Cheapest/Most Affordable Primary Residence idea?

Question

Hey you guys,

I live in a hot market, Houston, TX and I'm looking to live in my first house. I'm tired of paying apartments, and want to know if there are any creative ideas or ideas other than just buying a Single-Family home for near $100k in a hot-market off the MLS. I'm not interested in condo's. Buying land 45 min away and put a house on it? Like the mobile-type houses? Are there plentiful foreclosure listings that meet FHA requirements in various markets? I'd like to buy and live in a home that won't require too much to fix up as I don't have a whole lot of dough and don't have much handy-man experience. Thanks.

Daniel Alexander · Answer

Hey @Rick Al Check out the www.hudhomestore.com.  They are FHA homes that are foreclosed on and returned to HUD.  Some need repairs some don't.  If the status is "insured" it meets the FHA requirements. Some properties have up to $5,000 escrow account that you can use to get needed repairs as well. something to look into for ya.

Jesse Peña · Answer

@Rick Al

Welcome to BiggerPockets! I received this from @Linval T. when I first started. Much success to you!

Since your interest lies in house hacking and multifamily units, I added the below links for your review.

https://www.biggerpockets.com/renewsblog/2013/11/02/hack-housing-get-paid-live-free/ (House hacking)

https://www.biggerpockets.com/renewsblog/2013/04/09/how-to-buy-a-small-multifamily-property/ (How to buy a smail multifamily property)

http://www.biggerpockets.com/renewsblog/2014/07/19/how-to-buy-a-duplex/(guide to buying a duplex)

https://www.biggerpockets.com/renewsblog/2015/11/16/how-to-choose-areas-multifamily-deals/ (Choosing multi-family deals)

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https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)

REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.

https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/

REI books suggested by BPers

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http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?utm_source=search&utm_medium=internal&utm_campaign=books (books recommended by BPers)

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Melissa Gittens · Answer

@David Friedman it can also be used for appliances as well up to $2,000 I believe. Those links have the criteria and requirements for each product. Then it gives you a list of the lenders in your area who are certified and offer the loan product.

Melissa Gittens · Answer

@David Friedman There are two different kinds of FHA 203k Products streamline which is under 35,000 and FULL 203K which is a rehab loan amount of more than 35K. It can be used for roofs.

Also CHFA has a 203K product as well

check out

http://portal.hud.gov/hudportal/HUD?src=/program_o...

http://www.chfa.org/Homeownership/for%20Homebuyers...

They are quite difficult to actually close, unfortunately the loan process for these are quite tedious.

Ray A. · Answer

@Rick Al, welcome to BP. Let me know if I can help you...I am HUD appointed as well.

Rick Al · Answer

I want to live pretty much anywhere that's a C or B neighborhood. I don't mind driving 60 minutes outside of downtown, that's pretty much my limit. I've found a few homes around 100k here and there like Deer Park (love that area) or close to Highway 99. That's fine but I want to know if I can do this and get into my first house for much cheaper than 100k. I may sound cheap, but my plan is to have a minimal mortgage amount.

Sandra Gibson · Answer

What part of Houston do you want to invest in?

Rick Al · Answer

Alot of people try to house hack with a duplex, triplex, or four plex in Houston but most if not all are in D class or worse neighborhoods. I will probably have to stick with a SFH but wanted to know some creative idea's...not looking for out of state investing at the moment, just primary residence in Houston or surrounding area.

Rick Al · Answer

^^ I'm looking for a primary residence in Houston

Jay Hinrichs · Answer

@Rick Al  check out Detroit  and near suburbs you can buy a home for under 10k

Cheapest/Most Affordable Primary Residence idea?

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