New Investor & New to Houston, TX

[Rajiv Patel]

Hello BP! My name is Rajiv Patel and while I’ve been on BP for a few months doing my HW, this is my first stab at posting on BP. Jumping into real estate as a new investor, my immediate goal is to focus on cash flow with buy & hold properties while I learn by doing with my first investment. In the near term, I would like to acquire a few rentals to build up my semi-passive income while I’m working full time (Financial Analyst)…long term goal is to work on my terms!

Ok let's cut to the chase: With me being new to Houston (moved out from LA), I've been spending some time learning the market area by scouring the MLS, going to a few local real estate meetups, and simply driving around getting a feel for local neighborhoods. I'm definitely a numbers guys and have spent many hours analyzing potential deals and developing the type of numbers I would want from a rental property. My target: Cash-on-Cash Return = 12-15%, Cash Flow = $400/month, Cap Rate = 7-8%. Currently I am looking at 1-4-unit residential properties and open to small 5+ unit commercial properties.

I really need help in two areas:

• 1) Finding a Real Estate Broker/Agent
• 2) Financing options – big banks vs community banks, portfolio lending, low money down

I will greatly appreciate any advice to steer me in the right direction.

Last thing: Folks in Houston, is there a “BP Meet up” in the Houston area? I know many cities have them, just haven’t noticed any here in Houston.

[Rajiv Patel]

@Chris Matson I will have to take you up on that! I am currently located in the Texas Med Center area. Do you attend any local meetups? If so, are there any you'd recommend?

@Jason Hirko Thank you for the bank recommendation. I will add Icon Bank to my list to check out. 

@Rene Montelongo Thank you! The forums here on BP have been amazing! As far as meetups here in Houston, I been to a few and just went to one yesterday evening. I found this meetup to be the most helpful. @Gordon S sets up the meetings once a month. The next one will likely be at the end of August.