Live-in Flip: Houston TX

[Theresa Colbert]

Okay...Firstly, I hope I'm posting this in the right area. :)

Original REI plan: house hacking a multifam in Dallas. Life did its thing, now we're moving to Houston at the end of the month. We have family there and can crash with them for a while, so I think the time might be right to look for a property to purchase...and the new plan is to do a "live-in flip".

@Mindy Jensen's recent podcast interview definitely helped with the inspiration. :)

I figured we would look for a distressed property, $120k or less. Potentially finance with an FHA. Obviously we want something we could "force" appreciation into with updates, as opposed to betting on the market. Live in it for a couple years, fix it up, sell it. It would give us a place to live and lots of hands on experience with renovations.

Seems to me that most of Texas is pretty hot right now, so I'm anticipating difficulty getting a good deal.

Anyone particularly knowledgeable in the Houston area that can give me some possible locations to look into? What should I look for in a property? What should I run away from screaming? What updates significantly add value, and which don't? Hit me with your wisdom, please.

Thanks so much, BP!