Realtor · Houston, TX · Member since 2017 · 4 posts · 0 votes
Hi All ,
I'm interesting in financing multi family rental properties in the Houston and New Orleans areas. Currently , I under contract for a condo for about 128,000 using fha . I plan on letting it season for about a year , selling , and using a 1031 to finance a larger MF. In the mean time , I am a school teacher with a lump of about 20-25 k and would any help or connections in the Houston area .
If you are in the process of FHA financing you need to sit very still until that closes. Don't do anything that might show up on your credit, even if it is only inquiries. You also need to let any savings you have sit as well. It is way too easy to throw FHA off, even in the last minutes before closing. Once that is done and over you can move on to other things. Houston is going to be your best bet at this point, New Orleans is really tight, deals are very hard to come by these days. You are better off sticking with the opportunities that are going to start flowing in Houston, especially since you are local.
Hi @Corey Prevost & @Kimberly Jones, I'm in the New Orleans area and looking for those hard-to-come-by deals for my first one. Houston should be interesting to follow in the next two years (kind of like Lakeview and other neighborhoods in New Orleans post-Katrina). Let me know if I can help, otherwise just saying Hello! and see you around the forums
@Corey Prevost Hey Corey and welcome to Bigger Pockets! Bigger Pockets is a great start toward getting deals done correctly and reaching out to seasoned real estate investors. Congratulations. I wish you the best.