All Forum Posts by: Collin Garbarino

It's going to depend on the lender, but in my experience, if you have a signed lease in hand, a lender is more willing to count it.

Fast Track Remodeling is a popular turnkey contractor for rehabs in Houston.

@Mark Sewell has a point. I checked earlier this week. In the city limits of Sugar Land (suburb of Houston) there were about 550 active residential houses for sale. Of those, only 8 were for less than $200K. Not every area is Sugar Land, but every area seems to be moving in that direction.

You have to know your own risk tolerance, and you need to factor in extra money for repairs and vacancy in higher crime areas. Contact the local police and see how many crimes of property damage they see.

There's definitely money to be made in Sunnyside. But some investors aren't comfortable buying and holding something that they wouldn't want to live in themselves. I kind of lean in that direction. Other people on here will mock you for that attitude. You just have to know yourself, your goals, and your criteria.

I've used Fast Track Remodeling, and I recommend them. They're sort of a turnkey contractor for flippers. Google them and give them a call to see if they're the kind of thing you need.

In general, I think most of SW Houston/Sugar Land/Missouri City is on the rise. But so does everyone else, so the flip margins are pretty thin. Buy and hold could work too, but right now the ratio between cost of property and rents doesn't make sense for a lot of houses on the market, unless you're gambling on appreciation. If the numbers on a house make sense, go for it. But make sure you analyze it backwards and forwards because a lot of investors have been complaining about those thin margins.

@Mellisa Wu It sounds like you've already done more than enough.

As @Rob Lee said, you have to know your market. But, you also need to spend some time figuring out your personal goals. Are you trying to make real estate a career? Looking to diversify your wealth for retirement? Once you've figured out your goals, you need to come up with your criteria. What kinds of investments will move you toward that goal? Only then can you determine if a deal will work for you.

@Jorge Pena. I'm not an expert on the 203K, but I don't think the requirements are that different. I know it limits which contractors you can use, but I'm not sure about the qualification process.

@Jorge Pena, if you can find a house hack that works in the Houston area, I'd jump on it with both feet. Also remember that if you house hack with an FHA loan, you can get a 203K loan, which lets you finance some of the repairs too. Great way to get started.