Property Manager · New York, NY · Member since 2016 · 388 posts · 90 votes
Hi everyone , I have some question regarding the Houston Texas before I jump into my first turnkey purchase.
In the media shows it has 10% vacancy rate on Texas and in downtown area some reaches 40%. Those numbers are unusual high compare to New York City where I am familiar with.
Now at same time the medias says Houston Texas are one of the hottest market right now to invest.
How they are both so contradictory ?
Can any local expert explains please?
Thank you!
Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes
9y
We have 100% occupancy with a wait list on some properties, and 70-80% on others. Houston is made up of several different submarkets -- often very close to each other.
In midtown I have small studios that rent for $850 (full, with a wait), and about a mile away I have 1 bedrooms that we had to drop from $600 to $500 because no one wants to live there.
Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes
9y
We have 100% occupancy with a wait list on some properties, and 70-80% on others. Houston is made up of several different submarkets -- often very close to each other.
In midtown I have small studios that rent for $850 (full, with a wait), and about a mile away I have 1 bedrooms that we had to drop from $600 to $500 because no one wants to live there.
Property Manager · New York, NY · Member since 2016 · 388 posts · 90 votes
9y
Cody L. Thank you for your reply, do you mind share with me your Motown zip code and the place has no one rent zipcode? You can PM me if you wish. Thank you!
I am about to buy a one family house. But has always invest on studio or one bedroom condo before . Little worry about the house repair might be very larger amount compare to condominium
Cody L. Thank you for your reply, do you mind share with me your Motown zip code and the place has no one rent zipcode? You can PM me if you wish. Thank you!
I am about to buy a one family house. But has always invest on studio or one bedroom condo before . Little worry about the house repair might be very larger amount compare to condominium
Two buildings in the same zip: 77004. Don't fear investing from out of state, but work with an agent that really knows the various submarkets
I live in houston (burbs) and work in the medical center; I don't know for sure but with 2 universities, the downtown area, museums, the theater district, and the medical center-I can easily see a high occupancy there. However, in the medical center 3 of the 5 largest hospitals just laid off workers and personally i believe the worst is yet to come since healthcare reimbursements are falling. The energy corridor probably has stabilized since oil jobs are starting to come back. but out S.E. NASA lives at the whims of the white house's plans for space travel (that prospect looks like it is picking up)
Take me with a grain of salt since I am brand new to this and just starting to look but I'd be happy to answer anything i can.
I'd also be grateful if i could ask lots of dumb questions to someone who has done turnkeys