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FAR, what a pain..that’s all
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Would it cash flow from Day 1? If answer is No, then find something which will.
Yes, but there are considerable risk. I live in that area, and the value of the homes has cooled off slightly in the last 9 months, but it’s overall a strong market due to the amount of quality homes available on the market and the quantity of homes getting built is staying low compared to demand. This has started to show another uptick in prices starting this month. Unfortunately, your interest rate will be high, since the fed expects to keep rates slightly increased this year, and will begin tapering them off in the next few years slowly. I would also watch the property tax values in the area for the next couple years, since the area has been booming.
Also, look up average rents in the areas and if the property will have positive cash flow after expenses. I know for my house that I bought last year, I couldn’t rent it to break-even on my mortgage, insurance, and taxes; but I also didn’t put 20% down.
What kind of property, OP?
Single Family Home
Subject Expert
If you find the right deal, then yes.
Very few properties in Texas cashflow due to property taxes. But if you get a good emoji deal, then definitely jump on it!
Subject Expert
Again, it depends on how good of a deal you get. It probably won’t for 99% of properties.
Worth it? Yes
Extra risk? Yes
Right now is a good time to buy as there is no competition. When rates go down, you would be lucky to buy a home and if you do it will be certainly higher than what you would pay now
At the current interest rates you will not make any money but Infact may have to pay 300-400$ from your pocket to cover mortgage/insurance etc.
You can obviously put more down or pay more towards principal
Assuming you can refinance in 2 years, you would probably pay $10k more.
Instead of Aubrey, I would consider investing North of McKinney or like Princeton.
DM me if you need specific references.
^ this is what I just did! Little Elm. Builders offer rate buy down @5.375%