Updated about 6 years ago on . Most recent reply
New CA Long Distance Investor Looking at Houston, TX
Hello BP! I'm in CA and I'm new to RE investing but with the help of
the BP webinar two weeks ago I've narrowed down my desired market and
niche to Houston, TX, small multifamily rental properties around $200k all in. I've contacted a few real estate agents in the Houston, TX area
but they don't seem to give me the time of day after I describe what i'm
looking for. I'm open to BRRR or turnkey, just looking for market entry
to be honest. Any advice for me as I start my journey from the Golden State to the Lone Star State?
Thank you all and have a blessed day!
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#4 All Forums Contributor
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#4 All Forums Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
Welcome to the site Andrew. Since you're looking at your 1st out of state investment I wanted to drop you some best practices to help keep your money safe.
- Don't buy in the roughest neighborhood in the urban core. Pick a solid B-Class suburban area. Perhaps a nice 1950's built bungalow.
- Always hire a 3rd party property inspector to give you an unbiased feel for the home. The reports are 40-90 pages long and go through the entire house in great detail.
- Get an appraisal. If your using financing the bank requires this. This is good. The bank isn't going to let you blow their money. They have more skin in the game then you do.
- Make sure you get clear title. If using a lender this is a non issue. They will make you do this. It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.
- Make sure your property manager is a licensed real estate brokerage.
- Understand you can not eliminate all risk, only mitigate it. If you are risk adverse real estate, (especially out of state) is not for you.