All Forum Posts by: Jessica Uresti

Yes I know it is a cancer cluster and so is East side, Downtown and Northside. I actually like Historic 5th Ward and Kashmere Gardens, maybe I am weird but I like the area (some parts). Kashmere Gardens though is in a flood zone. Anyway I like the inner city and I am looking for something around 200k.

OK well I need to understand these terms. I will work on that. Now I see I don't think I entered things correctly.

Ok it’s open! Thanks.

 Hi Mitch thank you.

The listing price is $140k the rough estimate is 65k for finishing the construction. Framing, electric, plumbing is completed. Sheet rock is purchased. For both units. We are planning on getting one more estimate not a formal one yet but a rough one from another trusted contractor.

I put this information in a Google sheet and that is where I got the profit number. 

https://docs.google.com/spreadsheets/d/1HpdX8GG4tDZVtfVykfs6...

First time investors. We found a property (multi-family) 2 units, 2 bedrooms/2 baths in the front house, and a full bath with kitchen efficiency in the back unit. Good price in a developing neighborhood near downtown Houston. Construction was stopped midway and it is for sale. We brought our contractor to take a look and he gave us a estimate. We will be getting a more detailed estimate. From what we know of the cost of the house plus to finish construction we can afford the loan. Also putting the numbers in, the rental income should give us maybe $400 -$900 profit a month once both are rented.

Our lender and realtor seem to think we are crazy because the property needs floors, walls etc etc to be completed. I am wondering if we could be getting in over our heads on this.

Any thoughts? Thank you.