Just Starting to Learn, Houston Investor

[Aaron B.]

I am interested in multifamily residential rental property. I hope to bounce some deal analysis off of some weathered investors and to understand the business and legal aspects of real investing. I am recently out of engineering school,  married,  and fairly involved my church. Looking forward to learning from you all.

[Lelith Walker]

Everyone has different strategies. 

1. Study the market that you want to be in. 

http://www.apartments.com/starreport/dma.aspx

http://www.cityrating.com/joboutlook.asp

http://www.greatschools.org/

http://www.dataplace.org/

http://www.crimemapping.com/

2. Join the REIA or any real estate meetup groups in that area.

3. Make sure the rent is at least greater than the mortgage payment. 

4. If looking for appreciation buy in upcoming neighborhoods or those on the outskirts of established neighborhoods or places where the transportation is about to expand to.

5.If buying a home that was previously owned get a recommended engineer to be your inspector that can tell you how much it will cost to repair.  If its new then you can get a licensed inspector.  http://www.ashi.org/

6.  Maintenance costs can be found out by the previous owner or if new then by  a similar home in the neighborhood. 

7. You should also inquire about taxes and HOA fees if applicable.

8.  Have an exit strategy