Wholesaler · Enfield, CT · Member since 2016 · 47 posts · 13 votes
I am looking to move my family to the Galveston TX area. We are recently getting into investing into rental properties, and our first move is to get into a multi family and "house hack". We currently live in CT and not aware of the market in the Houston/Galveston area , so looking for some feedback on anything before we decide this is our for sure destination. some questions like how would you rank the location? is the market steady? what is the average age group? what is the closest major highway? is there plenty to do around town ?
Can anyone connect us with an investor friendly agent?
Opinions on the area?
Looking for Class B,C,C- properties in a A,B location. We have kids and definitely care about location over property , Looking to fix up a multi family.
@David Noskiewicz Galveston is a lot of fun. And there's been a lot of development going on in the last few years. I was shocked the last time I went down there at all the new development.
The biggest employer is the UT Medical Branch, with over 8,000 employees. It's also a medical school, so there is a large tenant pool of medical students.
The downside is the potential for hurricanes. Insurance will be higher, and you'll need additional windstorm coverage. And Galveston is a mostly service-oriented economy (hotels, cruise ships, restaurants, etc.). So average rents are lower than I would like to see, unless you're looking at high-end properties. I understand the short-term vacation rental business is pretty good, so that's something you may want to consider.
If you want to talk Houston, feel free to PM me so we can chat.
Hi David, welcome to Houston/Galveston. If you don't mind me asking, why Galveston? Is it because of a full time job that you have to move there?
I hear a great area is Baytown since it's near the port and growing a lot. Another hot area right now is Pearland, which is not far from Galveston. My opinion is that there's not much industry in Galveston, it's major economy is tourism, and it's not great tourism. That's just my 2 cents being a newbie but a 15 year resident.
Hope this helps some, and hope you get some good advice from more experienced investors here.
Thank you for your advice. There was no particular reason beside just looking near Houston area but not directly in Houston . We are open to alot of places, we are looking for the best market to suit us. Your advice is greatly appreciated , we are still "shopping" .
@David Noskiewicz Galveston is a lot of fun. And there's been a lot of development going on in the last few years. I was shocked the last time I went down there at all the new development.
The biggest employer is the UT Medical Branch, with over 8,000 employees. It's also a medical school, so there is a large tenant pool of medical students.
The downside is the potential for hurricanes. Insurance will be higher, and you'll need additional windstorm coverage. And Galveston is a mostly service-oriented economy (hotels, cruise ships, restaurants, etc.). So average rents are lower than I would like to see, unless you're looking at high-end properties. I understand the short-term vacation rental business is pretty good, so that's something you may want to consider.
If you want to talk Houston, feel free to PM me so we can chat.
You didn't indicate your line of work. Is REI full time? If not, as others have indicated, Galveston will be more limited. Clear Lake is a great community on the south side...but Pearland is probably more affordable.
I have an agent you might consider working with. Please send me a PM and I will get you contact info.
I have lived and worked in Galveston for the last 3 years. There are plenty of deals here if you look for them. Currently I own 4 rental properties here on the island and am averaging a 19% Cash-on-cash return overall. I am also an agent here on the island and would love the opportunity to show you around the island whenever you come down. Overall I find the rental market is strong. We have had a surge in pricing so people are overvaluing their properties and making it difficult to find as many deals. Vacation rental market is strong as well which presents some good opportunities. I-45 dead ends onto the island so it is easy to get on and off. The city is making great strides to make Galveston better than it ever was. The trolley is set to come back next year and we just drenched the bay side more in order to have twice as many cruise ships. The town is going places which is great to see. Please feel free to PM if you'd like to discuss the market or if you have any specific questions.