Property Q&A in Houston>Question Details

Michael, Home Buyer in Houston, TX

I am looking to buy a house from foreclosure for investment. (buy and rent) my budget is 60 to 90 K. Where in Houston would you recommend that I buy?

Asked by Michael, Houston, TX Sat Feb 12, 2011

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Answers

17
Copperfield, Spring and Conroe would be a good starting point. I could send you a list of homes in those areas if you would like. You can email me or call me. My contact info is below!

Diane Hermis
Total Real Estate Services
832-620-6304
Dianehermis@yahoo.com
1 vote Thank Flag Link Sat Feb 12, 2011
Hi there, there are some good deals out there right now for investment purposes. I would be happy to help you find a great one. There are a few different locations I have in mind.
If you wish to contact me, click on my picture.
1 vote Thank Flag Link Sat Feb 12, 2011
Hello, Michael.
You've certainly received a lot of good advice. Hope you are listening. Let's get started!
Kathleen (281) 799-4002
0 votes Thank Flag Link Mon Feb 14, 2011
Hi Michael,

You can find good deals in just about every part of town. Generally speaking, I would recommend you choose an area reasonably close to where you live so that you can check on it frequently and save on gas while you make repair trips and trips to the hardware store. Also, it is important to choose a home in an area that is desirable to live in. Choose an area where you wouldn't mind living. It will be easier to rent out and sell at a later date when the time comes to divest. Just make sure you buy it right so that you will have positive cash flow from the beginning. Remember the adage, "Investors make money when they buy, not when they sell."

I serve Northwest Harris County. If I can help you further, please let me know.
Web Reference: http://www.jackmaxwell.net
0 votes Thank Flag Link Mon Feb 14, 2011
Hello, again, Michael.
Hope your weekend was pleasant. You are still asking a genteral question. Call or email me and let's visit about specifics to help you get started. Kathleen (281) 799-4002 or KathleenRealtor1@gmail.com -- You've set a budget which is a good first step. Now let's start taking some more steps to reach your goal. I've already given you a few things to think about. I'll help you locate a property and give you the guidance you need to begin your investing. Looking forward to working with you. Kathleen (281) 799-4002
0 votes Thank Flag Link Sun Feb 13, 2011
It probably will sound as if I prejudiced, as I cover Houston's entire Bay Area, including Alvin, Manvel, Pearland, Pasadena, Clear Lake, Seabrook, League City, Dickinson, Friendswood, but the fact of the matter is that the Bay Area has fared better than other parts of Houston. And, there are a lot of homes available in your price range. With all the oil & gas, NASA/space, technology and health care companies in this area, there is a substantial number of transferees. If you like, email me and I will send you information on homes that fit your criteria.
0 votes Thank Flag Link Sun Feb 13, 2011
There are several neighborhoods in the Northwest Houston that I would recommend for investment properties. For example, Harvest Bend, Westgate, Memorial Chase, Timber Lane, Tallow Wood, Northview Place and Foxwood. Your price range of $60K to $90K are the types of houses that would yield a good return on your investment.

Rental properties are in high demand right now, since it's difficult to qualify for mortgage financing. Will you be paying cash or financing. If you do need financing, I can refer you to a local mortgage banker.

You may contact me directly by clicking on my photo. We are prohibited from posting our contact information on the Q & A section.
Web Reference: http://www.amandahomes.com
0 votes Thank Flag Link Sat Feb 12, 2011
Good Evening, Michael.
I am Kathleen, a realtor in the greater Houston area. Your question is a good one but there is a lot more information to put together to make a well informed decision. Do you want to be hands on or use a management company? Is the $60-$90K fluid assets or the mortgage you can handle? Do you want a property close to you or is across town alright so you don't have to check on it every other month?
There are plenty of properties available in various parts of town in various conditions from destroy-and-start-over on to a little dressing up with paint and carpet all the way UP TO it's in perfect condition just give us the key. Certainly you usually don't find the last one in that price range very often but if you are willing to be open to a good deal you can locate them. If you would call me Kathleen (281) 799-4002 or email me KathleenRealtor1@gmail.com. Let's introduce ourselves so we can visit about what your goals are and where you are and we can set up to view properties that meet your specific needs. Making sure we are looking for properties that fit your goals will save you time, money and stress. I look forward to hearing from you. Hope your weekend is pleasant and restful. Very truly yours, Kathleen (281) 799-4002 KathleenRealtor1@gmail.com
0 votes Thank Flag Link Sat Feb 12, 2011
Michael,

