Okay...Firstly, I hope I'm posting this in the right area. :)
Original REI plan: house hacking a multifam in Dallas. Life did its thing, now we're moving to Houston at the end of the month. We have family there and can crash with them for a while, so I think the time might be right to look for a property to purchase...and the new plan is to do a "live-in flip".
@Mindy Jensen 's recent podcast interview definitely helped with the inspiration. :)
I figured we would look for a distressed property, $120k or less. Potentially finance with an FHA. Obviously we want something we could "force" appreciation into with updates, as opposed to betting on the market. Live in it for a couple years, fix it up, sell it. It would give us a place to live and lots of hands on experience with renovations.
Seems to me that most of Texas is pretty hot right now, so I'm anticipating difficulty getting a good deal.
Anyone particularly knowledgeable in the Houston area that can give me some possible locations to look into? What should I look for in a property? What should I run away from screaming? What updates significantly add value, and which don't? Hit me with your wisdom, please.
Thanks so much, BP!
Thanks for those kind words, @Theresa Colbert !
I do believe you are right about Houston being a hot market. A word of caution for those hot markets out there, it is so easy to overpay. Don't get caught up in the hype. If your numbers say the property won't work, then it won't.
Also, make sure you take time during the flipping part to relax. Living in the flip can get overwhelming at times, and taking a night off every now and again will help you regain your focus.
Good luck and keep us posted!
You're moving before I even got a chance to meet you?! Just kidding. Congratulations!!!! You'll do great! And my plan is to house hack a multifamily in DFW as well...maybe I need to scoot on over and watch that podcast! :)
I'm colleagues with Jessica Martin and Amber Koontz, both in the Houston market. Try reaching out to them to see if they may know or may know who to lead you to!
I know, totally lame. Thanks for the well wishes and for the heads up about colleagues!
While I'm sure you were looking forward to Dallas, I would like to welcome you to Houston. Deals are not hard to find in this city. There are plenty of wholesalers and enough real estate related networking events each week to fill up your calendar.
Best of luck!
@Theresa Colbert Sharon Tzib is a great agent. You should research her and see if you two would be a good fit. Good luck to you!
Hello there, sounds like a good plan. I've actually been thinking about doing the same thing or at least very similar. I'm in Houston as well and have had the same questions you have, so I will definitely be folloeing the topic to see what others have to say.
Good luck with everything and keep us updated on what's going on
Quick question: So, once you locate/purchase your property, live in it for a couple years, fix it up and sell it... What happens next. Do you plan on doing it all over again?
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