Houston, Texas Property

[Jonathan Ramos]

Hello All,

 My business partner and I got a lead in the following zip code 77373 and the owner of the property lives here in Florida. Can we use just a generic letter of intent to purchase the property and also provide earnest money to seal the deal? 

Is anyone familiar with properties in this zip code 77373 is it an okay neighborhood is it blue collared, is it in a declining market ect.? This property is about 10 miles away from the airport. 

The owner states he will take 40K when the neighborhood has similar homes for sale 82k -85. Homeowner states that there are no cabinets in the house and also no flooring and has the house rented out for $700. Granted we haven't confirmed the cost of repairs or haven't received proof yet that there is a tenant. We were thinking to write the contract with exit clause just in case we determine the cost to repair is too much. Any suggestions? 

[Daniel J.]

@Jonathan Ramos,

I work in that zip code. It all really depends what exact section of that zip code the property is in. None of that area is super sketchy, but it's not great. It is mostly blue collar, the overall area is growing, though the down turn in oil and gas has hurt us. 

I'm certainly no expert but an exit clause always seems like a good idea. 

If you want more specific thoughts on the exact location don't hesitate to connect and send me a message. 

Daniel