Buy First Property in Houston - Help Needed!

[Jaime Arredondo]

It is an exciting time for my wife and I because we are ready to start looking for our first property! Currently, we are living in an apartment and would like to find our personal residence before June.

Plan:

- What we want: Distressed home we can live in and fix at the same time

- Areas considering: Katy, Pearland, Sugarland, possibly West Houston

- Estimated Home Value: $180,000 (max)

- Financing: FHA loan for a low monthly payment

- Goal: Fix the property, refinance, rent it out and repeat!

Needs:

- Recommended real estate agent or how to find the appropriate one

- Any comments or suggestions to our plan?

Any help is greatly appreciated!

[Jerry Padilla]

@Jamie Arredondo Yes financing you want to set up first to make sure you qualify. An FHA is a great way to go with little money down. The house needs to be in livable condition and just need some cosmetics or the house won't qualify.

@Eric Thomson you can get financing without a 2 year rental history and count the income right away. You just need an investor friendly lender. 75% of the rental income will count is the property is not reflected on tax returns and if the property is reflected on your tax returns than the net income will be used.