Investing in Corpus Christi, Texas

9 Replies

Originally posted by @Juan David Maldonado :

Has anyone invested in the gulf coast of Texas? How is it investing when hurricanes hit Texas every year

Contractors make good money? 

Seriously though, Much money has been made down on the coast. Some has been lost. What did you have in mind? STR's, LTR's RV parks?

 

Originally posted by @Juan David Maldonado :

Has anyone invested in the gulf coast of Texas? How is it investing when hurricanes hit Texas every year? 

 Hi Juan,

So a few things:

1. Get flood Insurance. Always.

2. We don't get hit with a Rita or Harvey every year. You just have to be prepared for when we do. Coastal cities like CC and Houston/Galveston are still around because it's nothing new to us and we know how to prepare.

3. Take only as much risk as your cash reserves can afford. FEMA is slow as molasses when it comes to picking up the pieces and cutting you a check. You could be nearly a year with an uninhabitable property in worst case scenarios. Perhaps choose a property a few blocks away from the beach or more so your property doesn't take the full force. Storm surge is usually the biggest threat and many existing properties are built on elevated pier and beam to give them a fighting chance.

There's a cool lady on here who's been investing and doing PM on Galveston forever but I can't think of her name. I'll post here again when I find her name. She'd be a gold mine of info on investing near the water.

Best of luck!


I forgot to add that you should keep an eye on the proposed Ike Dike if you choose to look at Galveston rather than the southern Texas coast. It's gotten some serious traction after Harvey. It'll be a game changer for property owners I think. Plus it looks cool as hell :)

Originally posted by @Kristyn Grimes :

I forgot to add that you should keep an eye on the proposed Ike Dike if you choose to look at Galveston rather than the southern Texas coast. It's gotten some serious traction after Harvey. It'll be a game changer for property owners I think. Plus it looks cool as hell :)


I have some property in Galveston county on the peninsula. What is the Ike dike? Is it just for the island or the peninsula too? 

Juan I am a BOI and I’ve been a Realtor for over 16 years. People can’t get here fast enough to invest. Storms don’t bother us. Get insurance and make money like everyone else.


I also lived through Ike. My husband is also a builder here on the island. We are developing 20 bay front acres by Evia.

Juan,

Christina is the lady I was talking about. ^^^ She would know all there is to know about Galveston.

Also here's the link to the Ike Dike conference held at the end of August. No, I don't think it'll be built in the next 5 years in fact they are saying it'll be about 15 years out. However, the original study has been broken down into manageable parts and taken over by army corps of engineers over the summer. Public commenting will start in October and be over the next 45 days.

https://abc13.com/ike-dike-spi...

@Juan David Maldonado I have been trying to buy a property on North Padre Island for 2.5 months now. We put in a offer right before Hurricane Hanna hit. The hurricane brought to light some issues with the property. Good and bad, the property did not flood given the rising waters from Hanna but there was some issues with the roof and at least one window had major water intrusion. The inspector I hired caught two big issues (along with some minor ones), we are awaiting the insurance company to fix the issues for the seller so we can get our lender to provide funds for a traditional 80/20 LTV mortgage.

What I am getting at...is that there may be issues because of a hurricane which could draw things out for months. I will second @Kristyn Grimes...Get flood Insurance! Lenders will likely mandate it if you are in a flood zone. Also a bump for the cash reserves, determine what you will need incase it takes months to get your property back in to operation. I am planning on having 9 months of reserves for my properties in the Corpus Christi area. COVID-19 has also changed my reserves mindset from 6 months to 9 months for my San Antonio Properties.

Best of luck!