I'm a new Pro member and I want to start investing in Real Estate.
My dream for many years is having some rental properties, so we don't have to depend that much from my job.
My plan is to refinance my house with a cash out option, I have a decent equity in my house.
And use that money to buy my first investment property locally, I live in Houston.
The dilemma is my current mortgage rate is 3%, and the refinance rate is 5%, and how good would be start this rental market investments in Houston, I also have the option to buy properties in Las Vegas (Family), but starting as a long-distance landlord might be difficult for a newbie.
What are your thoughts or suggestion about this idea?
Thank you so much
If someone can vouch for Houston being a good renters market, start there. If you can get a steal of a deal in Vegas from family, start there.
I live in Vegas where I have 12 rentals, I haven't seen the since of any of them in 10 years, I might have seen the outside of 2-4 of them. (Barring HOA complaints.).
The management company takes cares of everything. If you need a reference try Brian Hartsell @ key properties. I don’t work for them or get a commission. Just a happy customer.
Many out of state investors come to Houston. So if you're IN Houston, you have an advantage over most. I'd say buy Houston. I buy every few months in Houston and I live in San Diego. There are tons of deals.
Thanks Bill, I plan to hire a management company like you mentioned.
My parents have some rental properties in their home town in Latin America,
And they had a LOT of headaches, nothing like what you have experienced in those 10 years.
Sounds great to me!
Thanks a lot Cody, reading your reply encourages me
more to start buying here in Houston.