If you are considering investing in the real estate market, putting all your money in Texas is a no-brainer. Since the year of 2010, the population of the state has grown by almost 3.5 million.
And hereís another fact that you need to keep in mind.
Almost two million people amongst the number weíve talked about before came from another place – attracted by jobs, the location, and reasonable pricing.
And those attractions are still there; we mean, look at the 4% market growth in all of these three markets. Thatís literally two times more than the national average.
Yes, home prices have increased quite steadily in recent times too. In 2023, if you want to buy a house in Texas, youíll have to spend around USD 300,000. However, compare that with the average pricing in San Francisco (almost one million), and youíll find Texas to be cheap as a bee. However, these are not the only reasons why you should invest in Texas real estate.
Thereís a lot more to it.
Why Should You Invest in Texas?
Texas, as a state, is quite enticing, especially when talking about the calm neighborhood and a homely ambiance. Thus, if you want to build your real estate portfolio, itíll be better to go for fixing and flipping in Texas rather than anything else. Keep reading to find out more about it:
1: State Income Tax is Not Available.
Unlike most other states in the USA, Texas doesnít have any state income tax at all. Instead of generating money through taxes, it does the same through property taxes. Due to this reason, a lot of people are focusing on buying real estate in Texas and selling them at a higher profit.
2: Excellent Neighborhoods.
The neighborhoods in Texas are known for being calm, composed, and less dangerous. Thatís primarily due to the law structure and stringency of the state. Due to this reason, itís easier for people, especially those who have a family, to start living in Texas and investing in real estate opportunities found within and around Texas.
3: Excellent Economy.
Since 2010, some of the cities of Texas have improved a lot in the economic department. Thus many people have started traveling to the state to get a job in the following:
- The State of Texas.
- Dell Technologies.
- The University of Texas, and
- Federal Government.
All of these places are quite important and eminent as a whole. Hence, itís quite natural that a lot of people get attracted to this. However, if you want to get clients who are relocating for these reasons, you have to find properties at the core of the state.
4: The Popularity of Rental Properties.
Due to the rise of schools in different parts of the state, the popularity of rental properties in a city like Austin has increased massively in demand.
These are more located on the outskirts of the towns. So, you can easily get houses like these at a lower price and offer them on rent. It, in turn, will help you get a continuous source of money on a monthly or yearly basis.
5: Higher Selling Price.
Both the selling and renting prices of houses in Texas are quite high and mighty. Therefore, it will be easier for you to accumulate a massive amount of cash within a short period of time. Apart from this, the rental price in Texas tends to be quite high as well.
According to a report, the monthly rent of the state in November 2020 was somewhere around USD 1,259. And the same has grown to be almost USD 1,511 – which is an 18% increase almost. Now, as the demand for housing is increasing in the city, you can expect this price to go up even more
How Can Fix and Flip Loans Help?
Buying a house, even in a place like Texas, will require you to have a lot of money. However, if you want, you can also start your journey from the very beginning without any cash on your hands; you can opt for a fix-and-flip loan. With it, you will get a lot of money upfront and use it to buy and fix the house. Once you are done, you can sell the same at a higher price. So, create a plan regarding the same today and follow it accordingly!