New investor living in Houston, TX
Hello everyone!
I recently moved to Houston, TX (in Baytown, TX specifically) from South Carolina. I've met a few other investors and wholesalers in Houston through meetups and such and I'm looking to connect with more people!
My plan is to start out by purchasing a SFH in the Houston or Baytown area that requires a not too crazy rehab, renting it out, and managing it myself. Another option that's on the table is to purchase a property closer to market value around the same area and using an FHA 203K to rehab, live in it, and rent the rest of the rooms. My goals here would be to learn as much as possible.
So that being said, my short term goals are to save a good amount of money to purchase my first property within a few months by living frugally. Thanks to the advice from Set for Life, I found a cheap place to live and am minimizing my living/transportation costs by living within 4 minutes from work, which has allowed me to save a lot more than I normally would have. Def recommend!
After that, I want to be able to be financially independent within 6 years, which I'm defining as about $3,600 in net income per month. I've followed the advice that some of the BP podcasts talked about and actually written things out and done the math on this to make sure it's possible, and according to the numbers, it looks like it can be done provided I didn't forget to carry any zeros lol.
I've read at least 5 BP published books in addition to quite a couple of the classics (Rich Dad, RE Millionaire Investor, The Millionaire Next Door, etc.), listened to bunches of BP podcasts, and been analyzing lots of deals over the past year. I love learning and talking to people about this stuff, so if anyone in the Houston area would like to meet and have a chat over coffee about anything RE related (or anything else), I'm super down.
Looking forward to meeting everyone!
Welcome, Juan! So I guess you made it through TD Imelda alright. I'm up NE Houston and it was rough, about 30 inches of rain...
The ship channel area seems like it has some potential. Zillow, at least, seems to believe there is some decent appreciation in Baytown/Pasadena area. https://files.zillowstatic.com...
I've poked around the area a little but would still like to get more familiar with it.
What's your plan for purchasing/financing? 20% down on retail? Find a wholesale + hard money? Mailers/drive for dollars?
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Originally posted by @Juan Avila:Hello everyone!
I recently moved to Houston, TX (in Baytown, TX specifically) from South Carolina. I've met a few other investors and wholesalers in Houston through meetups and such and I'm looking to connect with more people!
My plan is to start out by purchasing a SFH in the Houston or Baytown area that requires a not too crazy rehab, renting it out, and managing it myself. Another option that's on the table is to purchase a property closer to market value around the same area and using an FHA 203K to rehab, live in it, and rent the rest of the rooms. My goals here would be to learn as much as possible.
So that being said, my short term goals are to save a good amount of money to purchase my first property within a few months by living frugally. Thanks to the advice from Set for Life, I found a cheap place to live and am minimizing my living/transportation costs by living within 4 minutes from work, which has allowed me to save a lot more than I normally would have. Def recommend!
After that, I want to be able to be financially independent within 6 years, which I'm defining as about $3,600 in net income per month. I've followed the advice that some of the BP podcasts talked about and actually written things out and done the math on this to make sure it's possible, and according to the numbers, it looks like it can be done provided I didn't forget to carry any zeros lol.
I've read at least 5 BP published books in addition to quite a couple of the classics (Rich Dad, RE Millionaire Investor, The Millionaire Next Door, etc.), listened to bunches of BP podcasts, and been analyzing lots of deals over the past year. I love learning and talking to people about this stuff, so if anyone in the Houston area would like to meet and have a chat over coffee about anything RE related (or anything else), I'm super down.
Looking forward to meeting everyone!
Welcome to the site Juan.
Originally posted by @Jeff Lee:Welcome, Juan! So I guess you made it through TD Imelda alright. I'm up NE Houston and it was rough, about 30 inches of rain...
The ship channel area seems like it has some potential. Zillow, at least, seems to believe there is some decent appreciation in Baytown/Pasadena area. https://files.zillowstatic.com...
I've poked around the area a little but would still like to get more familiar with it.
What's your plan for purchasing/financing? 20% down on retail? Find a wholesale + hard money? Mailers/drive for dollars?
Hi Geoffrey. I'm planning on getting pre-approved for some hard money loans and use that to finance. I'm also thinking It'd be an option to do an FHA within a few months when my lease is closer to expiring so that I can do a house hack.
Hopefully, everything went alright with the rains for you. I saw the pictures of the flooding and they looked pretty horryfing o_o
Yeah, there were some really hard hit areas up here.
House hacking sounds like the way to go. Were I not married with kids, I would definitely find a multiplex and play that game a time or two.
Who are you using for hard money? I'm currently working with Red Door Funding and Amp Lending (they do the HM conversion).
@Juan Avila
We should get together sometimes and discuss real-estate.