Here we go, into the election season, the height of hurricane season and tremendous economic movement. We're hearing many good reports attributed to the manufacturing sectors that, according to Alan Geenspan on Meet the Press this morning, offsets the failures in the financial industry. I think he calls it globally balancing, or globally juggling, depending on one's perspective I guess. Be that as it may, our little universe we call North Texas is bouncing along pretty well. Job growth here continues to be stronger than the rest of the country.
While Augusts housing sales were down from last year about 22% in the northeast Dallas and Collin counties, sale prices were down less than 3%, and that's for the very broad area. Some neighborhoods have actually seen increases.
One of the biggest changes to the residential landscape will be the number of home renters for the next few years. If you have ever considered getting into rental properties, now is the time! It's not for everyone. You must really understand it as a business and understand the margins you'll be working with to assure you have sufficient operating capital. Then you can enjoy the security of building equity in an investment that is paid for by your tenants.
Don't jump in blindly with limited info. There are no easy, get-rich-quick strategies. Just solid, time-tested planning. I work with several clients who have portfolios of as many as 22 homes that they have aqcuired over there lives as they could afford and are now retired and enjoying the benefits of an income stream that they control.
If you'd like to look at rental house investing as a more secure vehicle for your portfolio don't hesitate to email or call with any questions. I'll be happy to help.