Buying an Investment Property in Collin County
Numbers before emotion, from an agent who has owned rental property since 2005.
Numbers before emotion
A rental isn't a home you'll live in. It's a decision you make with a calculator first and your heart second.
I'm Omega Mejia, a REALTOR® with Simply Great Real Estate Group at OnDemand Realty in Frisco. I've owned rental property since 2005, including a short-term rental in Destin, Florida. I know what it's like to run the numbers and live with the result.
I help investors look at properties across Frisco, McKinney, Plano, Prosper and the rest of Collin County.
We start with your goal
Investors want different things. Steady monthly income. A long-term hold. A property to fix and improve. A short-term rental. Each goal changes which property is the right one.
In our first conversation we cover:
- What you want the property to do for you
- How long you plan to hold it
- How hands-on you want to be
- What you're comfortable spending on repairs
- Your financing, which your lender helps you with
What I do for an investor
- Set up a focused search on the MLS that sends you properties that match your goal.
- Tell you what I see. Condition, layout, location and what the next owner is likely to want.
- Run the numbers with you. I show the comparable sales behind the price. You and your advisors work out the income and expenses.
- Coordinate inspections. A rental's repairs are your costs. I help you read the report.
- Negotiate the whole deal, not only the price. I hold the RENE designation, Real Estate Negotiation Expert.
Before we see any properties, we sign a buyer representation agreement. It spells out what I do for you and how I'm paid, and everything in it is negotiable.
Your tax advisor and lender are part of the team
Taxes, depreciation, entity structure and loan terms depend on your situation. Those questions belong with your tax advisor, your attorney and your lender. I'll tell you which ones to ask, and I'll make sure the property numbers they need are ready.
How I invest myself
I invest, too. Read how I think about flipping a home versus holding it, and my own Destin short-term rental.
Start with the numbers
Tell me what you want the property to do. I'll tell you what the search looks like. Book a consultation.
Selling a rental? See how I help owners sell. For the full process, read how I help buyers.
This page describes my general approach to buying property in Texas. It isn't legal, tax or lending advice.
Check these out next
If this page was useful, these cover the same places and interests:
- Investing: flip it or hold it: how I invest and how I advise.
- When a flip becomes a hold: my own Fort Worth home.
- Destin short-term rental: from an owner and operator.
- Buying a vacation home: a Texas getaway or a Florida beach home.
- Frisco: my home base, with neighborhoods and local life.
Talk with me about your plans
Selling or buying near here? Start with the page that fits, then send me your questions through my contact form.
- Selling: how I sell homes, a free home value and my free seller guide.
- Buying: how I help buyers, how buying works in Texas and my free buyer guide.
- Questions: contact me through the form and tell me what you're planning.
Frequently Asked Questions
Do you own rental property yourself?
Yes. I've owned rental property since 2005, including a short-term rental in Destin, Florida.
Can you tell me what rent I'll get?
I show you the comparable sales behind a property's price. For rental income and expenses, you'll want to run the numbers with your advisors, and I'll make sure the property information is ready.
Should I talk to a tax advisor first?
Yes, early. Taxes on a rental depend on your situation, and your advisor can tell you how a purchase fits.
Do I need a pre-approval for an investment property?
Your lender decides what you qualify for. Ask them early, because financing for a rental can differ from financing for a home you live in.
Can you help me sell a rental later?
Yes. I help owners sell rentals too, with the numbers laid out before you decide.
Hi, I'm Omega Mejia.
I help people across Collin County make their next move with confidence. Got a question, or a house you're curious about? I'd love to hear about it.
Keep exploring
Ready to make your move with Omega Mejia?