living for many years of your life. But don’t let your emotions affect your decision when buying your first investment property. Think of it as purely a business investment and logically negotiate to get the best possible price.
Remember, the lower the price you get for a property, the better the odds that you will earn a higher profit from it.
2. Do your research.
Depending on the clients you are targeting, you need to do proper research before buying your first investment property. Make sure that the property is situated in a location that will attract the type of clients you hope to sell or rent to, that it will reach to the returns you are expecting and that it will appeal to the market.
Doing the proper researching and using an analytical approach logically based on the financial factors, rather than considering your personal likes and dislikes, will surely help you in purchasing the best property. After all, investment isn't about emotions; it's about economics.
3. Secure a down payment.
Unlike the 3% down payment on the house you are currently living in, you are going to require at least 20% down payment for buying your first investment property. This is because mortgage insurance is not applicable for investment properties. Moreover, investment properties require greater down payments than your regular building and have strict approval requirements. Keep in mind the expenses needed for the renovation before you pay your down payment.
4. Calculate expenses and profits beforehand.
As the expression goes, only the paranoid survive. OK, not always, but there is no harm in being a little paranoid and considering every detail beforehand. Start with calculating the money that you already have and what you can borrow before buying your first investment property. Next, calculate how much it would cost to purchase and renovate the house. Also, keep in mind the operation costs. Finally, estimate the price you are going to list your property for and cut out the expenses to get a rough estimate of the profit you stand to make. Honestly speaking, you may not even hit half of the estimated profit, but this calculation is necessary to keep yourself in the safe zone.
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For property management in Dallas Texas contact Square House property management today by calling us at (972) 523-1389 or click here to connect with us online.