7 Tips For Buying A New Investment Property In Dallas, Fort Worth And Surrounding Areas

Buying a new investment property in Dallas, Fort Worth And Surrounding Areas is an excellent way to bring in extra income for you and your family. In our latest post, we will offer 7 tips to help you find and buy the Dallas, Fort Worth And Surrounding Areas investment property that is right for you! 

As they say, real estate has made more people wealthy than any other means. By finding and choosing the right Dallas, Fort Worth And Surrounding Areas area property, you can set yourself up to make a substantial amount of money. Keep reading below to see seven of our best tips for buying a new investment property in Dallas, Fort Worth And Surrounding Areas

Tip #1 – Buy Based On Facts

When you are getting ready to buy an investment property in Dallas, Fort Worth And Surrounding Areas, it is important to never buy based on emotion. Buy based on numbers and facts. Remember you are not going to be the one living there. Don’t get stuck with a bad investment because a particular feature of the property stood out to you.

Tip #2 – Have The Cash Upfront

If you aren’t able to buy the mobile home in cash, make sure you have enough for a hefty down payment. Mortgage insurance does not cover investment properties, so you will need at least 20% down if you want to get a loan. In addition to your down payment, there are typically other expenses that arise when buying a new mobile home. Repairs, cosmetic fixes, closing costs, and administrative fees can add up pretty quickly.

Tip #3 – Start Small

Your first investment property shouldn’t necessarily be an apartment building. Start with something you can manage until you learn the ropes. There will always be a bit of a learning curve no matter how much you have studied up.

Tip #4 – Set Your Limits

Know how much you can pay for your investment property in Dallas, Fort Worth And Surrounding Areas. Determine the neighborhoods you are targeting, how much you are willing to fix on the property, and the size of the mobile home you want to buy. Keep in mind, a lower cost manufactured home will usually cost less in utility and repair costs too.

Tip #5 – Work With The Right People

Whether you are buying your first investment property in Dallas, Fort Worth And Surrounding Areas, or you are a seasoned investor, it is imperative that you work with the right people. Working with other professional mobile home buyers and sellers in the area will help you find deals you may not have found on your own. At Mobile Home Offers we work with other investors, cash buyers, and people looking for a deal on a mobile home of their own.

Tip #6 – Watch Out For Fixer-Uppers

Always be wary of fixer-upper properties, especially if you are new to investing. Fixer-upper properties can be an excellent deal, but some can have repairs snowball, and end up costing you a fortune in the long run. Instead, look for manufactured homes with only minor cosmetic defects. Many mobile homes are passed on because they are not aesthetically pleasing. This is your chance to find a great deal on a manufactured home that could potentially be a great investment.

Tip #7 – Expenses and Returns

Before buying a property for investment in Dallas, Fort Worth And Surrounding Areas, you’ll want to calculate your operating expenses as well as your rate of return. Your operating expenses include things like maintenance, insurance, and property taxes. Your annual return is how much you received over the course of the year, minus your operating expenses. To calculate your ROI, divide your annual return by the total amount you paid for the investment, repairs and all. A good investment property will bring in a least a 6% return.

Do you want to learn more about buying investment property in Dallas, Fort Worth And Surrounding Areas or the surrounding areas? We can help you find exactly what you are looking for! Get in touch with us today! 469-795-1227

Get More Real Estate Market Info... Subscribe Below!

Learn more about us and find other resources on buying investment properties with us. Like us, follow us, connect!

Leave a Reply

Your email address will not be published. Required fields are marked *