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How to Buy Investment Property in Irving TX in 2024

Are you considering the prospect of investing in real estate in Irving, Texas? It’s a decision that warrants careful consideration, and Irving’s dynamic real estate landscape offers a compelling case for potential investors. 

Fueled by steady population growth, both from domestic and international migration, the city presents a robust demand for housing. Irving’s appeal goes beyond its demographic expansion, with factors like affordability, abundant job opportunities, and cultural diversity contributing to its attractiveness as a destination for those seeking improved prospects and an elevated standard of living.

Why invest in Irving real estate?

In the 2022 Census Bureau Population Estimates for the U.S, Irving stands prominently, reflecting its vitality as a significant city in Texas. It is currently the 12th largest city in the state with a substantial increase expected from 2020 to 2029. This growth positions Irving as a city poised to attract new residents, intensifying competition for real estate and potentially influencing rent and home values.

Irving is not just experiencing an influx of residents; it’s also a hub for businesses. The city’s thriving business landscape continues to draw large corporations, generating new job opportunities and reinforcing the local economy. The economic diversity in Irving provides stability and potential growth for the real estate market, making it an attractive proposition for investors.

Situated in the Dallas-Fort Worth metropolitan area, Irving offers a distinctive blend of urban amenities and a welcoming suburban environment. The city’s real estate market stands out for its affordability, presenting a variety of housing options at a relatively accessible price point. This factor positions Irving as an appealing choice for a diverse range of investors, from newcomers to seasoned professionals seeking versatile investment opportunities.

Irving real estate market trends

The real estate market in Irving demonstrates stability and consistent growth. Home sales indicate sustained activity, reflecting the city’s appeal to a diverse array of homebuyers and renters. With a median home value competitive with the national average and average rental income reflecting market demand, Irving provides an environment conducive to real estate investment.

Strategically located between Dallas and Fort Worth, Irving benefits from the economic vibrancy of the entire DFW metroplex. Major industries, including healthcare, technology, and finance, contribute to Irving’s economic resilience, fostering job stability and further supporting the local real estate market.

In recent years, Irving’s real estate market has exhibited resilience and steady growth. Single-family home sales and total property sales have shown consistent positive trends, and the total dollar volume in real estate transactions has climbed, reflecting the city’s appeal to a broad spectrum of homebuyers and investors.

With an average home value remaining competitive at $340,000 as of December 2023 and an average rental income of $1,600, Irving provides an environment conducive to real estate investment. The months of inventory, a key indicator of market balance, have expanded slightly, presenting opportunities for both buyers and sellers in a market generally considered favorable for real estate activity.

Hot neighborhoods for Irving investment properties

Las Colinas

Known for its upscale living and business-friendly environment, Las Colinas offers a mix of residential and commercial spaces. Investors may find opportunities in both rental properties and upscale housing options.

Valley Ranch

A master-planned community, Valley Ranch appeals to families and professionals alike. Investors exploring this area may find opportunities in single-family homes and multi-family units.

Irving Arts District

With a focus on arts and culture, this district presents unique investment opportunities, especially for those interested in the development of cultural and entertainment spaces.

Cottonwood Valley

An affluent residential neighborhood, Cottonwood Valley offers exclusive living spaces. For investors seeking high-end properties and a more luxurious market, this neighborhood is worth exploring.

Irving is not only a city with a highly promising future, but it’s also a city that is already thriving  at present. Before making any real estate investment decisions, it’s crucial to thoroughly understand the overall landscape through comprehensive research and consultation with local experts.

How to buy an investment property in Irving, Texas

The process for investing in Irving, Texas real estate can be broken into five steps:

1. Determine your investment strategy

There are many ways to build wealth with real estate. Your first step is to decide which strategy is right for you. 

Do you want a single- or multi-family home? Are you up for a fix-and-flip or a BRRRR? Or do you prefer a turnkey rental property with tenants locked in? What about a new construction project?

There are pros and cons to each real estate strategy, and before diving in headfirst, you need to determine which plan makes the most sense for you.

2. Plan your financing

Explore financing options, including conventional loans, hard money loans, or joint ventures. Understand the requirements and timelines associated with each option to make informed decisions based on your investment goals.

3. Go property hunting

Connect with local wholesalers and real estate agents specializing in Irving to discover off-market opportunities. Consider factors such as vacancy rates, population growth, and development projects when evaluating potential investment properties.

4. Secure financing

If time is of the essence, explore financing options that offer quick approval and closing. Whether opting for conventional loans or hard money loans, having a pre-arranged financing plan positions you for better success in your plans. At Longleaf, rental loans take as little as two weeks, and short-term residential loans (AKA bridge loans) can close in 48 hours.

5. Refinance (if necessary)

If you take out a bridge loan for fast financing, you eventually need to refinance. Bridge loans are meant to “bridge” you over from the time of purchase to the time of refinancing — usually 6 to 24 months.

You can refinance with a conventional loan if you qualify. If not, a long-term rental loan comes with fewer restrictions. 

At Longleaf, we can save you fees by bundling your bridge loan together with your refinance.

Need financing for an investment property in Irving?

Longleaf Lending is a Texas-based private lender and offers flexible loan programs designed for property investors who need to close as fast as possible. If you have any questions about investment property financing, give us a shout at 979-200-2823 or info@longleaflending.com.

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