New to Houston Real Estate - What's everyone up to?

27 Replies

Hey BP Houston! I'm new to real estate investing in Houston and am just looking to get to know some of you in the community. I've just finished a few REI books and have saved up some capital for my first deal which I'll be on the hunt for soon.

I'm curious what everyone else is up to! What parts of town have you invested in / are looking in, and what type of real estate (SFH, multi, condos, townhomes, etc)? What's your next goal you've been working towards?

A few things about me since it's my first post. I'm an engineer working in the oil & gas industry for about 5 years. I've been really enjoying personal finance lately (and the FIRE community) and I'm just looking to diversify my investments with real estate. I'm planning on looking for a SFH or duplex to get some experience in real estate before moving on to additional units and some investing in syndications.

Anyway, hope everyone is doing well and is able to make progress on their real estate goals despite the pandemic.

Cheers, 

Adam

Hi Adam, my husband and I just completed our first flip. When looking for a project, we found that the lower priced houses were tough to make work on a flip so ended up with a large house out in Richmond. We bought it from a wholesale company. Won't take on anything as big again - it was too expensive and took too long. Next we plan to look for houses we can buy and hold - about to read the BRRRR book and hope to make that work. I committed myself to writing a blog every day this month about the lessens we learned if you care to read it. Lots of lessons.... The Houston market is very hot and very competitive so you have to move really fast. They go so fast.

P.S. In addition to reading lots of books, the BP podcasts have a HUGE amount of great information.  I listed to the Rookie Podcast and The Real Estate Podcast with Brandon and David.  So helpful

@Adam Wrobel I'm just starting out looking for my first SFH. I've been looking for about a month actively. I've focused on west, Northwest and North Houston. It's very competitive right now. Homes are going fast. I've been outbid three times already but hoping to snag one soon.

Hey Adam, we’re about to close on our 3rd home this year! I never thought I’d find myself saying that! Houston is a great place to live and to invest. In all 3 of our opportunities, it fell into our laps from people we already knew that trusted us. As Warren Buffet said, the first rule of investing is, don’t lose money! Be careful that you don’t spend too much on the buy end in this hot market, because if and when the market turns down, you want your investments to feed you, not eat you alive! 

@Adam Wrobel Board the train and enjoy the ride! I am focused on SFRs buy and hold with a couple properties looking to add to portfolio. Checking on MLS and off market properties.

Let me know if you want to chat, always looking to connect

@Adam Wrobel I been wanting to add my comments for sometime but been really busy. Anyway, Everyone has to start somewhere one time if you want to go somewhere. Without goal and plan, nobody can really accomplish anything. I would suggest you to look for deals closer to your living area and try to analyze and if possible make offers with help of realtor or someone. Let me warn you, it's bad time to get in to rough waters. Houston market unimaginably HOT with bidding wars all around.  If you want, wait for couple months and things should settle after election and hopefully market might freindly for investors. I have been working with investors and we made many offers past couple weeks, unless it's cash it's going to be tough to compete. 

Anyway, don't worry, just start researching and get ready for better market. 

@Kristie Smith Congrats on the first flip! Sounds like you learned a lot from it. And yes, it seems many others also commented that the market is pretty competitive right now. I'm not too surprised as a lot of my friends have been buying houses just in the last 6 months. Hope the BRRRR methods works out for you!

@Mark Zermeno Well I hope you're able to get one soon (and for a good price). I know a lot of my friends have been moving from apartments to houses in the last 6 months, so I can see why the market is so competitive. It's quite surprising to me given everything going on, but I guess a lot of people are banking on not having to commute as much anymore.

@Sandy Sawyer Congrats on the 3rd house this year, that's awesome! Sounds like you've been pretty active even in this strange year. And luckily I'm not too much in a hurry to buy a property. I was hoping to get one by the end of the year, but I'm going to try and have patience to make sure I get a good deal.

Hey everyone, I just wanted to say thank you to all those who replied or DM me! I very much enjoyed getting to know a bit more about some Houston area folks. And, I also appreciate the advice. I wish you all the best in your pursuits!

Yes, things have been a little crazy. But when the pot gets stirred up, things float to the top! There are bound to be opportunities for you coming along! It takes patience and just being good to people and letting them know what you're doing.

@Kwame Koom-Dadzie No i did not, had another deal come up where i redirected my funds to.  I will still be building tiny homes somewhere in Houston though, just waiting on the right lot and when construction prices go back down

@Adriel Hsu I had a similar idea. My issue is a tiny home (classified as a trailer) is illegal to keep on a multi family property (which is what I own). I had talked to a few other investors and tiny home builders within 1.5 hours of htx but only know of one guy actually doing it inside the loop and it's at SFR