Housing Feted as a Good Investment in Oak Cliff
Posted July 17th, 2012 | by The Update
(Oak Cliff People) If you play the real estate game right, you can eventually have free money coming in. With that goal in mind, one real estate agent says now is the time to invest in North Oak Cliff.
Jennifer Stolarski, an agent with Briggs Freeman Sotheby’s International, owns four investment properties in the Kings Highway Conservation District, and she plans to have a steady income from them once she retires. Combine the neighbor- hood’s rapid momentum with interest rates that are at an all-time low, she said, and the best time to buy investment properties is now.
“There is a lot of demand for rental properties right now in Oak Cliff,” Stolarski said. “It has been an untapped market for the rental world, but now there’s a big demand because of the growing popularity of the neighborhood.”
Stolarski chose to purchase investment homes in Kings Highway, not only because it’s where she lives, but because it is in between Winnetka Heights and Kessler Park, two of Oak Cliff ’s wealthiest neighborhoods. She believes Kings Highway will be priced on par with those neighborhoods eventually, so her overall property value will raise.
Stolarski said there are several strategies for buying investment properties:
■ Sell after property values go up, which Stolarski predicts will be sooner rather than later.
■ Buy, renovate, and quickly sell a property, aka flipping.
■ Stretch the mortgage over 30 years, so your tenant’s rent exceeds your mortgage pay- ment.
■ Pay off the house as soon as possible, so subsequent rental payments are free
Stolarski also advises investors to purchase more than one property in the same neighborhood so that you can build momentum. It will add value to not only your properties, but to the neighborhood as a whole.
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