Investor · Temecula, CA · Member since 2018 · 5 posts · 2 votes
Hello BP! I'm in CA and I'm new to RE investing but with the help of
the BP webinar two weeks ago I've narrowed down my desired market and
niche to Houston, TX, small multifamily rental properties around $200k all in. I've contacted a few real estate agents in the Houston, TX area
but they don't seem to give me the time of day after I describe what i'm
looking for. I'm open to BRRR or turnkey, just looking for market entry
to be honest. Any advice for me as I start my journey from the Golden State to the Lone Star State?
Hello BP! I'm in CA and I'm new to RE investing but with the help of
the BP webinar two weeks ago I've narrowed down my desired market and
niche to Houston, TX, small multifamily rental properties around $200k all in. I've contacted a few real estate agents in the Houston, TX area
but they don't seem to give me the time of day after I describe what i'm
looking for. I'm open to BRRR or turnkey, just looking for market entry
to be honest. Any advice for me as I start my journey from the Golden State to the Lone Star State?
Thank you all and have a blessed day!
Welcome to the site Andrew. Since you're looking at your 1st out of state investment I wanted to drop you some best practices to help keep your money safe.
Don't buy in the roughest neighborhood in the urban core. Pick a solid B-Class suburban area. Perhaps a nice 1950's built bungalow.
Always hire a 3rd party property inspector to give you an unbiased feel for the home. The reports are 40-90 pages long and go through the entire house in great detail.
Get an appraisal. If your using financing the bank requires this. This is good. The bank isn't going to let you blow their money. They have more skin in the game then you do.
Make sure you get clear title. If using a lender this is a non issue. They will make you do this. It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.
Make sure your property manager is a licensed real estate brokerage.
Understand you can not eliminate all risk, only mitigate it. If you are risk adverse real estate, (especially out of state) is not for you.
Wholesaler · Houston, TX · Member since 2013 · 78 posts · 12 votes
6y
Hello Andrew. I am a residential rental property investor in Houston. I am also a real estate broker. Now I joined Multifamily Investing Academy Owner Forum starting to check out multifamily. Would love to connect with you. Asad.
Houston, TX · Member since 2016 · 12 posts · 12 votes
6y
Hey there! Welcome to the Lone Star State. I am a wholesaler in Houston. I also have done 6 deals this year more as a credit partner. I like single families and small multifamily properties.
Wholesaler · TX · Member since 2019 · 6 posts · 0 votes
6y
Desirae Price I'm just getting started here in H-Town as well. Abundant deals to be had... Wouldn't mind networking either. Twenty days in and got a referral for first wholesale deal. Hoping to finalize by holidays. Would love to here your story.
Hello BP! I'm in CA and I'm new to RE investing but with the help of
the BP webinar two weeks ago I've narrowed down my desired market and
niche to Houston, TX, small multifamily rental properties around $200k all in. I've contacted a few real estate agents in the Houston, TX area
but they don't seem to give me the time of day after I describe what i'm
looking for. I'm open to BRRR or turnkey, just looking for market entry
to be honest. Any advice for me as I start my journey from the Golden State to the Lone Star State?
Thank you all and have a blessed day!
Keep at it. I’m in San Diego and do lots if deals in Houston. Not all “on market” deals are bad. Look what’s on HAR and loopnet. If for no other reason than to learn the market
Hello BP! I'm in CA and I'm new to RE investing but with the help of
the BP webinar two weeks ago I've narrowed down my desired market and
niche to Houston, TX, small multifamily rental properties around $200k all in. I've contacted a few real estate agents in the Houston, TX area
but they don't seem to give me the time of day after I describe what i'm
looking for. I'm open to BRRR or turnkey, just looking for market entry
to be honest. Any advice for me as I start my journey from the Golden State to the Lone Star State?
Thank you all and have a blessed day!
Welcome to the site Andrew. Since you're looking at your 1st out of state investment I wanted to drop you some best practices to help keep your money safe.
Don't buy in the roughest neighborhood in the urban core. Pick a solid B-Class suburban area. Perhaps a nice 1950's built bungalow.
Always hire a 3rd party property inspector to give you an unbiased feel for the home. The reports are 40-90 pages long and go through the entire house in great detail.
Get an appraisal. If your using financing the bank requires this. This is good. The bank isn't going to let you blow their money. They have more skin in the game then you do.
Make sure you get clear title. If using a lender this is a non issue. They will make you do this. It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.
Make sure your property manager is a licensed real estate brokerage.
Understand you can not eliminate all risk, only mitigate it. If you are risk adverse real estate, (especially out of state) is not for you.
Real Estate Agent · Sacramento, CA · Member since 2015 · 11 posts · 10 votes
6y
Hey Andrew! Congrats and welcome aboard! As a RE agent that works with long-distance investors, make sure you find an investor-friendly RE agent that has experience working specifically with investors. Even better if they have experience working with investors that have similar goals and strategies that you want to incorporate. Best of luck!
Worcester, MA · Member since 2018 · 69 posts · 41 votes
6y
@Andrew S. Hollihan I've also been considering investing in Houston. I only started looking at places on Zillow last week so I essentially have 0 knowledge on the market. I came up with a strategy last year and was planning to jump in this past spring/ summer but I got hit with a surprise from my parents - We're moving to Florida!
I'm also looking for turnkey options as I don't think I'd have much $ for repairs after a move that far and all the costs associated with the acquisition. My plan was to get a multifamily (3 or 4 units) and live in one unit using an FHA loan for financing. The reason I'm looking in Houston is because the company I currently work for has an office in Houston which i could possibly work out of.
I'm curious what you're describing to agents when they ask about your criteria?
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
6y
I haven't looked into Houston much in recent years, since cash flow there got so squeezed after investors flocked there in 2012-on, but I'd imagine they aren't giving you the time of day because I can't imagine you finding an MFR for $200,000 there. Even if you do, I doubt it's going to cash flow. At least not turnkey, maybe BRRRR. Any reason for Houston in particular?
Lender · Farmington, CT · Member since 2015 · 542 posts · 321 votes
6y
@Andrew S. Hollihan hey Andrew, i live in houston. the economics here are amazing. city is growing. they are always building something new. all is good from that perspective. however, it's stuffed with investors which has driven prices up. if you can find something decent for 200k please let me know. i would be very curious. i invest out of state but would love to have something in texas. nothing has caught my eye yet. i was interested in a few places but they had 200$ HOA fees per month on each unit.
Investor · Temecula, CA · Member since 2018 · 5 posts · 2 votes
6y
@Ali Boone
I have a friend that recently moved out there and could be my eyes in the field so to speak. I've always been interested in investing in Texas due to the favorable LL laws, but I've been researching Houston since he moved there.
Hello BP! I'm in CA and I'm new to RE investing but with the help of
the BP webinar two weeks ago I've narrowed down my desired market and
niche to Houston, TX, small multifamily rental properties around $200k all in. I've contacted a few real estate agents in the Houston, TX area
but they don't seem to give me the time of day after I describe what i'm
looking for. I'm open to BRRR or turnkey, just looking for market entry
to be honest. Any advice for me as I start my journey from the Golden State to the Lone Star State?
Thank you all and have a blessed day!
$200k for a multi family sounds great. I guess if you search enough you will find. It is difficult to find a great real estate agent that meets your needs. Have you been down to Houston in person?