All Forum Posts by: Collin Garbarino

Those neighborhoods on the west side are good choices. I don't think I'd define them as "working class neighborhoods."

Things are pretty competitive right now, so you need to make sure that you have your finances in order to move quickly.

I just looked at a 1400sqft house at the edge of Sugar Land and Richmond. It was trashed. The foundation was so bad that the kitchen seemed to be sliding away. There was black slime in the guest bathroom. The master bedroom smells so bad that I almost vomited. They were asking $109,000. I thought it was a perfect investment, and I would have been willing to buy it for between $80K and $100K.

Within less than 12 hours the sellers stopped taking offers on the house because they had so many.

Be ready to move fast.

Probably all depends on what kind of neighborhood and what kind of renters you're looking for. Sounds like you're looking for higher-end renters. Young singles?

Spend money on things that will have a long lifespan.

I don't know if an Amazon box would justify a slightly higher rent, but some of these amenities might help you rent it out faster.

 Send me a message, and I'll send you a few highly recommended names.

Something else to keep in mind: this isn't just for a flood repair. It's any rehab in the 100-year-flood plain. Maybe the house didn't flood during Harvey. You still won't get a permit to do that kitchen remodel if it costs more than 50% of the value minus the land value.

Here's a pretty good article I just found. https://www.houstoniamag.com/articles/2017/9/15/should-you-rebuild-after-hurricane-harvey

The thing to keep in mind is that it's the value of the property minus the value of the lot that they're using. Lot values go up, and people are forced to raze and rebuild. Probably better for the longterm health of Houston, but it's tough to be stuck in that situation.

Welcome to BP, @Nancy Cortez!

What part of Houston are you looking at? If you have a rough quadrant in mind, you might get better recommendations since various agents and contractors will focus on different parts of the city. (Man, Houston's big.)

I did a BRRR last year, and it went very well—cashflowing after taking all my money out of the deal. I can give you a few names of people that I've worked with or had recommended to me from reliable folks.

You should look into some local REI meet ups. That's where I've met all the awesome people.

Also, check out the Right Path radio show for Houston specific investing advice. 1110 AM at 9:00am, but I think most people just watch them on FaceBook.

 Jim, the city of Houston has a rule about what percentage of value they allow you to remodel/rebuild based on flooding. I don't remember how exactly it works. They won't permit certain work after a while, which eventually forces a teardown/rebuild, which increases property values, which increases tax revenues.

Anyone out there remember how this rule works in Houston?

 Sure. You can rent out bedrooms in a single family. I know someone who does that. It's the small multi-families that can be hard to find.

It's tougher to house hack in Houston than some other major cities. There are duplexes and triplexes, but there aren't many compared to some other markets. In some of the suburbs, you'd be more likely to find a unicorn than a duplex.

If the city of Houston forces people to raise all the properties two feet above the 500-year-flood level, then they can release the reservoir water into people's neighborhoods with a clear conscience!