Houston Insurance INSANE!
Hi All,
I just entered the Houston market with the goal of buying long term rentals. I closed something in Missouri City the other day, and the insurance was $3,000! The home was worth about 145k.
Im now underwriting a 1996 brick build that I currently have in contract for 148k, its worth about $225k, and only needs carpet and paint. My basis is at 77% of Market value and my net yield is only 5.65% before debt! I know property taxes are insane, but the insurance kills it.
Any help??