Investors along the Texas Gulf Coast?

Question

Does anyone on here have holding on the Texas Gulf Coast?  I'm in Galveston TX and would like to begin networking in my area.  I currently own 1 multi family property on the island and am actively looking for future investment properties.

Timothy Church · Answer

I'm an investor and realtor here in Galveston! It is definitely a fun but very different market. Just like @Belinda Lopez said the island is very block to block and is constantly changing. As an investor, I'm glad our market is finally slowing down. It was on such an unsustainable climb over the last few years. Overall the island is still continuing to improve so I'm excited to see what happens.

Always looking to network with other investors if someone wants to grab a coffee at MOD sometime!

Belinda Lopez · Answer

Unfortunately, they've changed the process for buying Struck off properties in Galveston County.  You used to be able to contact the attorney handling them for the county but now he says that they are all being sent through the resale auctions.

It is definitely a Sellers market but day s on market are getting longer.  Galveston is a very specific market and you need to know good/bad areas.  Everyone advertises properties as being "blocks from the beach" which are very dangerous areas and not resort or tourist areas. Comps are also difficult b/c the type of neighborhood can change from one street to the next as well.

There are a few good wholesalers who can help you find some good deals with plenty of meat on the bone but be wary of those who don't specialize on the Island.  Also,  insurance can be ridiculous as you'll need flood and windstorm coverage not just homeowners.  Those premiums can double your mortgage.  Always get an elevation certificate.

What sort of properties are you looking for?  more multifamily?  short-term rentals?  those are the two best types for the Island as for the cost you can get SFH on the mainland much cheaper and without the extra insurance costs.

Brian Lepo · Answer

Thank you mike.  I have located the website the handles the sale of the stuck off properties

http://taxsales.lgbs.com

and have already put together a list of 6 properties I'm going to drive by and check out.

I am diving into the purchase process and procedure as we speak.  I want to learn everything there is to know about it.

Mike Reynolds · Answer

Well, its the list of properties that went to tax auction and no one bid on them. You can do a search here and get a wealth of info on them. You can get the list by going to the court house and pay a small fee (for the paper) or I think now you may can get it online. Around 15 years ago we bought some empty lots and some of them I still have. Bought 13 consecutive lots on a canal on 4th street for speculative purposes for 300 a lot. I dont know if there are still any there at that price but you can see.

The thing to check out good is the wetlands. Dont buy wetlands as you cant build on them. Older lots are too small to septic due to the new state laws so you need to buy 2 or more.

I got into it when I found an old abandoned house on the bay side Crystal beach about 18 years ago. It was struck off at 2500 dollars. It had good bones and two septic tanks already. By the time I got my cash ready two weeks later it was already sold. The woman that bought it redid the roof, windows and doors. Painted it and sold it for 65k. Not bad for three months work as she did most of it herself. All but the roof.

Anyway, Galveston used to have a substantial list because (I would assume) people buy vacation property and get tired of it or things happen to change their situation. I would call teh court house and see if there is an online version for free. It gets updated quicker anyway than the old paper ones.

Mike Reynolds · Answer

Have you looked at the struck off list lately? There may be some deals in there on the peninsula or Hitchcock area.

Mike Reynolds · Answer

I have had some investments from there and may consider it again.

J Chad Davis · Answer

Definitely long-term for now

Brian Lepo · Answer

Its seems to be a sellers market presently.  Are yall looking into long term rentals or vacay?

J Chad Davis · Answer

We live in Galveston and are from a different part of the Texas coast and are just beginning to invest in rental properties

Investors along the Texas Gulf Coast?

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