Advice on First Investment

[Ankith Chandra]

Greetings, BP members!

First of all, I would like to thank this community for the motivation it has provided towards setting and working towards my goals. 

I am new to Real Estate and after reviewing my goals, ability, location, freedom and time I see myself as a Buy and Hold investor. So the first step I want to take is to move out of a rental apartment and buy a house which can be rented out later.

Our priorities:

1. Location: Texas Medical Center neighbourhood

2. Price: Under $250,000

3. Size: 2bed, 2 or 1 bath

With the above priorities we have started looking at some condos/townhouse in a good neighbourhood. A 2 bed/2 bath condo starts from about $250,000 and currently yields a rent of $1,700. These condos also come with a HOA fees of $300+ per month

Our plan is to buy and live in it for a year, rent it after a year and buy a bigger house later.

Would this be a good start? 

Thank you.

Ankith. 

[Ankith Chandra]

@Tristan S. S  True, I am considering all other options for a primary residence. 

Listened to Podcast # 152 about Rental properties and have decided not to pursue expensive condos. Wife and I have decided to look for SFH away from downtown.

Considering a part of the BRRRR strategy with some modifications. Anyone investors in Houston who have Bought, Rehabbed and live their upgraded units?