All Forum Posts by: Amna Khan

I'm so pleasantly surprised by the number of people who responded. This community is amazing! I genuinely appreciate all these opinions. As a first-time buyer it can feel daunting, to say the least.

A theme I'm seeing in the responses is that I need to be comfortable with the monthly payment. It's a big jump, and that's because I was living in a 1 bedroom and my townhome is a much bigger two bedroom property. Am I COMPLETELY comfortable with the payment? My honest answer is no, because I would much rather have that extra $1,800 to spend on travel and to be able to buy nice things and to live a bit more relaxed. But I can afford it with some monthly savings leftover. I've already budgeted for it. I think it's just a bit uncomfortable to go from saving a lot monthly to saving a bit less. Having said that, I want to start my journey towards building equity through real estate. Could I fall face first? Always a possibility, but I really genuinely hope this is a first step to an amazing real estate journey.

PS: I am expecting a promotion soon. I am not basing any decisions on that, but it would definitely be a perk until I can refinance, assuming rates come down within the next two years.

Thanks again, all! 

Hi all, we won an offer on a 335K townhome in Houston close to the heights area (Airline Drive so not exactly heights but nearby). It has been my goal to purchase for a long time and I am of the camp that I’d rather purchase in a high interest rate climate than run out of options during low interest rate bidding wars climate. HOWEVER, I cannot ignore the fact that the majority of your initial payments go towards interest rate and don’t help to build as much equity.

I can afford my monthly payments of course, but it does make my budget very tight of course (I was renting at 1.2K and monthly payment will now be 3K). I still have the option to back out, but I’m here posting so someone can knock some sense into me or give perspective that buying is still a smart financial choice because it will ultimately help build equity.


My second concern is that although location is great, it is a townhome at the end of the day. With loads of townhome supply coming, I wonder how smart this decision really is. I’m back tracking on all my reasoning that ultimately made me decide to buy but I wonder if I’m thinking out of fear. Any thoughts?

property address is on redwing ridge street FYI. 

Quote from @Kevin Bazazzadeh:

Gotcha. Since you are new to the area and new to investing it is likely that you either aren’t giving your agent specific enough criteria as to what you want, or a property with your criteria isn’t on the market. Can I ask what criteria you gave your agent to look for?

I’ve told them my budget is $250-$300K and that my main goal is to rent the place out in 2 if not 1 years. Single family or townhome. I’ve also told them I’m looking for properties within the outer loop. Still early in my property search and I’m sure my criteria will become more specific the more properties I look at. I come across properties and check their neighboring rents to see if there’s a possibility of positive cash flow then go drive by or schedule a tour to get a feel. For example, see this property: 2206 Abernathy Street, Houston, TX 77026.. although renting this out could potentially provide cash flow, the area is still relatively underdeveloped (and frankly feels unsafe). Banking on the area’s future prospects is instilling a bit of fear because I will be living there for a while too. Do I pick something in a safe suburban type location at the expense of less rent growth or go with something new construction in a relatively less developed area with prospects that it will be better in the future because it’s closer to the city center? That’s where I’m stuck at the moment and that’s why the criteria is vague. Do you have any suggestions of realtors? Wouldn’t hurt to have more opinions or guidance in my early stages to help with concentrating my criteria 

Hi Kevin, it's the latter. There are some houses in areas that seem nice but they're in the suburbs and outside the loop where market rent is not as strong, hence doesn't meet the COC goals. Trying to figure out how to analyze deals considering that it may be possible that when rates come down that COC could improve after refinancing. I also want to try house hacking and rent a room out while I live there. I'm not from Houston so I've been touring to find something that's the right match. I'm already working with a realtor. Would you recommend working with multiple realtors or is that not considered…. ethical? Haha

Hello all, I'm new here. I'm seeking my first property, which I'll be living in for 1-2 years, in and around the Houston area. So far I've toured about 10-12 properties and I've considered some properties in Cypress, Pearland, and a couple townhomes within the loop. My budget is anywhere from $220-$260. Yet, I'm finding it really hard to find something that sits in a relatively nice neighborhood. Most properties I've walked to with this budget are iffy areas. Another concern is that I'm finding it hard to find something that will cash flow positively, for example, Cypress rent growth is bleak. Hence, the need to post here to get your insights. Which areas or markets would you suggest I look in? Any off-market opportunities you've heard of that you can share?