Looking to Buy/Sell Income Property in Texas
Investing in Texas real estate is attractive because prices are affordable, especially when compared to states like Arizona, California, and Nevada. There is also a well-established demand for rental properties. If you are one of those thinking to invest now is the time to do it.
But remember, once the transaction is done, you’ve bought the property, and it needs to make long-term income. That’s when having a real estate agent who understands income property and can advise on what is best is the one to have in your corner.
Sam Maropis is a Broker, Investor, Property Manager who understands buying and selling residential income property. He knows that the end goal of owning rental income is to make money. He also knows that to do so the property needs to fit a very important set of criteria that will make long-term money.
Sam’s knowledge is based on his vast experience in this field. He started in real estate in 2002, did his first wholesale flip and went on to do his first rehab in 2003. Through some property acquisitions, Sam was able to buy a 48-unit property on the East side of San Antonio.
He owned this property for eight years, before being offered a price that made him want to sell: a 6% cap rate sale. As a result, in 2015 Sam became a Broker and opened Profit Realty to focus on helping buyers and sellers make money with income property. And in September 2016 he started his property management company. As of today Profit Realty has more than 126 homes and apartments and is still growing.
Investing in a rental property needs to be seen as a long-term investment. The ability to sell real estate is largely affected by supply and demand and the state of real estate market at a particular moment in time.
Once you decide to invest in real estate, you need to be aware that you may want to hold on to the property for some years to enjoy the best rates of return.
You may be tempted to invest in a luxury home that is selling at a discounted price, but the reality is, if you want to build a portfolio of investment properties, it’s better to invest in average priced homes. These lower-priced homes will almost invariably provide more rents in the long-run compared to the higher priced homes.
When investing in rental property, it’s worth considering investing in property in owner-occupied areas. These properties are more likely to be attractive to future buyers when you decide to sell.