All Forum Posts by: Jameika Southern
Jameika Southern has started 1 posts and replied 6 times.
Originally posted by @Knashae Smith:
@Jameika Southern same here single mom in Houston I’ve joined a whole bunch of groups and will be attending some meet ups this week! We should link
Yes let's do that!! Send me a message!
Originally posted by @Michael Glaspie:
I am not sure what your financial situation is, however, you can look into purchasing a multi-family property with a USDA/FHA loan to reduce your initial obligation. Then just as mentioned above, hire a property manager to reduce your time obligation. This would be a good way to start your journey. As you accrue more money in the near future you can look at more creative ways to employ it into investments.
Best of luck on your journey!
Thank you! I have the 20% to put down if needed. Seems management might be a good option for me.
Originally posted by @Thomas S.:
Buy in your desired area with a fully permitted legal secondary unit, ( eg:basement conversion). That is your best option aside from watching for a multi unit to come available in your area. You get in with a minimal DP and can move to another in a year and rent out the upstairs as well. You can also live in the lower unit yourself and rent out the upstairs for more or buy SFHs with the intent of adding a legal secondary unit.
Assuming the building codes allow you can create duplexes in this manner. Depending on secondary unit rents in th area you may easily be able to achieve the 1% rule. SFHs with secondary units are a far better investment as rentals that a SFH by itself. Done right in the right market secondary units can be very desirable.
I would have to research this thoroughly. This area doesn’t have homes with basements. Nor do they have propreties that allow for that first floor tone used as income. I would probably have to do a whole new build to get the property in a position for additional income.
Originally posted by @James Wise:
Originally posted by @Jameika Southern:
Hello! Newbie here to Bigger Pockets and REI. Looking to invest into a real estate however I feel that my situation is making it difficult.
I currently rent in a suburb of Houston with great schools. I need the schools for several reasons , but an important one is because one of my kids is special needs. Being a single mom those extra services are so important. Ideally I would think a MF unit would work best but there are not many/any in this area. I have thought about investing in single smaller units (condos/townhomes/etc).
Putting my kids in the HISD district is not an option, nor is paying the expensive $20k plus tuition for private schools in Houston. Let me add that I am self employed and my business is out in the area where I currently live.
I am excited about getting started, but am unsure of what would be the best avenue. Any thoughts?
Welcome to the site Jameika.
Thank you!
Originally posted by @Nathan Gesner:
Well, you could buy locally because you're familiar with the market but that also means you will probably want to manage it yourself. Do you have the time available? Can you handle the additional stress?
Another option is to consider investing in a different state where you can find professionals to do all the work. You may have to pay 10% for property management but you may also get a better return so it's a wash.
Funny you mention buying in a different area because my gut has been drawing me to Dallas for investing. I need to research a solid team to do any management for me since Dallas is about 4 hours away.
Hello! Newbie here to Bigger Pockets and REI. Looking to invest into a real estate however I feel that my situation is making it difficult.
I currently rent in a suburb of Houston with great schools. I need the schools for several reasons , but an important one is because one of my kids is special needs. Being a single mom those extra services are so important. Ideally I would think a MF unit would work best but there are not many/any in this area. I have thought about investing in single smaller units (condos/townhomes/etc).
Putting my kids in the HISD district is not an option, nor is paying the expensive $20k plus tuition for private schools in Houston. Let me add that I am self employed and my business is out in the area where I currently live.
I am excited about getting started, but am unsure of what would be the best avenue. Any thoughts?