House Hacking in the Houston Area
Hello everyone,
Recently joined the BP Community and am in the process of moving to Houston for my job. I'll be working in the Woodlands area and am looking for a way to "house-hack" while I am young and unattached. I really haven't found too many multifamily units close to the Woodlands, nor do I have a good idea of what my price point should be (I was thinking around $200-250k, just to be safe in my current financial situation). A few questions running through my head right now:
1. Is there anyone currently house hacking in Houston that can give advice on how they started or what and where to look?
2. Would it be better to consider single family/townhomes/other properties and rent out each room individually?
3. Should I increase my radius when searching for multi-families, making my commute a bit longer distance and time wise? This kinda goes against the idea that proximity to work is a major factor to your expenses (a la Set For Life), but in Houston you have to drive to get anywhere regardless.
Any advice or help is appreciated. I'm excited about this new step in my life and hope to make the most of it while I'm here. If I need to clarify anything let me know, as this helps me get a better idea of what I should consider.
Thanks!
Most Popular Reply
Hi Gonzalo,
My first deal was a house hack of a foreclosed single family residential (SFR) around Sugar Land, TX. My wife and I moved in and fixed it up over 2 years. We took a 203K loan which meant the bank loaned us money to buy and rehab the home. Once the home was in decent condition we rented out a room that covered over half our mortgage. We could have rented out the other 2 bedrooms and more than covered our mortgage, but we wanted some personal space. We sold after 2 years and pocketed about 65K in profit.
A house hack of a small multi-family is ideal, but I do not see a single listing for a multi-family on the MLS in the Woodlands area. You can search the appraisal districts website for multi-family properties and contact the owners directly. Finding something off market is the best way to get a deal, but buying a SFR and doing a 203K loan is a good way to get started. If you have any questions let me know. I am currently doing a flip and I am about to break ground on several new construction homes.
Cheers,
Jeff