Beginning in Houston, TX

3 Replies

Hey BP team,

My name is James Derrick and I am finally serious about beginning this real estate journey. I am most interested in B&H passive income (possibly multifamily house hack), but am also considering flipping as a means of income as that is built. I have a relatively high paying career that has allowed this single 29 y/o to save a decent nest egg. However, I would like to begin my exit from the lifestyle this career demands.

I currently own one property that I have lived at for two years, a one bedroom high rise just outside of the Texas Medical Center. Looking back, it was definitely an emotional based decision. I fell in love with the building and would be going from a 45-90 minute commute (one way) to a 6 minute commute. Purchased with a 3% down FHA loan and a handful of additional principal payments, I have only about $20k in equity of the property. The high monthly payment from the FHA loan + the high monthly HOA does not make this a good rental property as the two year ago me assumed I would end up doing. I am most likely looking to exit the property if I find a great house hack opportunity.

Thank you for reading and thanks in advance for any help provided!

It sounds like you have a solid plan in place and realize how much HOA fees can eat returns, a house hack may indeed suit you well even if it means a longer commute.

Hello! @James Derrick

Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp



The second is a post that will help get you focused with your real estate investing goals:

https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

The last one is a post that will help you choose an “investor friendly” real estate agent. There are many agents out there, but it’s important to choose the right one.

https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

I love answering questions if you have any! Good Luck :)

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