Frisco is an up and coming area outside of Dallas in North Texas, and it’s seeing a lot of activity from real estate investors. This has prompted us to think about the reasons that landlords and investors are successful with their Frisco rental homes. There’s a lot of business and a growing population.
If you’re thinking about buying a Frisco investment property, what do you need to do to ensure a successful experience?
Investing in Frisco, Texas
Frisco is one of the fastest growing areas not only in the Dallas, Fort Worth, or Texas region, but throughout the entire country. It touches both Denton and Collin Counties, and about 25 miles from downtown Dallas.
The growth of Frisco is due to a high quality of life, abundance of great jobs, and stable housing market. There are a lot of corporate headquarters that have settled into Frisco, including Toyota and Pepsi Co. Many of the major employers are health companies and tech companies. There are lots of white collar jobs with high incomes through employers like Kenexa, Amerisource, Oracle, and Randstadt.
There are excellent schools in Frisco; the district is one of the top school district in Texas. There’s also plenty of opportunities for recreation and relaxation. People are happy to live in Frisco because of access to things like museums, parks, theaters, and outdoor hiking and fishing spots. There’s always going to be a strong tenant pool, which gives investors confidence when they choose a market like Frisco for acquiring rental homes.
Successful Investors Know the Local Market
One of the most important things that makes investors successful is not just assuming that a rental home in Frisco will be a profitable investment. You cannot simply buy a property because you know the market is strong and the economy is stable. Yes, there is growth and income. But, you have to dig a little deeper and know where you’re investing and why.
To be successful with your Frisco investment, it’s important to familiarize yourself with the market. Get to know the schools in the area. Evaluate the traffic times to and from Dallas and Fort Worth. You need to know what’s already been developed and where people are investing. This will help you anticipate and absorb the market trends. You’ll get an idea of what’s coming next, and that’s going to help you do better with your rental property investment.
Do your due diligence and your research.
Make Purchases Based on Investment Goals
Once you have thoroughly investigated the rental market, you’ll have to make sure you’re purchasing the right rental property. This is a key trait that’s common among all successful real estate investors: knowing your investment goals and developing a strategy to meet them.
You need some solid investment criteria.
Maybe you’re looking for a certain price point or you need to reach a certain rent level in order to feel comfortable with your cash flow. Perhaps you care more about appreciation, and you want to be sure the value of your asset grows steadily over time. We also work with a lot of successful investors who just need to park their money somewhere.
You have to answer these “why” questions for yourself. You can work with the best Frisco property management company or the best real estate agent in the market, but we cannot answer the question of investment goals for you. We need to know what your goals are before we can help you, and only you can decide why you’re investing and whether Frisco makes sense for you.
Your goal is different from the goals of other investors. Your definition of success is going to be different from the definition used by other investors. Pick the city that matches your goals and strategies. Then, pick an investment property that also matches those goals and strategies. It’s the only way to be successful when it comes to investing in Frisco real estate.
Continue to Watch the Frisco Market
There’s a lot happening in the North Dallas real estate market, and Frisco is at the center of it. There’s a lot that contributes to the growth of the local market, including the fact that there’s no state income tax in Texas. This area is a very corporate-friendly community, and businesses are eagerly taking up space in a region that’s favorable to their own growth and profits. Texas is a right-to-work state, which makes it easier for builders to develop new real estate without unions controlling price points for labor.
If you’re planning to invest right now or in the near future, you’ll want to keep an eye on how things continue to develop. There’s a lot of growth, and a lot of positive energy. This is a great area for rental properties that investors are planning to hold for the long term, and anyone who buys a rental property here or builds a real estate portfolio with Frisco investments will find they have a good chance at being successful.
Success in the Frisco real estate market will depend on your goals and strategy.
If you are interested in investing in Frisco or anywhere in the North Dallas market, we’d be happy to help you analyze options and talk through strategies. Contact us at Mynd Property Management for more information.
Also, if you want to keep your real estate investment education going, we have a number of other opportunities to connect with us. You can learn more about investing in Dallas with us online. Visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.