Are you interested in adding more passive income streams to your Real Estate Investment Portfolio in 2021? If so, you should consider investing in properties down south.
States like Alabama, Florida, Georgia, Virginia, Tennessee, and Texas are all excellent places to invest in down south because multifamily properties in Southern States are typically more affordable than cities along the West Coast or East Coast.
In this article, I’ll break down what real estate investment opportunities can be found in Dallas Texas, and I’ll provide you with insight into what to expect in the DFW area if you decide to invest there.
Earn More Passive Income In 2021
The first reason to consider investing in multifamily real estate in the city of Dallas is because Dallas has been one of the top relocation destinations in the United States for the last five years.
Why do people consider living in Dallas versus Houston, or other cities across the state of Texas? To begin, Dallas offers a thriving economy that continues to grow every year, despite the recent Coronavirus pandemic, and the turmoil that the state of Texas has faced during the economic recession.
Besides a growing economy, the Dallas area also offers plenty of shops, stores, restaurants, attractions, and things to do for people who love to stay busy and or spend time outdoors.
1.3 Million Residents Added In Last 10 Years
Over the last 10 years, the Dallas area has added 1.3 million new residents, and an additional 1.4 million residents are also expected to start calling Dallas home within the next 10 years as well.
With about one-third of the State of Texas’s population in the Dallas area, it stands to reason that an increase in the city’s population also means that there’s going to be a huge need for multifamily properties in the coming years as well.
Above Average Incomes In The Dallas Area
Back to the topic of passive income, another reason you should consider investing in a multi-family property in the Dallas area is the City offers above-average incomes and income security means peace of mind for landlords.
Average rents for a 3-bedroom, single-family home in the Dallas area is about $1,600 per month.
More than half of the people living in Dallas County are renters, and in the last decade, the number of renters has gone up exponentially.
There’s also a huge and growing number of high-income renters in the Dallas area. Lower-income tenants are going up, as well—just not as quickly as high-income renters.
Dallas’s rental population and demand have shown major growth over the last several years and the trend is expected to continue. This presents an opportunity for real estate investors to earn passive rental income and cash flow.
How To Find The Right Multifamily Property In Dallas Texas
One of the great things about Dallas is that there’s also a diverse selection of neighborhoods for you to choose from that range from artsy, to laid back neighborhoods that are perfect for families.
Some of the top neighborhoods in Dallas to consider, especially for passive income include:
- Preston Highlands
- Campbell Green
- Highland Park
- Preston Hollow
- Lake Highlands
- M Streets
- University Park
Since Covid-19 has changed the world over the last 12 months, the most important thing that you should do before investing in the Dallas area (or anywhere else across the United States), is to do your due diligence.
This means that before investing in a property, you should take the time to research the area thoroughly including the crime rate and how that area is doing economically since some businesses may have closed in the last year.
Once you investigate the area, you should then take the time to crunch the numbers. This means that you should learn more about the property including the total number of units, potential income, and costs involved with maintaining that property.
These are all important questions to ask because knowing how much that property is going to cost every month will ultimately affect the passive income that you earn from that property.
After crunching the numbers, if you feel that the property will be a deal that you should potentially submit an offer on, you can move forward with confidence knowing how much that property can make you as an owner.
Hire A Local Property Management Company
Last of all, but most important, after you’ve invested in a multi-family property in Dallas Texas, the next thing that you should do is hire a local Property Management Company.
Hiring a local property manager is important because, they will be responsible for marketing your property to two renters in the local area, choosing the most qualified tenants, handling rent collection, maintenance, and all of the day-to-day aspects that come with owning and managing a multi-family property
In today’s world, some Real Estate Investors make the mistake of wanting to manage their multifamily properties themselves.
Remember, the key to success with earning passive income, especially when investing in multifamily properties, is to outsource the management of your real estate investment so that you’re not spending more than four hours per month working on managing that property yourself.
Spending more than four hours per month managing your investment means that it no longer is earning passive income, that investment has turned into another job or an active income stream that you have to be involved with to keep the income stream going every month.
Contact Trier Capital
Multifamily investing will continue to be one of the top methods of generating passive income in the United States this year, and in the years to come.
if you’re ready to invest in a multi-family property but, you want to earn passive income from that property without having to do the work yourself, I invite you to contact me
My company is a private equity firm that makes it easy for you to passively invest in lucrative apartment building syndications.
To learn more about the benefits of partnering with us, contact me today by calling (630) 229-2383 or click here to connect with me online.