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Updated almost 9 years ago,
First multifamily investment property in Houston, TX. Need advice
Hey my BP's. My fiancee and I have finally mustered up enough courage to start looking for our first investment property. We are in Houston, Tx. looking for a multifamily property, not looking to spend more than $130K. Preferably a tri or quad and we do plan to "house hack". (Live in the investment property). Looking to BRRR (Buy, renovate, rent, and repeat).
Now for a few dilemmas that I would love and truly appreciate a little guidance on:
I am new to Houston and am unsure of the best locations to buy my first investment property. Houston is massive and location is everything, so there in lies the problem. I also need to know the potential war zones to avoid as Im looking to buy low. I don't necessarily want a low income property, especially not as a beginner. Would love suggestions on growing, SAFE areas in Houston to focus on.
I have also contacted a friend that is a RE agent. Although Id like to keep the property under <130k, as I do want a property that requires some work, my agent keeps sending me homes in the $160-205 range. I truly need an agent who understand investing, which is crucial since I know very little. If anyone fits that bill, please contact me. We are currently gathering needed info for pre approval and are ready and willing buyers, of the right deal of course ;).
And of course if there is any advice you'd like to offer a first time investor, please do. What can I do, read or listen to that could help me throughout this process? What is realistic in the Houston market as far as multi properties? Is my price of Less than $130K too high or too low? I want to make the RIGHT decision, so please if you have any tips Id love to here them.
HELP! :)