When it comes to growing your real estate portfolio, we've touched on the topic before of how investing out of state can be a significant boon for your property portfolio. There are several reasons why an investor might choose to look for new properties outside of their own backyard:
- Investments that fit your portfolio might be in short supply
- Your current market may have already hit its stride
- A struggling economy might make renting in your home state undesirable.
There are plenty of other reasons why you might be wary of putting your hard-earned cash into nearby properties when you have a significant advantage as a modern investor: it's easier than ever to invest abroad! You no longer need to live down the road to enjoy long-term income from properties across the country—or even across the globe.
The rise of technology and the digital age has given investors an edge when it comes to padding their portfolio with properties in a market that is seeing growth year over year. Additionally, choosing to invest elsewhere provides your portfolio with even greater levels of diversity—and depending on the market, profit.
That said, there are plenty of reasons why Dallas makes an ideal place to pluck your next property pick! Here are some of the top reasons from the best property management Dallas has to offer as to why investors should head south!
Please note: The figures listed below were current at the time this article was published. In light of the COVID-19 crisis, some figures may have changed since then.
Forget Living Next Door: Invest From Anywhere!
When it's time to select your next investment, you already know that location is one of the most crucial factors as to the profitability of the property in question. However, that doesn't mean it has to be a location near your home base!
That said, you probably already know the difficulty of trying to manage your properties alone close to home. That's partly why working with the best property management Dallas can provide makes choosing your next rental in our beautiful city that much easier. Not only do you gain access to local expertise, but you also have the advantage of cutting-edge rental technology to make sure your next property integrates seamlessly with your other holdings.
Working specifically with local talent also helps eliminate some of the more expensive aspects of trying to pick the right investment from the available pool of properties in any area, not just Dallas!
- If you've ever tried to purchase anything exclusively online, you've probably been on the receiving end of some products that don't exactly match their purchasing description! Picking properties this way is no less risky.
- Sure, planning a visit to Dallas just to go rental-home hunting might sound fun at first—but if you don't find you perfect fit in the first round, those in-person trips start to add up quickly.
- Trying to negotiate high-quality repairs, routine maintenance, and on-time rental payments can be tricky when your tenants live in a completely different time zone!
There's no reason not to invest in the powerhouse market that is Dallas when you work with the best property management Dallas has to offer! That said, what exactly makes Dallas such an appealing market? Let's take a look at why Texas—and Dallas in particular—is a smart move for investors in a stagnant market.
Dallas Is an Investor's Market
Dallas is unique among Texas cities in that it comes pre-packaged to be a hot rental market. Let's dive into a brief overview of some great numbers to give you an idea of what we mean.
- Job growth in Texas from 2018-2019 was reported to be between 2.4-2.6%. It's common knowledge that where the jobs go, people will follow.
- The Texas population growth rate is so strong that it even beat out sunny Florida when it came to an overall population increase. The DFW area alone saw the greatest increase: suburbs resting on the outside of Dallas proper saw a 28% jump from 2010 to 2018.
- Owner-occupied housing is at a shockingly low rate: only 41%. That offers investors peak potential to attract and land applicants in a city built for tenants.
- Increased demand for rentals in a tenant-dominated city has led to a jump in rent rates: the average rent rate has increased by 60% since 2010.
While the numbers definitely look promising, it still takes a keen assessment of each property (and neighborhood) to determine if it's the right fit for your portfolio. This brings investors right back to the importance of relying on the best property management Dallas has to offer to guide you in your efforts to grow your real estate holdings.
Don't Overlook Dallas! We've Got Your Back
When you're ready to launch your growth to new heights, rely on the experts in Dallas management! At RentHub Property Management, we're dedicated to helping investors develop profitable portfolios—regardless of where they call home! You'll never have to try and troubleshoot maintenance from Boston, Seattle, or Clarksburg: we're here to make out-of-state investing a breeze. You may even find you love not having to manage your properties!
If out-of-state investing sounds like the injection of capital your portfolio needs to keep growing, download our FREE guide to real estate investing! It's full of useful tips for investors looking to expand their holdings. Once you've decided that Dallas is the market for you, and you've used our guide to find your ideal property, get in touch with us for the next step—a FREE rental analysis!
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