I am thinking of starting to invest in real estate in the Houston area. I am looking at both rentals and flipping home. I have a good amount of cash to purchase my first few home and renovate.
I have not done any home renovation in the Houston area before and do not know any contractors here. Does anyone have suggestions on how to find a good contractor or would you have any referrals?
Also does anyone think that the oil downturn will severely hurt the housing market in Houston?
Thanks for any help.
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Check out Domingo Chavez (713-203-3085). The man does good work and gives you realistic completion times.
In oil producing regions of the US, especially Houston, a drop in the price of crude threatens job losses and falling home prices. If you look at the oil decline in the 1980s, it took nearly two years for a reaction to materialize. Personally, I think we'll start to see a small decline in early 2016. Also, cheaper oil almost always boosts the local economies of outside oil-producing regions. It would appear the Northeast and Midwest could benefit, but unlike the 1980s, a lot more people live in Houston than before. Overall, look for Houston to weather the storm as more companies with ties unrelated to oil relocate here.
Welcome @Richard Schatz
I live in Canada but have been investing in the Houston area for over a year now. Please feel free to hit me up with any questions and I'll do my best to help you out.
As for the question about oil prices, I would agree with @Richard Spooner
that Houston will not suffer this downturn as much as it did in the 80's due to so much more diversity in the types of industry that are now supporting the region. My hometown of Calgary is far more reliant on oil and gas which is why I am looking at Houston for the time being.