Trying to build wealth in Houston, Texas

[Benjamin Hanson]

Hi everyone,

I've been listening to the podcasts for a while and occasionally lurking around the site, but have yet to introduce myself or get serious about investing until now.  I came to Houston about 10 years ago after being born, raised, and schooled in Iowa.  The oil and gas industry has kept me busy but my interest in real estate has been steadily growing. I currently work downtown and live in Montrose but decided against paying $400k for a house for myself so I keep renting to free up capital.

After looking at the different options, and the current market, I've decided to focus on owning and eventually renovating multiplexes and small apartment buildings.  I intend on self managing and continuing to work full time, so we'll see how that goes. I have actually found what appears to be a decent deal for an 8-plex near Polk and S. Wayside.  I'm running through the analysis now and I'll post more on that when I figure out where is more appropriate.

Great to meet you all,

Ben

[Tim Shin]

Welcome @Benjamin Hanson! I'm pretty sure you joined the right place. I can't believe how welcoming this community is and how ready and willing more experienced investors like @Brandon Turner  and @Elizabeth Colegrove  are to discuss REI and give tips for newbies like us. I'm also in the oil and gas industry and I want to get cashflowing ASAP to be ready to weather any volatility.

@Mike D'Arrigo I think it's too soon to tell. At the very least, I think housing purchases will slow as buyers get scared by the jobs being cut by companies like Schlumberger, Haliburton, Apache, and others. It's unclear whether this low-price environment will last past another few months or if it will continue into 2016...  I wouldn't recommend buying for appreciation as an investor right now. If we do see an extended downturn, it may be an upswing for buying discounted properties for investors.