I currently have two homes in the Bear Creek area (West Houston) that are price at about 30 to 40% below market value and in your price range. This area is one of the better areas of Houston to invest in rentals. As I mentioned in my earlier reply to you, I own a HomeVestors Franchise. You may recognize us as the "We Buy Ugly Houses". Give me a call at 713.907.4233.
0 votes Thank Flag Link Sat Feb 12, 2011
It's all good advice. If you descide in the Southwest Houston or Fort Bend areas then give me a call. I know these areas best. You can reach me at (713) 702-1397.
0 votes Thank Flag Link Sat Feb 12, 2011
Michael,
Generally this seems like a great idea, right? Some foreclosures are distressed properties and closing can take months. Cash flow would be the most important thing to consider for yourself. Also doing a bit of research for rental market would be in order. Do you want to be hands on with rental investment OR have a manager take care of those incidental needs that tenants have from time to time.
Location and convenience for yourself should be at the top of your list. Appreciation generally would not be the name of the game in rental properties. CASH FLOW is important and see what your bottom line will net.

I speak from experience of rental income(loss) depending on your financial situation and goals for getting into this arena. Have cash reserves for emergencies it is SOOOO important!!!!

Now that I have probably convinced you to step back, please let me know which areas you are considering and do some investigation. I live the Clear Lake Area and have rental property in Galleria. We have several needs that we try to meet with this investment.


Please contact me and let's explore your goals. You can reach me via email or contact me through my website. Look forward to talking you soon.
Nancy
0 votes Thank Flag Link Sat Feb 12, 2011
Hi Michael, as a Realtor I have been working with investors for some time now and I learned each property is different so you need to see the whole perspective, not only the price you are going to pay but the average rentals in the area where the property is located. There is also something important to consider, it is the appraisal value in the County because there are properties appraised at higher price than negotiated as foreclosure and this may reduce the expected cash flow on your investment. Other thing you should consider is if the property is located in a flood zone, this will require a flood insurance that will affect your profits.

I will appreciate the chance to evaluate some properties for you, that way I will be able to help you find out the ones that may produce the best cash flow for your investment. I also will be able to assist you in finding the tenant after purchasing the property.

Best regards,

Gabriel Cadavid
281-650-9846
gcadavid@yahoo.com
0 votes Thank Flag Link Sat Feb 12, 2011
hello Michael,

There are several areas in the Greater Houston area where you will find properties for sale within your price range, that offer both an instant equity position and value and a attractive, residential rental market area for your tenants clients. I suggest you stay within a certain geographical area, close to home, work, etc...so to make property / landlord management more practical and simple.

Give me a call if you want the best real estate brokerage service in town.

Mario Romero
marior@r3yes.com
832 818 5868
0 votes Thank Flag Link Sat Feb 12, 2011
It depends on how much of a spread you are looking for. What's your budget?
0 votes Thank Flag Link Sat Feb 12, 2011
Hello Michael,

About 90% of my business is working with investors. I have several referrals of repeat investor clients that I'd be happy to provide to you. For rental properties, I would suggest an area with the most desirable schools. Please give me a call, and we can go from there. Thank you.

Truly,

Brandon Newton
Green Dawn Realty
713.890.9108
0 votes Thank Flag Link Sat Feb 12, 2011
I am also an investor and I have had success finding houses and making connections on myhousedeals.com. I am also a real estate broker and could help you find them on the mls.
0 votes Thank Flag Link Sat Feb 12, 2011
Michael,

If you are looking to purchase an investment property, give me a call at 713.907.4233. I am a Broker and I also own a HomeVestors (We Buy Ugly Houses} Franchise and I get deals all the time that I pass on to investors. My company provides homes to many investors in and around Houston. Most of our homes that we look at never get to the MLS (open market) for you to get a chance to purchase them. You probably have seen my billboards and TV commercials marketing for homes.
0 votes Thank Flag Link Sat Feb 12, 2011
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