Hello from Houston Texas

[Tom Broughton]

Hi:
Great site! I have been lurking for a while and have already learned a lot.

And thanks to the many veterans who willingly share their expertise with us newbies. Hopefully one day I can return the favor.

My Business plan:
Find Value properties within 2 miles of Downtown Houston (in neighborhoods that are in the beginning stages of gentrification). Rent the properties until the neighborhood and surrounding properties warrent upgrading or redevelopment.... and sell . Focus on unique properties with historical character, and neighborhoods that I beleive will see significant changes within 5 years. Strong preference for properties that are close to the light rail expansion projects that are currently being finalized in Houston.
Hopefully the properties are cash flow positive, but I am willing to go underwater since I am expecting at least 10% annual appreciation over 5 years.

Close in properties are very difficult to find (and lock). After six offers (3 were at full price on the 1st day on the market), I am closing my first multi family October 26th. Cash deal that I will rehab, rent, and refi to get my next property.

I have a lot of questions that I will ask in the appropriate sections.

Thanks to all in advance!
Tom