I've been on this site once before and then got caught up with my job, My name is Michael Renna. I'm 26 years old and currently living in Houston, Texas. I'm taking a second stab, but I have a burning question for everyone/anyone on here.
I have been presented with two options:
Option A) Owner Occupy a brand new home in the heights (Houston, TX), a very nice 3br3.5ba and rent out 2 of the 3 rooms. I already have tennants lined up. My mentor has advised me that this is a risky/short term strategy, since I will need to rent it in the future.
Option B) Continue my search for an affordable Multi-Family-Residence and fix it up slowly. Most likely I will need to partner with my Father (who has agreed to help, but won't give me a $ figure to work with.)
I realize this is a broad question, and I'm asking retail brand new vs established seasoned property, however I feel like I will get some good answers from the community.
Thank you for your time.
Any reasons why not considered SFH? I found SFH in Houston seems to be appreciated Ok and offer great cash flow.
While Multi-family is great, it could be much harder to find any deals at the moment in our area.
Look at all your numbers for option A. If you can make a profit over the mortgage and expenses the why not go for it. You need to do you due diligence and look at all your expenses including your purchase price, closing costs, escrow, principal.. How are you purchasing. Is it all cash, is it 20% down. 10% down. How much do you have as liquid to spend. What are your long term goals? Do you want to keep investing? All of these questions are part of your current decision. Be careful!
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!